{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}/Users/liammcgrath/Documents/Academic/Research/reserves/replication_materials/replication_supplement_log.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}21 Jan 2016, 18:01:53
{txt}
{com}. 
. * Set working directory to where the data is stored
. cd "/Users/liammcgrath/Documents/Academic/Research/reserves/replication_materials/data/"
{res}/Users/liammcgrath/Documents/Academic/Research/reserves/replication_materials/data
{txt}
{com}. 
. use "reserves_data.dta", clear
{txt}
{com}. 
. * Table 2: Descriptive Statistics
. 
. sum fi_res_totl_mo log_fi_res_totl_mo lag_log_fi_res_totl_mo sum_polit11_binary sum_polit12_binary polity_frac_polit11 polity_frac_polit12 currency_dur polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary undervalue gdp_ch1_polit11 gdp_ch1_polit12 crises_reg_yr1_nor res_ch2_polit11 res_ch2_polit12 log_pre_l1_reserves ir_diff log_fi_res_xgld_cd lag_log_fi_res_xgld_cd devalue sum_polit11_plus3_binary sum_polit12_plus3_binary polity_frac_polit11_plus3 polity_frac_polit12_plus3 currency_spell av_sum_polit11_binary av_sum_polit12_binary av_polity_frac_polit11 av_polity_frac_polit12

{txt}    Variable {c |}       Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 56}
fi_res_tot~o {c |}{res}      4569    3.518311    3.114803          0    43.6915
{txt}log_fi_res~o {c |}{res}      4568    .9037814    .9529254  -6.112672   3.777154
{txt}lag_log_fi~o {c |}{res}      4568    .9037814    .9529254  -6.112672   3.777154
{txt}sum~1_binary {c |}{res}      2020    .5955446    .4909079          0          1
{txt}sum~2_binary {c |}{res}      2020    .3034653    .4598683          0          1
{txt}{hline 13}{c +}{hline 56}
polity_fr~11 {c |}{res}      1783    .4342683    .4447285          0          1
{txt}polity_fr~12 {c |}{res}      1783    .2171774    .3835903          0          1
{txt}currency_dur {c |}{res}      2685    6.035382    7.094572          0         38
{txt}{space 5}polity2 {c |}{res}      5373    10.75302    7.462556          0         20
{txt}sum_imftot~5 {c |}{res}      2159    .3659101     .481796          0          1
{txt}{hline 13}{c +}{hline 56}
ne_imp_gnf~s {c |}{res}      5537    41.10839    23.68773   .1248936   215.2677
{txt}trade_bala~e {c |}{res}      5537   -6.419895    16.52469  -135.6007   81.54645
{txt}{space 3}cbi_irreg {c |}{res}      5446   -.4840372    .6002824  -2.236068          0
{txt}presidential {c |}{res}      6225    .5543775    .4970742          0          1
{txt}{space 3}log_gdppc {c |}{res}      5890    7.345424      1.5258   4.046153    11.4548
{txt}{hline 13}{c +}{hline 56}
{space 2}gdp_growth {c |}{res}      5789    3.741558     6.44209  -51.03086   106.2798
{txt}{space 5}log_pop {c |}{res}      6816    15.37365    1.998231   10.04325   21.00516
{txt}{space 6}kaopen {c |}{res}      5573    -.054898    1.505274  -1.863972   2.439009
{txt}currency_peg {c |}{res}      5076    .6556344    .4752078          0          1
{txt}currency_b~y {c |}{res}      2685    .2063315    .4047466          0          1
{txt}{hline 13}{c +}{hline 56}
{space 2}undervalue {c |}{res}      6860   -.0030273    .4838258  -5.391246   2.905421
{txt}gdp_ch1_p~11 {c |}{res}      2016    .0327772    .1622708  -.7378855   .9216562
{txt}gdp_ch1_p~12 {c |}{res}      2041    .0320928    .2128552  -.7378855   1.985554
{txt}crises_reg~r {c |}{res}      2003    2.306041     2.25668          0          9
{txt}res_ch2_p~11 {c |}{res}      2084    .8908179    8.512583  -.7953319   89.40967
{txt}{hline 13}{c +}{hline 56}
res_ch2_p~12 {c |}{res}      2084    .8789691    8.513711  -.7953319   89.40967
{txt}log_pre_l1~s {c |}{res}      1823    .9858965    .8475936  -2.828874   2.768202
{txt}{space 5}ir_diff {c |}{res}      3841   -.0760762    .1516867  -1.078359    4.37344
{txt}log_fi_res~d {c |}{res}      5689    20.20487    2.524979    9.21034   28.05647
{txt}lag_log_fi~d {c |}{res}      5683    20.20704    2.525392    9.21034   28.05647
{txt}{hline 13}{c +}{hline 56}
{space 5}devalue {c |}{res}      6960    .8612181    33.03806  -.9836679   2626.765
{txt}sum_polit1.. {c |}{res}      2170    .8723502    .3337763          0          1
{txt}sum_polit1.. {c |}{res}      2075    .6621687    .4730848          0          1
{txt}poli~1_plus3 {c |}{res}      1701    .6659775    .3976302          0          1
{txt}poli~2_plus3 {c |}{res}      1606    .5120126    .4491219          0          1
{txt}{hline 13}{c +}{hline 56}
currency_s~l {c |}{res}      1976    3.682186    2.197399          2         21
{txt}av_~1_binary {c |}{res}      1890      .56436    .3824519          0          1
{txt}av_~2_binary {c |}{res}      1890    .3121315    .3611835          0          1
{txt}av_polity~11 {c |}{res}      1890    .3065974    .3274762          0          1
{txt}av_polity~12 {c |}{res}      1890    .1629193    .2609513          0          1
{txt}
{com}. 
. * Figure 8 left panel
. hist fi_res_totl_mo
{txt}(bin={res}36{txt}, start={res}0{txt}, width={res}1.2136528{txt})
{res}{txt}
{com}. * Figure 8 right panel
. hist log_fi_res_totl_mo
{txt}(bin={res}36{txt}, start={res}-6.1126723{txt}, width={res}.27471739{txt})
{res}{txt}
{com}. 
. * Figure 9 left panel
. hist sum_polit11 if currency_binary == 0 & l.currency_binary == 1, width(1)
{txt}(bin={res}18{txt}, start={res}0{txt}, width={res}1{txt})
{res}{txt}
{com}. * Figure 9 right panel
. hist sum_polit12 if currency_binary == 0 & l.currency_binary == 1, width(1)
{txt}(bin={res}10{txt}, start={res}0{txt}, width={res}1{txt})
{res}{txt}
{com}. 
. * Figure 10 (and associated regression models)
. * Code for computing the dynamic effects is commented out
. * but can be run to verify the results
. 
. * Figure 10 left panel
. cd "/Users/liammcgrath/Documents/Academic/Research/reserves/replication_materials/output/"
{res}/Users/liammcgrath/Documents/Academic/Research/reserves/replication_materials/output
{txt}
{com}. 
. *xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit11_binary polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)
. 
. *keep if e(sample)
. 
. *gen l_log_fi_res_totl_mo = l.log_fi_res_totl_mo
. *tabulate cowcode, gen(ctry)
. 
. *estsimp regress log_fi_res_totl_mo l_log_fi_res_totl_mo sum_polit11_binary polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend ctry*, robust antisim  sims(10000)
. 
. *dynsim, ldv(l_log_fi_res_totl_mo) scen1(sum_polit11_binary 1 polity2 mean sum_imftotal5 median ne_imp_gnfs_zs mean trade_balance mean cbi_irreg mean presidential median  log_gdppc mean gdp_growth mean log_pop mean kaopen mean currency_peg median currency_binary 0 time_trend median ctry1 mean ctry2 mean ctry3 mean ctry4 mean ctry5 mean ctry6 mean ctry7 mean ctry8 mean ctry9 mean ctry10 mean ctry11 mean ctry12 mean ctry13 mean ctry14 mean ctry15 mean ctry16 mean ctry17 mean ctry18 mean ctry19 mean ctry20 mean ctry21 mean ctry22 mean ctry23 mean ctry24 mean ctry25 mean ctry26 mean ctry27 mean ctry28 mean ctry29 mean ctry30 mean ctry31 mean ctry32 mean ctry33 mean ctry34 mean ctry35 mean ctry36 mean ctry37 mean ctry38 mean ctry39 mean ctry40 mean ctry41 mean ctry42 mean ctry43 mean ctry44 mean ctry46 mean ctry47 mean ctry48 mean ctry50 mean ctry51 mean ctry52 mean ctry53 mean ctry54 mean ctry55 mean ctry56 mean ctry57 mean ctry58 mean ctry59 mean ctry60 mean) scen2(sum_polit11_binary 0 polity2 mean sum_imftotal5 median ne_imp_gnfs_zs mean trade_balance mean cbi_irreg mean presidential median  log_gdppc mean gdp_growth mean log_pop mean kaopen mean currency_peg median currency_binary 0 time_trend median ctry1 mean ctry2 mean ctry3 mean ctry4 mean ctry5 mean ctry6 mean ctry7 mean ctry8 mean ctry9 mean ctry10 mean ctry11 mean ctry12 mean ctry13 mean ctry14 mean ctry15 mean ctry16 mean ctry17 mean ctry18 mean ctry19 mean ctry20 mean ctry21 mean ctry22 mean ctry23 mean ctry24 mean ctry25 mean ctry26 mean ctry27 mean ctry28 mean ctry29 mean ctry30 mean ctry31 mean ctry32 mean ctry33 mean ctry34 mean ctry35 mean ctry36 mean ctry37 mean ctry38 mean ctry39 mean ctry40 mean ctry41 mean ctry42 mean ctry43 mean ctry44 mean ctry46 mean ctry47 mean ctry48 mean ctry50 mean ctry51 mean ctry52 mean ctry53 mean ctry54 mean ctry55 mean ctry56 mean ctry57 mean ctry58 mean ctry59 mean ctry60 mean) n(10) saving(polit11_dynsim)  
. 
. use polit11_dynsim.dta, clear
{txt}
{com}. 
. foreach i of varlist  pv_1 lower_1 upper_1 pv_2 lower_2 upper_2 {c -(}
{txt}  2{com}.         replace `i' = exp(`i')
{txt}  3{com}. {c )-}
{txt}(11 real changes made)
(11 real changes made)
(11 real changes made)
(11 real changes made)
(11 real changes made)
(11 real changes made)

{com}. 
. twoway rcapsym lower_1 upper_1 t, ylabel(1 2 3 4 5 6) msymbol(none) mcolor(black) ytitle("Reserves in Months of Imports") xtitle("Time") title("Major Cabinet Changes") legend(off) ysize(6) xsize(6)|| scatter pv_1 t, msymbol(o) mcolor(black) || rcapsym lower_2 upper_2 t, msymbol(none) mcolor(gray) || scatter pv_2 t, msymbol(o) mcolor(gray)
{res}{txt}
{com}. *graph export "polit11_dynsim.pdf", replace
. 
. 
. 
. * Figure 10 Right panel
. 
. *clear matrix 
. *cd "/Users/liammcgrath/Documents/Academic/Research/reserves/replication_materials/data/"
. 
. *use "reserves_data.dta", clear
. 
. *cd "/Users/liammcgrath/Documents/Academic/Research/reserves/replication_materials/output/"
. 
. *set more off 
. 
. *xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit12_binary polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)
. 
. *keep if e(sample)
. 
. *gen l_log_fi_res_totl_mo = l.log_fi_res_totl_mo
. *tabulate cowcode, gen(ctry)
. 
. *estsimp regress log_fi_res_totl_mo l_log_fi_res_totl_mo sum_polit12_binary polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend ctry*, robust antisim sims(10000)
. 
. *dynsim, ldv(l_log_fi_res_totl_mo) scen1(sum_polit12_binary 1 polity2 mean sum_imftotal5 median ne_imp_gnfs_zs mean trade_balance mean cbi_irreg mean presidential median  log_gdppc mean gdp_growth mean log_pop mean kaopen mean currency_peg median currency_binary 0 time_trend median ctry1 mean ctry2 mean ctry3 mean ctry4 mean ctry5 mean ctry6 mean ctry7 mean ctry8 mean ctry9 mean ctry10 mean ctry11 mean ctry12 mean ctry13 mean ctry14 mean ctry15 mean ctry16 mean ctry17 mean ctry18 mean ctry19 mean ctry20 mean ctry21 mean ctry22 mean ctry23 mean ctry24 mean ctry25 mean ctry26 mean ctry27 mean ctry28 mean ctry29 mean ctry30 mean ctry31 mean ctry32 mean ctry33 mean ctry34 mean ctry35 mean ctry36 mean ctry37 mean ctry38 mean ctry39 mean ctry40 mean ctry41 mean ctry42 mean ctry43 mean ctry44 mean ctry46 mean ctry47 mean ctry48 mean ctry50 mean ctry51 mean ctry52 mean ctry53 mean ctry54 mean ctry55 mean ctry56 mean ctry57 mean ctry58 mean ctry59 mean ctry60 mean) scen2(sum_polit12_binary 0 polity2 mean sum_imftotal5 median ne_imp_gnfs_zs mean trade_balance mean cbi_irreg mean presidential median  log_gdppc mean gdp_growth mean log_pop mean kaopen mean currency_peg median currency_binary 0 time_trend median ctry1 mean ctry2 mean ctry3 mean ctry4 mean ctry5 mean ctry6 mean ctry7 mean ctry8 mean ctry9 mean ctry10 mean ctry11 mean ctry12 mean ctry13 mean ctry14 mean ctry15 mean ctry16 mean ctry17 mean ctry18 mean ctry19 mean ctry20 mean ctry21 mean ctry22 mean ctry23 mean ctry24 mean ctry25 mean ctry26 mean ctry27 mean ctry28 mean ctry29 mean ctry30 mean ctry31 mean ctry32 mean ctry33 mean ctry34 mean ctry35 mean ctry36 mean ctry37 mean ctry38 mean ctry39 mean ctry40 mean ctry41 mean ctry42 mean ctry43 mean ctry44 mean ctry46 mean ctry47 mean ctry48 mean ctry50 mean ctry51 mean ctry52 mean ctry53 mean ctry54 mean ctry55 mean ctry56 mean ctry57 mean ctry58 mean ctry59 mean ctry60 mean) n(10) saving(polit12_dynsim)  
. 
. use polit12_dynsim.dta, clear
{txt}
{com}. 
. foreach i of varlist  pv_1 lower_1 upper_1 pv_2 lower_2 upper_2 {c -(}
{txt}  2{com}.         replace `i' = exp(`i')
{txt}  3{com}. {c )-}
{txt}(11 real changes made)
(11 real changes made)
(11 real changes made)
(11 real changes made)
(11 real changes made)
(11 real changes made)

{com}. 
. twoway rcapsym lower_1 upper_1 t, ylabel(1 2 3 4 5 6) msymbol(none) mcolor(black) ytitle("Reserves in Months of Imports") xtitle("Time") title("Change in Effective Executive") legend(off) ysize(6) xsize(6)|| scatter pv_1 t, msymbol(o) mcolor(black) || rcapsym lower_2 upper_2 t, msymbol(none) mcolor(gray) || scatter pv_2 t, msymbol(o) mcolor(gray)
{res}{txt}
{com}. *graph export "polit12_dynsim.pdf", replace
. 
. 
. clear matrix 
{txt}
{com}. cd "/Users/liammcgrath/Documents/Academic/Research/reserves/replication_materials/data/"
{res}/Users/liammcgrath/Documents/Academic/Research/reserves/replication_materials/data
{txt}
{com}. 
. use "reserves_data.dta", clear
{txt}
{com}. 
. *************************
. *** Regression Tables ***
. *************************
. 
. ** Table 11: Interaction with time since last crisis
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit11_binary##c.currency_dur polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1479
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.6883                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6221                                        {txt}avg = {res}     24.6
{txt}       overall = {res}0.5736                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}59{txt})           = {res}    98.41
{txt}corr(u_i, Xb)  = {res}-0.6532                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 99:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 34}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 35}{c |}{col 47}    Robust
{col 1}               log_fi_res_totl_mo{col 35}{c |}      Coef.{col 47}   Std. Err.{col 59}      t{col 67}   P>|t|{col 75}     [95% Con{col 88}f. Interval]
{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 15}log_fi_res_totl_mo {c |}
{space 30}L1. {c |}{col 35}{res}{space 2} .8103322{col 47}{space 2} .0389121{col 58}{space 1}   20.82{col 67}{space 3}0.000{col 75}{space 4} .7324692{col 88}{space 3} .8881951
{txt}{space 33} {c |}
{space 13}1.sum_polit11_binary {c |}{col 35}{res}{space 2} .0551136{col 47}{space 2} .0307784{col 58}{space 1}    1.79{col 67}{space 3}0.078{col 75}{space 4}-.0064739{col 88}{space 3} .1167012
{txt}{space 21}currency_dur {c |}{col 35}{res}{space 2} .0006063{col 47}{space 2} .0032692{col 58}{space 1}    0.19{col 67}{space 3}0.853{col 75}{space 4}-.0059353{col 88}{space 3} .0071479
{txt}{space 33} {c |}
sum_polit11_binary#c.currency_dur {c |}
{space 31}1  {c |}{col 35}{res}{space 2}-.0011282{col 47}{space 2} .0039959{col 58}{space 1}   -0.28{col 67}{space 3}0.779{col 75}{space 4}-.0091239{col 88}{space 3} .0068675
{txt}{space 33} {c |}
{space 26}polity2 {c |}{col 35}{res}{space 2} .0057728{col 47}{space 2} .0028911{col 58}{space 1}    2.00{col 67}{space 3}0.050{col 75}{space 4}-.0000124{col 88}{space 3} .0115579
{txt}{space 20}sum_imftotal5 {c |}{col 35}{res}{space 2}-.0162623{col 47}{space 2} .0294486{col 58}{space 1}   -0.55{col 67}{space 3}0.583{col 75}{space 4}-.0751889{col 88}{space 3} .0426643
{txt}{space 19}ne_imp_gnfs_zs {c |}{col 35}{res}{space 2}-.0024906{col 47}{space 2} .0019111{col 58}{space 1}   -1.30{col 67}{space 3}0.198{col 75}{space 4}-.0063146{col 88}{space 3} .0013335
{txt}{space 20}trade_balance {c |}{col 35}{res}{space 2} .0148217{col 47}{space 2} .0038483{col 58}{space 1}    3.85{col 67}{space 3}0.000{col 75}{space 4} .0071212{col 88}{space 3} .0225222
{txt}{space 24}cbi_irreg {c |}{col 35}{res}{space 2} .0183514{col 47}{space 2} .0154133{col 58}{space 1}    1.19{col 67}{space 3}0.239{col 75}{space 4}-.0124906{col 88}{space 3} .0491934
{txt}{space 21}presidential {c |}{col 35}{res}{space 2} .0934279{col 47}{space 2} .0649235{col 58}{space 1}    1.44{col 67}{space 3}0.155{col 75}{space 4}-.0364838{col 88}{space 3} .2233395
{txt}{space 24}log_gdppc {c |}{col 35}{res}{space 2}-.1186023{col 47}{space 2}   .06479{col 58}{space 1}   -1.83{col 67}{space 3}0.072{col 75}{space 4}-.2482469{col 88}{space 3} .0110423
{txt}{space 23}gdp_growth {c |}{col 35}{res}{space 2}-.0072631{col 47}{space 2} .0039001{col 58}{space 1}   -1.86{col 67}{space 3}0.068{col 75}{space 4}-.0150671{col 88}{space 3}  .000541
{txt}{space 26}log_pop {c |}{col 35}{res}{space 2} .3366115{col 47}{space 2} .2236082{col 58}{space 1}    1.51{col 67}{space 3}0.138{col 75}{space 4}-.1108276{col 88}{space 3} .7840505
{txt}{space 27}kaopen {c |}{col 35}{res}{space 2}-.0149784{col 47}{space 2} .0127626{col 58}{space 1}   -1.17{col 67}{space 3}0.245{col 75}{space 4}-.0405163{col 88}{space 3} .0105594
{txt}{space 21}currency_peg {c |}{col 35}{res}{space 2} .0321648{col 47}{space 2} .0363803{col 58}{space 1}    0.88{col 67}{space 3}0.380{col 75}{space 4}-.0406319{col 88}{space 3} .1049615
{txt}{space 18}currency_binary {c |}{col 35}{res}{space 2}-.1242135{col 47}{space 2}  .031287{col 58}{space 1}   -3.97{col 67}{space 3}0.000{col 75}{space 4}-.1868186{col 88}{space 3}-.0616085
{txt}{space 23}time_trend {c |}{col 35}{res}{space 2}-.0001599{col 47}{space 2} .0057656{col 58}{space 1}   -0.03{col 67}{space 3}0.978{col 75}{space 4}-.0116968{col 88}{space 3}  .011377
{txt}{space 28}_cons {c |}{col 35}{res}{space 2}-4.518417{col 47}{space 2} 3.919746{col 58}{space 1}   -1.15{col 67}{space 3}0.254{col 75}{space 4}-12.36181{col 88}{space 3} 3.324977
{txt}{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                          sigma_u {c |} {res} .51269277
                          {txt}sigma_e {c |} {res} .28919238
                              {txt}rho {c |} {res} .75862746{txt}   (fraction of variance due to u_i)
{hline 34}{c BT}{hline 64}

{com}. 
. est store tab1
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit11##c.currency_dur polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1477
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.6873                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5919                                        {txt}avg = {res}     24.6
{txt}       overall = {res}0.5429                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}59{txt})           = {res}    96.29
{txt}corr(u_i, Xb)  = {res}-0.6845                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 102:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 37}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 38}{c |}{col 50}    Robust
{col 1}                  log_fi_res_totl_mo{col 38}{c |}      Coef.{col 50}   Std. Err.{col 62}      t{col 70}   P>|t|{col 78}     [95% Con{col 91}f. Interval]
{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 18}log_fi_res_totl_mo {c |}
{space 33}L1. {c |}{col 38}{res}{space 2} .8086217{col 50}{space 2} .0394547{col 61}{space 1}   20.49{col 70}{space 3}0.000{col 78}{space 4}  .729673{col 91}{space 3} .8875705
{txt}{space 36} {c |}
{space 17}polity_frac_polit11 {c |}{col 38}{res}{space 2} .0637494{col 50}{space 2} .0289762{col 61}{space 1}    2.20{col 70}{space 3}0.032{col 78}{space 4} .0057681{col 91}{space 3} .1217307
{txt}{space 24}currency_dur {c |}{col 38}{res}{space 2} .0015132{col 50}{space 2} .0030711{col 61}{space 1}    0.49{col 70}{space 3}0.624{col 78}{space 4}-.0046322{col 91}{space 3} .0076585
{txt}{space 36} {c |}
c.polity_frac_polit11#c.currency_dur {c |}{col 38}{res}{space 2}-.0025058{col 50}{space 2} .0047119{col 61}{space 1}   -0.53{col 70}{space 3}0.597{col 78}{space 4}-.0119343{col 91}{space 3} .0069226
{txt}{space 36} {c |}
{space 29}polity2 {c |}{col 38}{res}{space 2} .0054966{col 50}{space 2} .0030073{col 61}{space 1}    1.83{col 70}{space 3}0.073{col 78}{space 4}-.0005209{col 91}{space 3} .0115141
{txt}{space 23}sum_imftotal5 {c |}{col 38}{res}{space 2} -.016861{col 50}{space 2}  .029623{col 61}{space 1}   -0.57{col 70}{space 3}0.571{col 78}{space 4}-.0761364{col 91}{space 3} .0424144
{txt}{space 22}ne_imp_gnfs_zs {c |}{col 38}{res}{space 2}-.0026107{col 50}{space 2} .0018846{col 61}{space 1}   -1.39{col 70}{space 3}0.171{col 78}{space 4}-.0063817{col 91}{space 3} .0011603
{txt}{space 23}trade_balance {c |}{col 38}{res}{space 2} .0146756{col 50}{space 2} .0038391{col 61}{space 1}    3.82{col 70}{space 3}0.000{col 78}{space 4} .0069937{col 91}{space 3} .0223575
{txt}{space 27}cbi_irreg {c |}{col 38}{res}{space 2} .0158458{col 50}{space 2} .0150369{col 61}{space 1}    1.05{col 70}{space 3}0.296{col 78}{space 4} -.014243{col 91}{space 3} .0459346
{txt}{space 24}presidential {c |}{col 38}{res}{space 2} .0954277{col 50}{space 2} .0639068{col 61}{space 1}    1.49{col 70}{space 3}0.141{col 78}{space 4}-.0324494{col 91}{space 3} .2233049
{txt}{space 27}log_gdppc {c |}{col 38}{res}{space 2} -.112308{col 50}{space 2} .0656769{col 61}{space 1}   -1.71{col 70}{space 3}0.093{col 78}{space 4}-.2437273{col 91}{space 3} .0191112
{txt}{space 26}gdp_growth {c |}{col 38}{res}{space 2}-.0074414{col 50}{space 2} .0038847{col 61}{space 1}   -1.92{col 70}{space 3}0.060{col 78}{space 4}-.0152147{col 91}{space 3}  .000332
{txt}{space 29}log_pop {c |}{col 38}{res}{space 2} .3743847{col 50}{space 2} .2238621{col 61}{space 1}    1.67{col 70}{space 3}0.100{col 78}{space 4}-.0735624{col 91}{space 3} .8223317
{txt}{space 30}kaopen {c |}{col 38}{res}{space 2}-.0139835{col 50}{space 2} .0125007{col 61}{space 1}   -1.12{col 70}{space 3}0.268{col 78}{space 4}-.0389973{col 91}{space 3} .0110304
{txt}{space 24}currency_peg {c |}{col 38}{res}{space 2} .0291801{col 50}{space 2} .0356552{col 61}{space 1}    0.82{col 70}{space 3}0.416{col 78}{space 4}-.0421658{col 91}{space 3} .1005261
{txt}{space 21}currency_binary {c |}{col 38}{res}{space 2}-.1289426{col 50}{space 2} .0301731{col 61}{space 1}   -4.27{col 70}{space 3}0.000{col 78}{space 4}-.1893188{col 91}{space 3}-.0685663
{txt}{space 26}time_trend {c |}{col 38}{res}{space 2} -.001013{col 50}{space 2} .0057546{col 61}{space 1}   -0.18{col 70}{space 3}0.861{col 78}{space 4} -.012528{col 91}{space 3}  .010502
{txt}{space 31}_cons {c |}{col 38}{res}{space 2}-5.162445{col 50}{space 2} 3.933947{col 61}{space 1}   -1.31{col 70}{space 3}0.195{col 78}{space 4}-13.03425{col 91}{space 3} 2.709364
{txt}{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                             sigma_u {c |} {res} .55947191
                             {txt}sigma_e {c |} {res} .28905726
                                 {txt}rho {c |} {res}  .7893043{txt}   (fraction of variance due to u_i)
{hline 37}{c BT}{hline 64}

{com}. 
. est store tab2
{txt}
{com}. 
. grinter polity_frac_polit11, const02(currency_dur) inter(c.polity_frac_polit11#c.currency_dur) kdensity nomean nomeantext
{res}{txt}
{com}. *graph export "polit11_time.pdf", replace
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit12_binary##c.currency_dur polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1479
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.6885                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6122                                        {txt}avg = {res}     24.6
{txt}       overall = {res}0.5637                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}59{txt})           = {res}    96.01
{txt}corr(u_i, Xb)  = {res}-0.6669                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 99:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 34}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 35}{c |}{col 47}    Robust
{col 1}               log_fi_res_totl_mo{col 35}{c |}      Coef.{col 47}   Std. Err.{col 59}      t{col 67}   P>|t|{col 75}     [95% Con{col 88}f. Interval]
{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 15}log_fi_res_totl_mo {c |}
{space 30}L1. {c |}{col 35}{res}{space 2} .8104469{col 47}{space 2} .0393572{col 58}{space 1}   20.59{col 67}{space 3}0.000{col 75}{space 4} .7316934{col 88}{space 3} .8892004
{txt}{space 33} {c |}
{space 13}1.sum_polit12_binary {c |}{col 35}{res}{space 2} .0646152{col 47}{space 2} .0264101{col 58}{space 1}    2.45{col 67}{space 3}0.017{col 75}{space 4} .0117687{col 88}{space 3} .1174618
{txt}{space 21}currency_dur {c |}{col 35}{res}{space 2} .0008559{col 47}{space 2} .0029676{col 58}{space 1}    0.29{col 67}{space 3}0.774{col 75}{space 4}-.0050823{col 88}{space 3} .0067941
{txt}{space 33} {c |}
sum_polit12_binary#c.currency_dur {c |}
{space 31}1  {c |}{col 35}{res}{space 2}-.0026858{col 47}{space 2} .0036321{col 58}{space 1}   -0.74{col 67}{space 3}0.463{col 75}{space 4}-.0099537{col 88}{space 3}  .004582
{txt}{space 33} {c |}
{space 26}polity2 {c |}{col 35}{res}{space 2} .0058139{col 47}{space 2} .0028328{col 58}{space 1}    2.05{col 67}{space 3}0.045{col 75}{space 4} .0001455{col 88}{space 3} .0114823
{txt}{space 20}sum_imftotal5 {c |}{col 35}{res}{space 2}-.0213971{col 47}{space 2} .0319198{col 58}{space 1}   -0.67{col 67}{space 3}0.505{col 75}{space 4}-.0852684{col 88}{space 3} .0424743
{txt}{space 19}ne_imp_gnfs_zs {c |}{col 35}{res}{space 2}-.0023776{col 47}{space 2} .0018665{col 58}{space 1}   -1.27{col 67}{space 3}0.208{col 75}{space 4}-.0061126{col 88}{space 3} .0013573
{txt}{space 20}trade_balance {c |}{col 35}{res}{space 2} .0150221{col 47}{space 2} .0038629{col 58}{space 1}    3.89{col 67}{space 3}0.000{col 75}{space 4} .0072926{col 88}{space 3} .0227517
{txt}{space 24}cbi_irreg {c |}{col 35}{res}{space 2} .0185831{col 47}{space 2} .0149847{col 58}{space 1}    1.24{col 67}{space 3}0.220{col 75}{space 4}-.0114012{col 88}{space 3} .0485675
{txt}{space 21}presidential {c |}{col 35}{res}{space 2} .1038735{col 47}{space 2} .0646566{col 58}{space 1}    1.61{col 67}{space 3}0.113{col 75}{space 4}-.0255041{col 88}{space 3}  .233251
{txt}{space 24}log_gdppc {c |}{col 35}{res}{space 2}-.1159155{col 47}{space 2}  .065456{col 58}{space 1}   -1.77{col 67}{space 3}0.082{col 75}{space 4}-.2468928{col 88}{space 3} .0150617
{txt}{space 23}gdp_growth {c |}{col 35}{res}{space 2}-.0073884{col 47}{space 2} .0039121{col 58}{space 1}   -1.89{col 67}{space 3}0.064{col 75}{space 4}-.0152164{col 88}{space 3} .0004396
{txt}{space 26}log_pop {c |}{col 35}{res}{space 2} .3517139{col 47}{space 2} .2172637{col 58}{space 1}    1.62{col 67}{space 3}0.111{col 75}{space 4}-.0830297{col 88}{space 3} .7864575
{txt}{space 27}kaopen {c |}{col 35}{res}{space 2}-.0140613{col 47}{space 2} .0124195{col 58}{space 1}   -1.13{col 67}{space 3}0.262{col 75}{space 4}-.0389128{col 88}{space 3} .0107902
{txt}{space 21}currency_peg {c |}{col 35}{res}{space 2} .0306568{col 47}{space 2} .0355976{col 58}{space 1}    0.86{col 67}{space 3}0.393{col 75}{space 4}-.0405738{col 88}{space 3} .1018874
{txt}{space 18}currency_binary {c |}{col 35}{res}{space 2}-.1265433{col 47}{space 2} .0308585{col 58}{space 1}   -4.10{col 67}{space 3}0.000{col 75}{space 4} -.188291{col 88}{space 3}-.0647957
{txt}{space 23}time_trend {c |}{col 35}{res}{space 2}-.0006174{col 47}{space 2}  .005698{col 58}{space 1}   -0.11{col 67}{space 3}0.914{col 75}{space 4}-.0120191{col 88}{space 3} .0107843
{txt}{space 28}_cons {c |}{col 35}{res}{space 2}-4.772968{col 47}{space 2} 3.821903{col 58}{space 1}   -1.25{col 67}{space 3}0.217{col 75}{space 4}-12.42058{col 88}{space 3} 2.874642
{txt}{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                          sigma_u {c |} {res}  .5287487
                          {txt}sigma_e {c |} {res} .28908223
                              {txt}rho {c |} {res} .76987476{txt}   (fraction of variance due to u_i)
{hline 34}{c BT}{hline 64}

{com}. 
. est store tab3
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit12##c.currency_dur polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1477
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.6874                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5957                                        {txt}avg = {res}     24.6
{txt}       overall = {res}0.5451                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}59{txt})           = {res}   102.66
{txt}corr(u_i, Xb)  = {res}-0.6836                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 102:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 37}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 38}{c |}{col 50}    Robust
{col 1}                  log_fi_res_totl_mo{col 38}{c |}      Coef.{col 50}   Std. Err.{col 62}      t{col 70}   P>|t|{col 78}     [95% Con{col 91}f. Interval]
{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 18}log_fi_res_totl_mo {c |}
{space 33}L1. {c |}{col 38}{res}{space 2} .8074139{col 50}{space 2} .0397341{col 61}{space 1}   20.32{col 70}{space 3}0.000{col 78}{space 4} .7279062{col 91}{space 3} .8869216
{txt}{space 36} {c |}
{space 17}polity_frac_polit12 {c |}{col 38}{res}{space 2} .0778087{col 50}{space 2} .0286814{col 61}{space 1}    2.71{col 70}{space 3}0.009{col 78}{space 4} .0204172{col 91}{space 3} .1352001
{txt}{space 24}currency_dur {c |}{col 38}{res}{space 2} .0009228{col 50}{space 2} .0029911{col 61}{space 1}    0.31{col 70}{space 3}0.759{col 78}{space 4}-.0050624{col 91}{space 3}  .006908
{txt}{space 36} {c |}
c.polity_frac_polit12#c.currency_dur {c |}{col 38}{res}{space 2}-.0036655{col 50}{space 2} .0046244{col 61}{space 1}   -0.79{col 70}{space 3}0.431{col 78}{space 4}-.0129189{col 91}{space 3} .0055878
{txt}{space 36} {c |}
{space 29}polity2 {c |}{col 38}{res}{space 2} .0052932{col 50}{space 2} .0029101{col 61}{space 1}    1.82{col 70}{space 3}0.074{col 78}{space 4}-.0005299{col 91}{space 3} .0111163
{txt}{space 23}sum_imftotal5 {c |}{col 38}{res}{space 2}-.0207157{col 50}{space 2} .0317728{col 61}{space 1}   -0.65{col 70}{space 3}0.517{col 78}{space 4} -.084293{col 91}{space 3} .0428616
{txt}{space 22}ne_imp_gnfs_zs {c |}{col 38}{res}{space 2}-.0023999{col 50}{space 2} .0019137{col 61}{space 1}   -1.25{col 70}{space 3}0.215{col 78}{space 4}-.0062291{col 91}{space 3} .0014294
{txt}{space 23}trade_balance {c |}{col 38}{res}{space 2} .0148853{col 50}{space 2}  .003864{col 61}{space 1}    3.85{col 70}{space 3}0.000{col 78}{space 4} .0071535{col 91}{space 3} .0226172
{txt}{space 27}cbi_irreg {c |}{col 38}{res}{space 2}  .015725{col 50}{space 2} .0149504{col 61}{space 1}    1.05{col 70}{space 3}0.297{col 78}{space 4}-.0141907{col 91}{space 3} .0456406
{txt}{space 24}presidential {c |}{col 38}{res}{space 2} .1082321{col 50}{space 2} .0629162{col 61}{space 1}    1.72{col 70}{space 3}0.091{col 78}{space 4} -.017663{col 91}{space 3} .2341272
{txt}{space 27}log_gdppc {c |}{col 38}{res}{space 2}-.1102396{col 50}{space 2} .0663744{col 61}{space 1}   -1.66{col 70}{space 3}0.102{col 78}{space 4}-.2430544{col 91}{space 3} .0225751
{txt}{space 26}gdp_growth {c |}{col 38}{res}{space 2}-.0074611{col 50}{space 2} .0038927{col 61}{space 1}   -1.92{col 70}{space 3}0.060{col 78}{space 4}-.0152504{col 91}{space 3} .0003283
{txt}{space 29}log_pop {c |}{col 38}{res}{space 2} .3751826{col 50}{space 2} .2209977{col 61}{space 1}    1.70{col 70}{space 3}0.095{col 78}{space 4}-.0670328{col 91}{space 3}  .817398
{txt}{space 30}kaopen {c |}{col 38}{res}{space 2}-.0129906{col 50}{space 2} .0127427{col 61}{space 1}   -1.02{col 70}{space 3}0.312{col 78}{space 4}-.0384887{col 91}{space 3} .0125076
{txt}{space 24}currency_peg {c |}{col 38}{res}{space 2}  .032179{col 50}{space 2} .0355631{col 61}{space 1}    0.90{col 70}{space 3}0.369{col 78}{space 4}-.0389825{col 91}{space 3} .1033405
{txt}{space 21}currency_binary {c |}{col 38}{res}{space 2}-.1292554{col 50}{space 2} .0304803{col 61}{space 1}   -4.24{col 70}{space 3}0.000{col 78}{space 4}-.1902465{col 91}{space 3}-.0682644
{txt}{space 26}time_trend {c |}{col 38}{res}{space 2}-.0013084{col 50}{space 2} .0058268{col 61}{space 1}   -0.22{col 70}{space 3}0.823{col 78}{space 4}-.0129678{col 91}{space 3} .0103511
{txt}{space 31}_cons {c |}{col 38}{res}{space 2}-5.179958{col 50}{space 2} 3.891653{col 61}{space 1}   -1.33{col 70}{space 3}0.188{col 78}{space 4}-12.96714{col 91}{space 3} 2.607222
{txt}{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                             sigma_u {c |} {res} .55602781
                             {txt}sigma_e {c |} {res} .28898352
                                 {txt}rho {c |} {res} .78732857{txt}   (fraction of variance due to u_i)
{hline 37}{c BT}{hline 64}

{com}. 
. est store tab4
{txt}
{com}. 
. grinter polity_frac_polit12, const02(currency_dur) inter(c.polity_frac_polit12#c.currency_dur) kdensity nomean nomeantext
{res}{txt}
{com}. *graph export "polit12_time.pdf", replace
. 
. * Table 11:
. *esttab tab1 tab2 tab3 tab4 using log_main_time.tex, b(%8.3f) se(%8.3f) scalars(ll) bic title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. * Tables 12 - 14: The effect of the average political change over all previous currency crises
. * Conditional effects that involve specific information from the last
. * currency crisis are not included
. 
. * H1: Pol change
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo av_sum_polit11_binary polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1497
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       61

{txt}R-sq:  within  = {res}0.6892                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5828                                        {txt}avg = {res}     24.5
{txt}       overall = {res}0.5401                                        {txt}max = {res}       33

                                                {txt}F({res}15{txt},{res}60{txt})           = {res}   110.78
{txt}corr(u_i, Xb)  = {res}-0.6851                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 87:(Std. Err. adjusted for {res:61} clusters in cowcode)}
{hline 22}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 23}{c |}{col 35}    Robust
{col 1}   log_fi_res_totl_mo{col 23}{c |}      Coef.{col 35}   Std. Err.{col 47}      t{col 55}   P>|t|{col 63}     [95% Con{col 76}f. Interval]
{hline 22}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}log_fi_res_totl_mo {c |}
{space 18}L1. {c |}{col 23}{res}{space 2} .8110295{col 35}{space 2} .0389151{col 46}{space 1}   20.84{col 55}{space 3}0.000{col 63}{space 4} .7331876{col 76}{space 3} .8888714
{txt}{space 21} {c |}
av_sum_polit11_binary {c |}{col 23}{res}{space 2} .1050655{col 35}{space 2} .0720995{col 46}{space 1}    1.46{col 55}{space 3}0.150{col 63}{space 4} -.039155{col 76}{space 3}  .249286
{txt}{space 14}polity2 {c |}{col 23}{res}{space 2} .0057669{col 35}{space 2} .0027832{col 46}{space 1}    2.07{col 55}{space 3}0.043{col 63}{space 4} .0001997{col 76}{space 3} .0113341
{txt}{space 8}sum_imftotal5 {c |}{col 23}{res}{space 2}-.0102747{col 35}{space 2} .0293585{col 46}{space 1}   -0.35{col 55}{space 3}0.728{col 63}{space 4}-.0690005{col 76}{space 3} .0484511
{txt}{space 7}ne_imp_gnfs_zs {c |}{col 23}{res}{space 2}-.0025709{col 35}{space 2} .0018601{col 46}{space 1}   -1.38{col 55}{space 3}0.172{col 63}{space 4}-.0062918{col 76}{space 3} .0011499
{txt}{space 8}trade_balance {c |}{col 23}{res}{space 2} .0149555{col 35}{space 2} .0037701{col 46}{space 1}    3.97{col 55}{space 3}0.000{col 63}{space 4} .0074141{col 76}{space 3} .0224969
{txt}{space 12}cbi_irreg {c |}{col 23}{res}{space 2}  .019234{col 35}{space 2}   .01434{col 46}{space 1}    1.34{col 55}{space 3}0.185{col 63}{space 4}-.0094501{col 76}{space 3} .0479182
{txt}{space 9}presidential {c |}{col 23}{res}{space 2} .0951325{col 35}{space 2} .0637749{col 46}{space 1}    1.49{col 55}{space 3}0.141{col 63}{space 4}-.0324363{col 76}{space 3} .2227013
{txt}{space 12}log_gdppc {c |}{col 23}{res}{space 2} -.106104{col 35}{space 2} .0598589{col 46}{space 1}   -1.77{col 55}{space 3}0.081{col 63}{space 4}-.2258396{col 76}{space 3} .0136315
{txt}{space 11}gdp_growth {c |}{col 23}{res}{space 2}-.0072393{col 35}{space 2} .0039204{col 46}{space 1}   -1.85{col 55}{space 3}0.070{col 63}{space 4}-.0150813{col 76}{space 3} .0006028
{txt}{space 14}log_pop {c |}{col 23}{res}{space 2} .3752799{col 35}{space 2} .2276067{col 46}{space 1}    1.65{col 55}{space 3}0.104{col 63}{space 4}-.0800012{col 76}{space 3}  .830561
{txt}{space 15}kaopen {c |}{col 23}{res}{space 2}-.0134745{col 35}{space 2} .0123647{col 46}{space 1}   -1.09{col 55}{space 3}0.280{col 63}{space 4}-.0382076{col 76}{space 3} .0112586
{txt}{space 9}currency_peg {c |}{col 23}{res}{space 2} .0282989{col 35}{space 2} .0351559{col 46}{space 1}    0.80{col 55}{space 3}0.424{col 63}{space 4}-.0420233{col 76}{space 3} .0986211
{txt}{space 6}currency_binary {c |}{col 23}{res}{space 2}-.1232301{col 35}{space 2} .0290761{col 46}{space 1}   -4.24{col 55}{space 3}0.000{col 63}{space 4} -.181391{col 76}{space 3}-.0650692
{txt}{space 11}time_trend {c |}{col 23}{res}{space 2}-.0017167{col 35}{space 2} .0057643{col 46}{space 1}   -0.30{col 55}{space 3}0.767{col 63}{space 4}-.0132471{col 76}{space 3} .0098137
{txt}{space 16}_cons {c |}{col 23}{res}{space 2} -5.25109{col 35}{space 2} 3.974267{col 46}{space 1}   -1.32{col 55}{space 3}0.191{col 63}{space 4}-13.20081{col 76}{space 3} 2.698628
{txt}{hline 22}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
              sigma_u {c |} {res} .56314383
              {txt}sigma_e {c |} {res} .28764859
                  {txt}rho {c |} {res} .79307986{txt}   (fraction of variance due to u_i)
{hline 22}{c BT}{hline 64}

{com}. 
. est store tab1
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo av_polity_frac_polit11 polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1497
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       61

{txt}R-sq:  within  = {res}0.6899                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5364                                        {txt}avg = {res}     24.5
{txt}       overall = {res}0.5001                                        {txt}max = {res}       33

                                                {txt}F({res}15{txt},{res}60{txt})           = {res}   107.20
{txt}corr(u_i, Xb)  = {res}-0.7203                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 88:(Std. Err. adjusted for {res:61} clusters in cowcode)}
{hline 23}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 24}{c |}{col 36}    Robust
{col 1}    log_fi_res_totl_mo{col 24}{c |}      Coef.{col 36}   Std. Err.{col 48}      t{col 56}   P>|t|{col 64}     [95% Con{col 77}f. Interval]
{hline 23}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}log_fi_res_totl_mo {c |}
{space 19}L1. {c |}{col 24}{res}{space 2} .8116819{col 36}{space 2} .0394428{col 47}{space 1}   20.58{col 56}{space 3}0.000{col 64}{space 4} .7327845{col 77}{space 3} .8905793
{txt}{space 22} {c |}
av_polity_frac_polit11 {c |}{col 24}{res}{space 2} .1152065{col 36}{space 2} .0513555{col 47}{space 1}    2.24{col 56}{space 3}0.029{col 64}{space 4} .0124803{col 77}{space 3} .2179328
{txt}{space 15}polity2 {c |}{col 24}{res}{space 2} .0062143{col 36}{space 2} .0029628{col 47}{space 1}    2.10{col 56}{space 3}0.040{col 64}{space 4} .0002878{col 77}{space 3} .0121407
{txt}{space 9}sum_imftotal5 {c |}{col 24}{res}{space 2}-.0057711{col 36}{space 2} .0303012{col 47}{space 1}   -0.19{col 56}{space 3}0.850{col 64}{space 4}-.0663825{col 77}{space 3} .0548403
{txt}{space 8}ne_imp_gnfs_zs {c |}{col 24}{res}{space 2}-.0029558{col 36}{space 2} .0018758{col 47}{space 1}   -1.58{col 56}{space 3}0.120{col 64}{space 4} -.006708{col 77}{space 3} .0007963
{txt}{space 9}trade_balance {c |}{col 24}{res}{space 2} .0146975{col 36}{space 2} .0037904{col 47}{space 1}    3.88{col 56}{space 3}0.000{col 64}{space 4} .0071155{col 77}{space 3} .0222795
{txt}{space 13}cbi_irreg {c |}{col 24}{res}{space 2} .0189961{col 36}{space 2} .0143145{col 47}{space 1}    1.33{col 56}{space 3}0.190{col 64}{space 4}-.0096372{col 77}{space 3} .0476294
{txt}{space 10}presidential {c |}{col 24}{res}{space 2} .0922702{col 36}{space 2} .0614729{col 47}{space 1}    1.50{col 56}{space 3}0.139{col 64}{space 4} -.030694{col 77}{space 3} .2152344
{txt}{space 13}log_gdppc {c |}{col 24}{res}{space 2}-.1028915{col 36}{space 2} .0598683{col 47}{space 1}   -1.72{col 56}{space 3}0.091{col 64}{space 4} -.222646{col 77}{space 3} .0168629
{txt}{space 12}gdp_growth {c |}{col 24}{res}{space 2}-.0076103{col 36}{space 2} .0038644{col 47}{space 1}   -1.97{col 56}{space 3}0.054{col 64}{space 4}-.0153401{col 77}{space 3} .0001196
{txt}{space 15}log_pop {c |}{col 24}{res}{space 2} .4225852{col 36}{space 2} .2218774{col 47}{space 1}    1.90{col 56}{space 3}0.062{col 64}{space 4}-.0212356{col 77}{space 3} .8664061
{txt}{space 16}kaopen {c |}{col 24}{res}{space 2}-.0134804{col 36}{space 2} .0123247{col 47}{space 1}   -1.09{col 56}{space 3}0.278{col 64}{space 4}-.0381333{col 77}{space 3} .0111726
{txt}{space 10}currency_peg {c |}{col 24}{res}{space 2} .0273524{col 36}{space 2} .0345513{col 47}{space 1}    0.79{col 56}{space 3}0.432{col 64}{space 4}-.0417606{col 77}{space 3} .0964653
{txt}{space 7}currency_binary {c |}{col 24}{res}{space 2} -.124915{col 36}{space 2} .0290457{col 47}{space 1}   -4.30{col 56}{space 3}0.000{col 64}{space 4} -.183015{col 77}{space 3}-.0668151
{txt}{space 12}time_trend {c |}{col 24}{res}{space 2}-.0018649{col 36}{space 2} .0057958{col 47}{space 1}   -0.32{col 56}{space 3}0.749{col 64}{space 4}-.0134583{col 77}{space 3} .0097286
{txt}{space 17}_cons {c |}{col 24}{res}{space 2} -6.04333{col 36}{space 2} 3.885263{col 47}{space 1}   -1.56{col 56}{space 3}0.125{col 64}{space 4}-13.81501{col 77}{space 3} 1.728353
{txt}{hline 23}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
               sigma_u {c |} {res} .62766368
               {txt}sigma_e {c |} {res} .28733233
                   {txt}rho {c |} {res} .82674474{txt}   (fraction of variance due to u_i)
{hline 23}{c BT}{hline 64}

{com}. 
. est store tab2
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo av_sum_polit12_binary polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1497
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       61

{txt}R-sq:  within  = {res}0.6893                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5751                                        {txt}avg = {res}     24.5
{txt}       overall = {res}0.5334                                        {txt}max = {res}       33

                                                {txt}F({res}15{txt},{res}60{txt})           = {res}   101.95
{txt}corr(u_i, Xb)  = {res}-0.6964                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 87:(Std. Err. adjusted for {res:61} clusters in cowcode)}
{hline 22}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 23}{c |}{col 35}    Robust
{col 1}   log_fi_res_totl_mo{col 23}{c |}      Coef.{col 35}   Std. Err.{col 47}      t{col 55}   P>|t|{col 63}     [95% Con{col 76}f. Interval]
{hline 22}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}log_fi_res_totl_mo {c |}
{space 18}L1. {c |}{col 23}{res}{space 2} .8108507{col 35}{space 2} .0391601{col 46}{space 1}   20.71{col 55}{space 3}0.000{col 63}{space 4} .7325189{col 76}{space 3} .8891826
{txt}{space 21} {c |}
av_sum_polit12_binary {c |}{col 23}{res}{space 2} .1111372{col 35}{space 2}  .061616{col 46}{space 1}    1.80{col 55}{space 3}0.076{col 63}{space 4}-.0121131{col 76}{space 3} .2343874
{txt}{space 14}polity2 {c |}{col 23}{res}{space 2} .0055522{col 35}{space 2} .0027651{col 46}{space 1}    2.01{col 55}{space 3}0.049{col 63}{space 4} .0000212{col 76}{space 3} .0110832
{txt}{space 8}sum_imftotal5 {c |}{col 23}{res}{space 2}-.0207861{col 35}{space 2} .0321019{col 46}{space 1}   -0.65{col 55}{space 3}0.520{col 63}{space 4}-.0849996{col 76}{space 3} .0434273
{txt}{space 7}ne_imp_gnfs_zs {c |}{col 23}{res}{space 2}-.0027312{col 35}{space 2} .0018467{col 46}{space 1}   -1.48{col 55}{space 3}0.144{col 63}{space 4}-.0064253{col 76}{space 3} .0009628
{txt}{space 8}trade_balance {c |}{col 23}{res}{space 2} .0150504{col 35}{space 2} .0037623{col 46}{space 1}    4.00{col 55}{space 3}0.000{col 63}{space 4} .0075246{col 76}{space 3} .0225762
{txt}{space 12}cbi_irreg {c |}{col 23}{res}{space 2}  .019407{col 35}{space 2} .0143378{col 46}{space 1}    1.35{col 55}{space 3}0.181{col 63}{space 4}-.0092728{col 76}{space 3} .0480869
{txt}{space 9}presidential {c |}{col 23}{res}{space 2} .0991834{col 35}{space 2} .0632639{col 46}{space 1}    1.57{col 55}{space 3}0.122{col 63}{space 4}-.0273632{col 76}{space 3} .2257301
{txt}{space 12}log_gdppc {c |}{col 23}{res}{space 2}-.1053143{col 35}{space 2} .0598187{col 46}{space 1}   -1.76{col 55}{space 3}0.083{col 63}{space 4}-.2249694{col 76}{space 3} .0143408
{txt}{space 11}gdp_growth {c |}{col 23}{res}{space 2}-.0071383{col 35}{space 2} .0039559{col 46}{space 1}   -1.80{col 55}{space 3}0.076{col 63}{space 4}-.0150512{col 76}{space 3} .0007746
{txt}{space 14}log_pop {c |}{col 23}{res}{space 2} .3876934{col 35}{space 2} .2197725{col 46}{space 1}    1.76{col 55}{space 3}0.083{col 63}{space 4}-.0519169{col 76}{space 3} .8273038
{txt}{space 15}kaopen {c |}{col 23}{res}{space 2}-.0132044{col 35}{space 2}  .012337{col 46}{space 1}   -1.07{col 55}{space 3}0.289{col 63}{space 4}-.0378821{col 76}{space 3} .0114733
{txt}{space 9}currency_peg {c |}{col 23}{res}{space 2} .0279614{col 35}{space 2} .0345789{col 46}{space 1}    0.81{col 55}{space 3}0.422{col 63}{space 4}-.0412067{col 76}{space 3} .0971294
{txt}{space 6}currency_binary {c |}{col 23}{res}{space 2} -.123738{col 35}{space 2} .0290443{col 46}{space 1}   -4.26{col 55}{space 3}0.000{col 63}{space 4}-.1818353{col 76}{space 3}-.0656406
{txt}{space 11}time_trend {c |}{col 23}{res}{space 2}-.0017877{col 35}{space 2}   .00575{col 46}{space 1}   -0.31{col 55}{space 3}0.757{col 63}{space 4}-.0132895{col 76}{space 3} .0097141
{txt}{space 16}_cons {c |}{col 23}{res}{space 2}-5.429229{col 35}{space 2} 3.850622{col 46}{space 1}   -1.41{col 55}{space 3}0.164{col 63}{space 4}-13.13162{col 76}{space 3} 2.273161
{txt}{hline 22}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
              sigma_u {c |} {res} .57760329
              {txt}sigma_e {c |} {res} .28761155
                  {txt}rho {c |} {res} .80131811{txt}   (fraction of variance due to u_i)
{hline 22}{c BT}{hline 64}

{com}. 
. est store tab3
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo av_polity_frac_polit12 polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1497
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       61

{txt}R-sq:  within  = {res}0.6897                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5524                                        {txt}avg = {res}     24.5
{txt}       overall = {res}0.5149                                        {txt}max = {res}       33

                                                {txt}F({res}15{txt},{res}60{txt})           = {res}   102.52
{txt}corr(u_i, Xb)  = {res}-0.7070                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 88:(Std. Err. adjusted for {res:61} clusters in cowcode)}
{hline 23}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 24}{c |}{col 36}    Robust
{col 1}    log_fi_res_totl_mo{col 24}{c |}      Coef.{col 36}   Std. Err.{col 48}      t{col 56}   P>|t|{col 64}     [95% Con{col 77}f. Interval]
{hline 23}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}log_fi_res_totl_mo {c |}
{space 19}L1. {c |}{col 24}{res}{space 2} .8083556{col 36}{space 2} .0395117{col 47}{space 1}   20.46{col 56}{space 3}0.000{col 64}{space 4} .7293205{col 77}{space 3} .8873908
{txt}{space 22} {c |}
av_polity_frac_polit12 {c |}{col 24}{res}{space 2} .1338126{col 36}{space 2} .0656922{col 47}{space 1}    2.04{col 56}{space 3}0.046{col 64}{space 4} .0024088{col 77}{space 3} .2652165
{txt}{space 15}polity2 {c |}{col 24}{res}{space 2} .0059163{col 36}{space 2} .0028147{col 47}{space 1}    2.10{col 56}{space 3}0.040{col 64}{space 4} .0002859{col 77}{space 3} .0115466
{txt}{space 9}sum_imftotal5 {c |}{col 24}{res}{space 2} -.014621{col 36}{space 2} .0319983{col 47}{space 1}   -0.46{col 56}{space 3}0.649{col 64}{space 4}-.0786272{col 77}{space 3} .0493852
{txt}{space 8}ne_imp_gnfs_zs {c |}{col 24}{res}{space 2} -.002793{col 36}{space 2} .0018596{col 47}{space 1}   -1.50{col 56}{space 3}0.138{col 64}{space 4}-.0065128{col 77}{space 3} .0009269
{txt}{space 9}trade_balance {c |}{col 24}{res}{space 2} .0148402{col 36}{space 2} .0037977{col 47}{space 1}    3.91{col 56}{space 3}0.000{col 64}{space 4} .0072437{col 77}{space 3} .0224367
{txt}{space 13}cbi_irreg {c |}{col 24}{res}{space 2} .0183849{col 36}{space 2} .0144125{col 47}{space 1}    1.28{col 56}{space 3}0.207{col 64}{space 4}-.0104443{col 77}{space 3} .0472141
{txt}{space 10}presidential {c |}{col 24}{res}{space 2} .1019113{col 36}{space 2} .0612047{col 47}{space 1}    1.67{col 56}{space 3}0.101{col 64}{space 4}-.0205163{col 77}{space 3}  .224339
{txt}{space 13}log_gdppc {c |}{col 24}{res}{space 2}-.1020244{col 36}{space 2} .0601585{col 47}{space 1}   -1.70{col 56}{space 3}0.095{col 64}{space 4}-.2223593{col 77}{space 3} .0183106
{txt}{space 12}gdp_growth {c |}{col 24}{res}{space 2}-.0072669{col 36}{space 2} .0038952{col 47}{space 1}   -1.87{col 56}{space 3}0.067{col 64}{space 4}-.0150584{col 77}{space 3} .0005246
{txt}{space 15}log_pop {c |}{col 24}{res}{space 2} .4085201{col 36}{space 2} .2193855{col 47}{space 1}    1.86{col 56}{space 3}0.067{col 64}{space 4}-.0303161{col 77}{space 3} .8473564
{txt}{space 16}kaopen {c |}{col 24}{res}{space 2}-.0136119{col 36}{space 2} .0122784{col 47}{space 1}   -1.11{col 56}{space 3}0.272{col 64}{space 4}-.0381723{col 77}{space 3} .0109484
{txt}{space 10}currency_peg {c |}{col 24}{res}{space 2} .0329048{col 36}{space 2} .0346048{col 47}{space 1}    0.95{col 56}{space 3}0.345{col 64}{space 4}-.0363151{col 77}{space 3} .1021248
{txt}{space 7}currency_binary {c |}{col 24}{res}{space 2}-.1244888{col 36}{space 2} .0292611{col 47}{space 1}   -4.25{col 56}{space 3}0.000{col 64}{space 4}-.1830197{col 77}{space 3}-.0659578
{txt}{space 12}time_trend {c |}{col 24}{res}{space 2} -.001924{col 36}{space 2} .0058115{col 47}{space 1}   -0.33{col 56}{space 3}0.742{col 64}{space 4}-.0135488{col 77}{space 3} .0097008
{txt}{space 17}_cons {c |}{col 24}{res}{space 2}-5.798405{col 36}{space 2} 3.846713{col 47}{space 1}   -1.51{col 56}{space 3}0.137{col 64}{space 4}-13.49298{col 77}{space 3} 1.896167
{txt}{hline 23}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
               sigma_u {c |} {res} .60269363
               {txt}sigma_e {c |} {res} .28740455
                   {txt}rho {c |} {res} .81472907{txt}   (fraction of variance due to u_i)
{hline 23}{c BT}{hline 64}

{com}. 
. est store tab4
{txt}
{com}. 
. * Table 12:
. **esttab tab1 tab2 tab3 tab4 using estim_av_pol.tex, b(%8.3f) se(%8.3f) scalars(ll) bic title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. * H5: interest rates
. 
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.av_sum_polit11_binary##c.ir_diff polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1259
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       58

{txt}R-sq:  within  = {res}0.6450                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5387                                        {txt}avg = {res}     21.7
{txt}       overall = {res}0.4992                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}57{txt})           = {res}   101.13
{txt}corr(u_i, Xb)  = {res}-0.6727                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 99:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 34}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 35}{c |}{col 47}    Robust
{col 1}               log_fi_res_totl_mo{col 35}{c |}      Coef.{col 47}   Std. Err.{col 59}      t{col 67}   P>|t|{col 75}     [95% Con{col 88}f. Interval]
{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 15}log_fi_res_totl_mo {c |}
{space 30}L1. {c |}{col 35}{res}{space 2} .7855239{col 47}{space 2}  .047146{col 58}{space 1}   16.66{col 67}{space 3}0.000{col 75}{space 4} .6911156{col 88}{space 3} .8799322
{txt}{space 33} {c |}
{space 12}av_sum_polit11_binary {c |}{col 35}{res}{space 2} .0087862{col 47}{space 2} .0908203{col 58}{space 1}    0.10{col 67}{space 3}0.923{col 75}{space 4}-.1730784{col 88}{space 3} .1906508
{txt}{space 26}ir_diff {c |}{col 35}{res}{space 2} .0401155{col 47}{space 2} .1193468{col 58}{space 1}    0.34{col 67}{space 3}0.738{col 75}{space 4}-.1988723{col 88}{space 3} .2791034
{txt}{space 33} {c |}
c.av_sum_polit11_binary#c.ir_diff {c |}{col 35}{res}{space 2}-.1791109{col 47}{space 2} .1448061{col 58}{space 1}   -1.24{col 67}{space 3}0.221{col 75}{space 4}-.4690801{col 88}{space 3} .1108584
{txt}{space 33} {c |}
{space 26}polity2 {c |}{col 35}{res}{space 2} .0056524{col 47}{space 2} .0034352{col 58}{space 1}    1.65{col 67}{space 3}0.105{col 75}{space 4}-.0012264{col 88}{space 3} .0125312
{txt}{space 20}sum_imftotal5 {c |}{col 35}{res}{space 2}-.0115977{col 47}{space 2} .0304286{col 58}{space 1}   -0.38{col 67}{space 3}0.705{col 75}{space 4}-.0725298{col 88}{space 3} .0493345
{txt}{space 19}ne_imp_gnfs_zs {c |}{col 35}{res}{space 2}-.0034126{col 47}{space 2} .0020683{col 58}{space 1}   -1.65{col 67}{space 3}0.104{col 75}{space 4}-.0075544{col 88}{space 3} .0007291
{txt}{space 20}trade_balance {c |}{col 35}{res}{space 2}  .013133{col 47}{space 2} .0043997{col 58}{space 1}    2.98{col 67}{space 3}0.004{col 75}{space 4} .0043227{col 88}{space 3} .0219433
{txt}{space 24}cbi_irreg {c |}{col 35}{res}{space 2} .0025914{col 47}{space 2} .0157889{col 58}{space 1}    0.16{col 67}{space 3}0.870{col 75}{space 4}-.0290253{col 88}{space 3}  .034208
{txt}{space 21}presidential {c |}{col 35}{res}{space 2} .1184938{col 47}{space 2} .0629557{col 58}{space 1}    1.88{col 67}{space 3}0.065{col 75}{space 4}-.0075729{col 88}{space 3} .2445605
{txt}{space 24}log_gdppc {c |}{col 35}{res}{space 2}-.0966226{col 47}{space 2} .0692939{col 58}{space 1}   -1.39{col 67}{space 3}0.169{col 75}{space 4}-.2353813{col 88}{space 3} .0421362
{txt}{space 23}gdp_growth {c |}{col 35}{res}{space 2}-.0076101{col 47}{space 2} .0042987{col 58}{space 1}   -1.77{col 67}{space 3}0.082{col 75}{space 4}-.0162182{col 88}{space 3}  .000998
{txt}{space 26}log_pop {c |}{col 35}{res}{space 2}  .389505{col 47}{space 2} .2635017{col 58}{space 1}    1.48{col 67}{space 3}0.145{col 75}{space 4}-.1381481{col 88}{space 3} .9171581
{txt}{space 27}kaopen {c |}{col 35}{res}{space 2}-.0181998{col 47}{space 2} .0140773{col 58}{space 1}   -1.29{col 67}{space 3}0.201{col 75}{space 4}-.0463892{col 88}{space 3} .0099895
{txt}{space 21}currency_peg {c |}{col 35}{res}{space 2} .0281628{col 47}{space 2} .0397922{col 58}{space 1}    0.71{col 67}{space 3}0.482{col 75}{space 4}-.0515198{col 88}{space 3} .1078453
{txt}{space 18}currency_binary {c |}{col 35}{res}{space 2}-.1316853{col 47}{space 2} .0315439{col 58}{space 1}   -4.17{col 67}{space 3}0.000{col 75}{space 4}-.1948508{col 88}{space 3}-.0685198
{txt}{space 23}time_trend {c |}{col 35}{res}{space 2}-.0005141{col 47}{space 2} .0063461{col 58}{space 1}   -0.08{col 67}{space 3}0.936{col 75}{space 4}-.0132219{col 88}{space 3} .0121937
{txt}{space 28}_cons {c |}{col 35}{res}{space 2}-5.481632{col 47}{space 2} 4.550098{col 58}{space 1}   -1.20{col 67}{space 3}0.233{col 75}{space 4}-14.59305{col 88}{space 3} 3.629783
{txt}{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                          sigma_u {c |} {res} .54288743
                          {txt}sigma_e {c |} {res} .28326921
                              {txt}rho {c |} {res} .78600467{txt}   (fraction of variance due to u_i)
{hline 34}{c BT}{hline 64}

{com}. 
. est store tab5
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.av_polity_frac_polit11##c.ir_diff polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1259
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       58

{txt}R-sq:  within  = {res}0.6461                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5163                                        {txt}avg = {res}     21.7
{txt}       overall = {res}0.4825                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}57{txt})           = {res}    68.58
{txt}corr(u_i, Xb)  = {res}-0.6873                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 100:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 35}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 36}{c |}{col 48}    Robust
{col 1}                log_fi_res_totl_mo{col 36}{c |}      Coef.{col 48}   Std. Err.{col 60}      t{col 68}   P>|t|{col 76}     [95% Con{col 89}f. Interval]
{hline 35}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 16}log_fi_res_totl_mo {c |}
{space 31}L1. {c |}{col 36}{res}{space 2} .7844894{col 48}{space 2} .0470742{col 59}{space 1}   16.66{col 68}{space 3}0.000{col 76}{space 4}  .690225{col 89}{space 3} .8787538
{txt}{space 34} {c |}
{space 12}av_polity_frac_polit11 {c |}{col 36}{res}{space 2}  .032583{col 48}{space 2} .0608342{col 59}{space 1}    0.54{col 68}{space 3}0.594{col 76}{space 4}-.0892353{col 89}{space 3} .1544013
{txt}{space 27}ir_diff {c |}{col 36}{res}{space 2} -.059909{col 48}{space 2} .0410438{col 59}{space 1}   -1.46{col 68}{space 3}0.150{col 76}{space 4}-.1420977{col 89}{space 3} .0222797
{txt}{space 34} {c |}
c.av_polity_frac_polit11#c.ir_diff {c |}{col 36}{res}{space 2}-.4284985{col 48}{space 2} .3424643{col 59}{space 1}   -1.25{col 68}{space 3}0.216{col 76}{space 4}-1.114271{col 89}{space 3} .2572744
{txt}{space 34} {c |}
{space 27}polity2 {c |}{col 36}{res}{space 2} .0065052{col 48}{space 2} .0035333{col 59}{space 1}    1.84{col 68}{space 3}0.071{col 76}{space 4}-.0005701{col 89}{space 3} .0135805
{txt}{space 21}sum_imftotal5 {c |}{col 36}{res}{space 2}-.0095558{col 48}{space 2} .0302386{col 59}{space 1}   -0.32{col 68}{space 3}0.753{col 76}{space 4}-.0701075{col 89}{space 3}  .050996
{txt}{space 20}ne_imp_gnfs_zs {c |}{col 36}{res}{space 2}-.0038648{col 48}{space 2} .0020595{col 59}{space 1}   -1.88{col 68}{space 3}0.066{col 76}{space 4}-.0079889{col 89}{space 3} .0002593
{txt}{space 21}trade_balance {c |}{col 36}{res}{space 2} .0127208{col 48}{space 2} .0043567{col 59}{space 1}    2.92{col 68}{space 3}0.005{col 76}{space 4} .0039966{col 89}{space 3}  .021445
{txt}{space 25}cbi_irreg {c |}{col 36}{res}{space 2} .0030102{col 48}{space 2} .0160595{col 59}{space 1}    0.19{col 68}{space 3}0.852{col 76}{space 4}-.0291484{col 89}{space 3} .0351688
{txt}{space 22}presidential {c |}{col 36}{res}{space 2} .1078113{col 48}{space 2} .0609973{col 59}{space 1}    1.77{col 68}{space 3}0.083{col 76}{space 4}-.0143336{col 89}{space 3} .2299562
{txt}{space 25}log_gdppc {c |}{col 36}{res}{space 2}-.0925021{col 48}{space 2} .0682554{col 59}{space 1}   -1.36{col 68}{space 3}0.181{col 76}{space 4}-.2291812{col 89}{space 3}  .044177
{txt}{space 24}gdp_growth {c |}{col 36}{res}{space 2}-.0074482{col 48}{space 2} .0043283{col 59}{space 1}   -1.72{col 68}{space 3}0.091{col 76}{space 4}-.0161155{col 89}{space 3} .0012191
{txt}{space 27}log_pop {c |}{col 36}{res}{space 2} .4098672{col 48}{space 2} .2633926{col 59}{space 1}    1.56{col 68}{space 3}0.125{col 76}{space 4}-.1175675{col 89}{space 3} .9373019
{txt}{space 28}kaopen {c |}{col 36}{res}{space 2}-.0159083{col 48}{space 2} .0149236{col 59}{space 1}   -1.07{col 68}{space 3}0.291{col 76}{space 4}-.0457922{col 89}{space 3} .0139757
{txt}{space 22}currency_peg {c |}{col 36}{res}{space 2} .0310315{col 48}{space 2} .0401313{col 59}{space 1}    0.77{col 68}{space 3}0.443{col 76}{space 4}  -.04933{col 89}{space 3} .1113929
{txt}{space 19}currency_binary {c |}{col 36}{res}{space 2}-.1317604{col 48}{space 2} .0315672{col 59}{space 1}   -4.17{col 68}{space 3}0.000{col 76}{space 4}-.1949726{col 89}{space 3}-.0685482
{txt}{space 24}time_trend {c |}{col 36}{res}{space 2}-.0002787{col 48}{space 2} .0063721{col 59}{space 1}   -0.04{col 68}{space 3}0.965{col 76}{space 4}-.0130386{col 89}{space 3} .0124812
{txt}{space 29}_cons {c |}{col 36}{res}{space 2}-5.877311{col 48}{space 2}  4.54734{col 59}{space 1}   -1.29{col 68}{space 3}0.201{col 76}{space 4} -14.9832{col 89}{space 3} 3.228581
{txt}{hline 35}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                           sigma_u {c |} {res} .56896873
                           {txt}sigma_e {c |} {res} .28281838
                               {txt}rho {c |} {res} .80187285{txt}   (fraction of variance due to u_i)
{hline 35}{c BT}{hline 64}

{com}. 
. est store tab6
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.av_sum_polit12_binary##c.ir_diff polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1259
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       58

{txt}R-sq:  within  = {res}0.6455                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5413                                        {txt}avg = {res}     21.7
{txt}       overall = {res}0.5007                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}57{txt})           = {res}    73.34
{txt}corr(u_i, Xb)  = {res}-0.6764                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 99:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 34}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 35}{c |}{col 47}    Robust
{col 1}               log_fi_res_totl_mo{col 35}{c |}      Coef.{col 47}   Std. Err.{col 59}      t{col 67}   P>|t|{col 75}     [95% Con{col 88}f. Interval]
{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 15}log_fi_res_totl_mo {c |}
{space 30}L1. {c |}{col 35}{res}{space 2} .7831046{col 47}{space 2} .0474269{col 58}{space 1}   16.51{col 67}{space 3}0.000{col 75}{space 4} .6881339{col 88}{space 3} .8780754
{txt}{space 33} {c |}
{space 12}av_sum_polit12_binary {c |}{col 35}{res}{space 2} .0685622{col 47}{space 2} .0739979{col 58}{space 1}    0.93{col 67}{space 3}0.358{col 75}{space 4} -.079616{col 88}{space 3} .2167405
{txt}{space 26}ir_diff {c |}{col 35}{res}{space 2} .0286329{col 47}{space 2} .1379922{col 58}{space 1}    0.21{col 67}{space 3}0.836{col 75}{space 4}-.2476918{col 88}{space 3} .3049577
{txt}{space 33} {c |}
c.av_sum_polit12_binary#c.ir_diff {c |}{col 35}{res}{space 2}-.1708696{col 47}{space 2} .1660639{col 58}{space 1}   -1.03{col 67}{space 3}0.308{col 75}{space 4}-.5034067{col 88}{space 3} .1616675
{txt}{space 33} {c |}
{space 26}polity2 {c |}{col 35}{res}{space 2} .0056229{col 47}{space 2} .0032834{col 58}{space 1}    1.71{col 67}{space 3}0.092{col 75}{space 4} -.000952{col 88}{space 3} .0121977
{txt}{space 20}sum_imftotal5 {c |}{col 35}{res}{space 2}-.0183326{col 47}{space 2} .0314676{col 58}{space 1}   -0.58{col 67}{space 3}0.562{col 75}{space 4}-.0813454{col 88}{space 3} .0446801
{txt}{space 19}ne_imp_gnfs_zs {c |}{col 35}{res}{space 2}-.0033935{col 47}{space 2} .0019939{col 58}{space 1}   -1.70{col 67}{space 3}0.094{col 75}{space 4}-.0073862{col 88}{space 3} .0005992
{txt}{space 20}trade_balance {c |}{col 35}{res}{space 2} .0133283{col 47}{space 2}   .00431{col 58}{space 1}    3.09{col 67}{space 3}0.003{col 75}{space 4} .0046976{col 88}{space 3} .0219589
{txt}{space 24}cbi_irreg {c |}{col 35}{res}{space 2} .0049929{col 47}{space 2} .0157434{col 58}{space 1}    0.32{col 67}{space 3}0.752{col 75}{space 4}-.0265326{col 88}{space 3} .0365184
{txt}{space 21}presidential {c |}{col 35}{res}{space 2}  .121049{col 47}{space 2} .0613827{col 58}{space 1}    1.97{col 67}{space 3}0.053{col 75}{space 4}-.0018676{col 88}{space 3} .2439657
{txt}{space 24}log_gdppc {c |}{col 35}{res}{space 2}-.0915964{col 47}{space 2} .0682583{col 58}{space 1}   -1.34{col 67}{space 3}0.185{col 75}{space 4}-.2282813{col 88}{space 3} .0450885
{txt}{space 23}gdp_growth {c |}{col 35}{res}{space 2}-.0073294{col 47}{space 2}  .004363{col 58}{space 1}   -1.68{col 67}{space 3}0.098{col 75}{space 4}-.0160662{col 88}{space 3} .0014075
{txt}{space 26}log_pop {c |}{col 35}{res}{space 2} .3926152{col 47}{space 2}  .257488{col 58}{space 1}    1.52{col 67}{space 3}0.133{col 75}{space 4}-.1229956{col 88}{space 3}  .908226
{txt}{space 27}kaopen {c |}{col 35}{res}{space 2}-.0192177{col 47}{space 2} .0144095{col 58}{space 1}   -1.33{col 67}{space 3}0.188{col 75}{space 4}-.0480722{col 88}{space 3} .0096367
{txt}{space 21}currency_peg {c |}{col 35}{res}{space 2} .0285373{col 47}{space 2} .0397267{col 58}{space 1}    0.72{col 67}{space 3}0.475{col 75}{space 4}-.0510139{col 88}{space 3} .1080886
{txt}{space 18}currency_binary {c |}{col 35}{res}{space 2} -.131367{col 47}{space 2} .0313323{col 58}{space 1}   -4.19{col 67}{space 3}0.000{col 75}{space 4}-.1941088{col 88}{space 3}-.0686252
{txt}{space 23}time_trend {c |}{col 35}{res}{space 2}-.0008549{col 47}{space 2} .0062941{col 58}{space 1}   -0.14{col 67}{space 3}0.892{col 75}{space 4}-.0134586{col 88}{space 3} .0117488
{txt}{space 28}_cons {c |}{col 35}{res}{space 2}-5.574948{col 47}{space 2}  4.46497{col 58}{space 1}   -1.25{col 67}{space 3}0.217{col 75}{space 4} -14.5159{col 88}{space 3}    3.366
{txt}{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                          sigma_u {c |} {res} .54483021
                          {txt}sigma_e {c |} {res} .28306201
                              {txt}rho {c |} {res} .78744896{txt}   (fraction of variance due to u_i)
{hline 34}{c BT}{hline 64}

{com}. 
. est store tab7
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.av_polity_frac_polit12##c.ir_diff polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1259
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       58

{txt}R-sq:  within  = {res}0.6477                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5267                                        {txt}avg = {res}     21.7
{txt}       overall = {res}0.4922                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}57{txt})           = {res}    67.09
{txt}corr(u_i, Xb)  = {res}-0.6764                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 100:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 35}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 36}{c |}{col 48}    Robust
{col 1}                log_fi_res_totl_mo{col 36}{c |}      Coef.{col 48}   Std. Err.{col 60}      t{col 68}   P>|t|{col 76}     [95% Con{col 89}f. Interval]
{hline 35}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 16}log_fi_res_totl_mo {c |}
{space 31}L1. {c |}{col 36}{res}{space 2} .7801997{col 48}{space 2} .0478557{col 59}{space 1}   16.30{col 68}{space 3}0.000{col 76}{space 4} .6843703{col 89}{space 3} .8760291
{txt}{space 34} {c |}
{space 12}av_polity_frac_polit12 {c |}{col 36}{res}{space 2} .0022131{col 48}{space 2}  .078394{col 59}{space 1}    0.03{col 68}{space 3}0.978{col 76}{space 4}-.1547681{col 89}{space 3} .1591943
{txt}{space 27}ir_diff {c |}{col 36}{res}{space 2}-.0232948{col 48}{space 2} .0428221{col 59}{space 1}   -0.54{col 68}{space 3}0.589{col 76}{space 4}-.1090445{col 89}{space 3} .0624549
{txt}{space 34} {c |}
c.av_polity_frac_polit12#c.ir_diff {c |}{col 36}{res}{space 2}-.9920312{col 48}{space 2} .3940721{col 59}{space 1}   -2.52{col 68}{space 3}0.015{col 76}{space 4}-1.781147{col 89}{space 3}-.2029154
{txt}{space 34} {c |}
{space 27}polity2 {c |}{col 36}{res}{space 2} .0061682{col 48}{space 2} .0033626{col 59}{space 1}    1.83{col 68}{space 3}0.072{col 76}{space 4}-.0005654{col 89}{space 3} .0129018
{txt}{space 21}sum_imftotal5 {c |}{col 36}{res}{space 2}-.0084402{col 48}{space 2} .0314059{col 59}{space 1}   -0.27{col 68}{space 3}0.789{col 76}{space 4}-.0713294{col 89}{space 3} .0544491
{txt}{space 20}ne_imp_gnfs_zs {c |}{col 36}{res}{space 2}-.0036811{col 48}{space 2} .0020375{col 59}{space 1}   -1.81{col 68}{space 3}0.076{col 76}{space 4}-.0077611{col 89}{space 3} .0003989
{txt}{space 21}trade_balance {c |}{col 36}{res}{space 2} .0129743{col 48}{space 2} .0042216{col 59}{space 1}    3.07{col 68}{space 3}0.003{col 76}{space 4} .0045206{col 89}{space 3}  .021428
{txt}{space 25}cbi_irreg {c |}{col 36}{res}{space 2}  .006734{col 48}{space 2}  .015834{col 59}{space 1}    0.43{col 68}{space 3}0.672{col 76}{space 4} -.024973{col 89}{space 3} .0384411
{txt}{space 22}presidential {c |}{col 36}{res}{space 2} .1017781{col 48}{space 2} .0613695{col 59}{space 1}    1.66{col 68}{space 3}0.103{col 76}{space 4}-.0211122{col 89}{space 3} .2246684
{txt}{space 25}log_gdppc {c |}{col 36}{res}{space 2}-.0808105{col 48}{space 2} .0682379{col 59}{space 1}   -1.18{col 68}{space 3}0.241{col 76}{space 4}-.2174545{col 89}{space 3} .0558336
{txt}{space 24}gdp_growth {c |}{col 36}{res}{space 2}-.0074017{col 48}{space 2} .0042566{col 59}{space 1}   -1.74{col 68}{space 3}0.087{col 76}{space 4}-.0159254{col 89}{space 3}  .001122
{txt}{space 27}log_pop {c |}{col 36}{res}{space 2} .4025526{col 48}{space 2} .2574007{col 59}{space 1}    1.56{col 68}{space 3}0.123{col 76}{space 4}-.1128833{col 89}{space 3} .9179886
{txt}{space 28}kaopen {c |}{col 36}{res}{space 2}-.0186306{col 48}{space 2} .0136627{col 59}{space 1}   -1.36{col 68}{space 3}0.178{col 76}{space 4}-.0459896{col 89}{space 3} .0087284
{txt}{space 22}currency_peg {c |}{col 36}{res}{space 2} .0375856{col 48}{space 2} .0405333{col 59}{space 1}    0.93{col 68}{space 3}0.358{col 76}{space 4}-.0435809{col 89}{space 3} .1187522
{txt}{space 19}currency_binary {c |}{col 36}{res}{space 2}-.1326707{col 48}{space 2} .0318404{col 59}{space 1}   -4.17{col 68}{space 3}0.000{col 76}{space 4}-.1964301{col 89}{space 3}-.0689113
{txt}{space 24}time_trend {c |}{col 36}{res}{space 2}-.0004058{col 48}{space 2} .0064339{col 59}{space 1}   -0.06{col 68}{space 3}0.950{col 76}{space 4}-.0132895{col 89}{space 3} .0124779
{txt}{space 29}_cons {c |}{col 36}{res}{space 2}-5.828818{col 48}{space 2} 4.464611{col 59}{space 1}   -1.31{col 68}{space 3}0.197{col 76}{space 4}-14.76905{col 89}{space 3}  3.11141
{txt}{hline 35}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                           sigma_u {c |} {res} .55411995
                           {txt}sigma_e {c |} {res} .28217912
                               {txt}rho {c |} {res} .79407702{txt}   (fraction of variance due to u_i)
{hline 35}{c BT}{hline 64}

{com}. 
. est store tab8
{txt}
{com}. 
. * Table 13:
. *esttab tab5 tab6 tab7 tab8 using estim_av_pol5.tex, b(%8.3f) se(%8.3f) scalars(ll) bic title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. * H6: central bank independence
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.av_sum_polit11_binary##c.cbi_irreg polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1497
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       61

{txt}R-sq:  within  = {res}0.6896                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5778                                        {txt}avg = {res}     24.5
{txt}       overall = {res}0.5348                                        {txt}max = {res}       33

                                                {txt}F({res}16{txt},{res}60{txt})           = {res}   104.11
{txt}corr(u_i, Xb)  = {res}-0.6923                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 101:(Std. Err. adjusted for {res:61} clusters in cowcode)}
{hline 36}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 37}{c |}{col 49}    Robust
{col 1}                 log_fi_res_totl_mo{col 37}{c |}      Coef.{col 49}   Std. Err.{col 61}      t{col 69}   P>|t|{col 77}     [95% Con{col 90}f. Interval]
{hline 36}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}log_fi_res_totl_mo {c |}
{space 32}L1. {c |}{col 37}{res}{space 2} .8118458{col 49}{space 2} .0388909{col 60}{space 1}   20.87{col 69}{space 3}0.000{col 77}{space 4} .7340524{col 90}{space 3} .8896392
{txt}{space 35} {c |}
{space 14}av_sum_polit11_binary {c |}{col 37}{res}{space 2} .0649836{col 49}{space 2}  .071258{col 60}{space 1}    0.91{col 69}{space 3}0.365{col 77}{space 4}-.0775536{col 90}{space 3} .2075208
{txt}{space 26}cbi_irreg {c |}{col 37}{res}{space 2} .0534929{col 49}{space 2} .0239731{col 60}{space 1}    2.23{col 69}{space 3}0.029{col 77}{space 4} .0055396{col 90}{space 3} .1014463
{txt}{space 35} {c |}
c.av_sum_polit11_binary#c.cbi_irreg {c |}{col 37}{res}{space 2}-.0562196{col 49}{space 2} .0367918{col 60}{space 1}   -1.53{col 69}{space 3}0.132{col 77}{space 4}-.1298142{col 90}{space 3} .0173749
{txt}{space 35} {c |}
{space 28}polity2 {c |}{col 37}{res}{space 2} .0058997{col 49}{space 2} .0027663{col 60}{space 1}    2.13{col 69}{space 3}0.037{col 77}{space 4} .0003663{col 90}{space 3} .0114331
{txt}{space 22}sum_imftotal5 {c |}{col 37}{res}{space 2}-.0067589{col 49}{space 2}  .029192{col 60}{space 1}   -0.23{col 69}{space 3}0.818{col 77}{space 4}-.0651516{col 90}{space 3} .0516339
{txt}{space 21}ne_imp_gnfs_zs {c |}{col 37}{res}{space 2}-.0024661{col 49}{space 2} .0018411{col 60}{space 1}   -1.34{col 69}{space 3}0.185{col 77}{space 4} -.006149{col 90}{space 3} .0012167
{txt}{space 22}trade_balance {c |}{col 37}{res}{space 2} .0150026{col 49}{space 2} .0037859{col 60}{space 1}    3.96{col 69}{space 3}0.000{col 77}{space 4} .0074296{col 90}{space 3} .0225756
{txt}{space 23}presidential {c |}{col 37}{res}{space 2} .0955561{col 49}{space 2} .0637848{col 60}{space 1}    1.50{col 69}{space 3}0.139{col 77}{space 4}-.0320326{col 90}{space 3} .2231447
{txt}{space 26}log_gdppc {c |}{col 37}{res}{space 2}-.1029095{col 49}{space 2} .0596749{col 60}{space 1}   -1.72{col 69}{space 3}0.090{col 77}{space 4}-.2222771{col 90}{space 3} .0164581
{txt}{space 25}gdp_growth {c |}{col 37}{res}{space 2} -.007598{col 49}{space 2}  .003933{col 60}{space 1}   -1.93{col 69}{space 3}0.058{col 77}{space 4}-.0154652{col 90}{space 3} .0002692
{txt}{space 28}log_pop {c |}{col 37}{res}{space 2} .3850585{col 49}{space 2} .2227253{col 60}{space 1}    1.73{col 69}{space 3}0.089{col 77}{space 4}-.0604585{col 90}{space 3} .8305754
{txt}{space 29}kaopen {c |}{col 37}{res}{space 2}-.0125261{col 49}{space 2} .0123444{col 60}{space 1}   -1.01{col 69}{space 3}0.314{col 77}{space 4}-.0372185{col 90}{space 3} .0121663
{txt}{space 23}currency_peg {c |}{col 37}{res}{space 2} .0262409{col 49}{space 2}  .034918{col 60}{space 1}    0.75{col 69}{space 3}0.455{col 77}{space 4}-.0436055{col 90}{space 3} .0960873
{txt}{space 20}currency_binary {c |}{col 37}{res}{space 2}-.1233485{col 49}{space 2} .0290085{col 60}{space 1}   -4.25{col 69}{space 3}0.000{col 77}{space 4} -.181374{col 90}{space 3}-.0653229
{txt}{space 25}time_trend {c |}{col 37}{res}{space 2}-.0022248{col 49}{space 2} .0056597{col 60}{space 1}   -0.39{col 69}{space 3}0.696{col 77}{space 4} -.013546{col 90}{space 3} .0090963
{txt}{space 30}_cons {c |}{col 37}{res}{space 2}-5.405644{col 49}{space 2} 3.897266{col 60}{space 1}   -1.39{col 69}{space 3}0.171{col 77}{space 4}-13.20134{col 90}{space 3} 2.390049
{txt}{hline 36}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                            sigma_u {c |} {res} .57225097
                            {txt}sigma_e {c |} {res} .28756288
                                {txt}rho {c |} {res} .79839163{txt}   (fraction of variance due to u_i)
{hline 36}{c BT}{hline 64}

{com}. 
. est store tab9
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.av_polity_frac_polit11##c.cbi_irreg polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1497
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       61

{txt}R-sq:  within  = {res}0.6909                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5177                                        {txt}avg = {res}     24.5
{txt}       overall = {res}0.4820                                        {txt}max = {res}       33

                                                {txt}F({res}16{txt},{res}60{txt})           = {res}    94.30
{txt}corr(u_i, Xb)  = {res}-0.7398                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 102:(Std. Err. adjusted for {res:61} clusters in cowcode)}
{hline 37}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 38}{c |}{col 50}    Robust
{col 1}                  log_fi_res_totl_mo{col 38}{c |}      Coef.{col 50}   Std. Err.{col 62}      t{col 70}   P>|t|{col 78}     [95% Con{col 91}f. Interval]
{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 18}log_fi_res_totl_mo {c |}
{space 33}L1. {c |}{col 38}{res}{space 2} .8103575{col 50}{space 2} .0391949{col 61}{space 1}   20.68{col 70}{space 3}0.000{col 78}{space 4}  .731956{col 91}{space 3}  .888759
{txt}{space 36} {c |}
{space 14}av_polity_frac_polit11 {c |}{col 38}{res}{space 2} .0328341{col 50}{space 2} .0659404{col 61}{space 1}    0.50{col 70}{space 3}0.620{col 78}{space 4}-.0990664{col 91}{space 3} .1647347
{txt}{space 27}cbi_irreg {c |}{col 38}{res}{space 2} .0495859{col 50}{space 2} .0181053{col 61}{space 1}    2.74{col 70}{space 3}0.008{col 78}{space 4}   .01337{col 91}{space 3} .0858019
{txt}{space 36} {c |}
c.av_polity_frac_polit11#c.cbi_irreg {c |}{col 38}{res}{space 2}-.0980245{col 50}{space 2} .0492113{col 61}{space 1}   -1.99{col 70}{space 3}0.051{col 78}{space 4}-.1964617{col 91}{space 3} .0004127
{txt}{space 36} {c |}
{space 29}polity2 {c |}{col 38}{res}{space 2} .0063486{col 50}{space 2} .0029559{col 61}{space 1}    2.15{col 70}{space 3}0.036{col 78}{space 4} .0004359{col 91}{space 3} .0122613
{txt}{space 23}sum_imftotal5 {c |}{col 38}{res}{space 2}-.0018464{col 50}{space 2} .0306787{col 61}{space 1}   -0.06{col 70}{space 3}0.952{col 78}{space 4}-.0632129{col 91}{space 3} .0595201
{txt}{space 22}ne_imp_gnfs_zs {c |}{col 38}{res}{space 2}-.0027894{col 50}{space 2} .0018398{col 61}{space 1}   -1.52{col 70}{space 3}0.135{col 78}{space 4}-.0064697{col 91}{space 3} .0008908
{txt}{space 23}trade_balance {c |}{col 38}{res}{space 2} .0148766{col 50}{space 2} .0038105{col 61}{space 1}    3.90{col 70}{space 3}0.000{col 78}{space 4} .0072544{col 91}{space 3} .0224988
{txt}{space 24}presidential {c |}{col 38}{res}{space 2} .0943136{col 50}{space 2} .0616561{col 61}{space 1}    1.53{col 70}{space 3}0.131{col 78}{space 4} -.029017{col 91}{space 3} .2176442
{txt}{space 27}log_gdppc {c |}{col 38}{res}{space 2} -.094811{col 50}{space 2} .0599786{col 61}{space 1}   -1.58{col 70}{space 3}0.119{col 78}{space 4} -.214786{col 91}{space 3}  .025164
{txt}{space 26}gdp_growth {c |}{col 38}{res}{space 2}-.0080058{col 50}{space 2} .0037899{col 61}{space 1}   -2.11{col 70}{space 3}0.039{col 78}{space 4}-.0155868{col 91}{space 3}-.0004248
{txt}{space 29}log_pop {c |}{col 38}{res}{space 2} .4526859{col 50}{space 2} .2135279{col 61}{space 1}    2.12{col 70}{space 3}0.038{col 78}{space 4} .0255664{col 91}{space 3} .8798053
{txt}{space 30}kaopen {c |}{col 38}{res}{space 2}-.0137009{col 50}{space 2} .0122883{col 61}{space 1}   -1.11{col 70}{space 3}0.269{col 78}{space 4}-.0382812{col 91}{space 3} .0108794
{txt}{space 24}currency_peg {c |}{col 38}{res}{space 2} .0283699{col 50}{space 2} .0343165{col 61}{space 1}    0.83{col 70}{space 3}0.412{col 78}{space 4}-.0402734{col 91}{space 3} .0970132
{txt}{space 21}currency_binary {c |}{col 38}{res}{space 2}-.1231066{col 50}{space 2} .0292279{col 61}{space 1}   -4.21{col 70}{space 3}0.000{col 78}{space 4}-.1815711{col 91}{space 3}-.0646421
{txt}{space 26}time_trend {c |}{col 38}{res}{space 2}-.0028896{col 50}{space 2} .0056453{col 61}{space 1}   -0.51{col 70}{space 3}0.611{col 78}{space 4}-.0141818{col 91}{space 3} .0084026
{txt}{space 31}_cons {c |}{col 38}{res}{space 2} -6.56125{col 50}{space 2}  3.75381{col 61}{space 1}   -1.75{col 70}{space 3}0.086{col 78}{space 4}-14.06999{col 91}{space 3}  .947487
{txt}{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                             sigma_u {c |} {res} .66189121
                             {txt}sigma_e {c |} {res} .28697004
                                 {txt}rho {c |} {res} .84176862{txt}   (fraction of variance due to u_i)
{hline 37}{c BT}{hline 64}

{com}. 
. est store tab10
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.av_sum_polit12_binary##c.cbi_irreg polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1497
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       61

{txt}R-sq:  within  = {res}0.6893                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5722                                        {txt}avg = {res}     24.5
{txt}       overall = {res}0.5307                                        {txt}max = {res}       33

                                                {txt}F({res}16{txt},{res}60{txt})           = {res}    96.80
{txt}corr(u_i, Xb)  = {res}-0.6995                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 101:(Std. Err. adjusted for {res:61} clusters in cowcode)}
{hline 36}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 37}{c |}{col 49}    Robust
{col 1}                 log_fi_res_totl_mo{col 37}{c |}      Coef.{col 49}   Std. Err.{col 61}      t{col 69}   P>|t|{col 77}     [95% Con{col 90}f. Interval]
{hline 36}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}log_fi_res_totl_mo {c |}
{space 32}L1. {c |}{col 37}{res}{space 2} .8112522{col 49}{space 2} .0391407{col 60}{space 1}   20.73{col 69}{space 3}0.000{col 77}{space 4} .7329591{col 90}{space 3} .8895453
{txt}{space 35} {c |}
{space 14}av_sum_polit12_binary {c |}{col 37}{res}{space 2} .0915548{col 49}{space 2} .0625228{col 60}{space 1}    1.46{col 69}{space 3}0.148{col 77}{space 4}-.0335094{col 90}{space 3} .2166191
{txt}{space 26}cbi_irreg {c |}{col 37}{res}{space 2} .0273746{col 49}{space 2} .0188519{col 60}{space 1}    1.45{col 69}{space 3}0.152{col 77}{space 4}-.0103348{col 90}{space 3} .0650839
{txt}{space 35} {c |}
c.av_sum_polit12_binary#c.cbi_irreg {c |}{col 37}{res}{space 2}-.0211071{col 49}{space 2} .0388381{col 60}{space 1}   -0.54{col 69}{space 3}0.589{col 77}{space 4}-.0987949{col 90}{space 3} .0565808
{txt}{space 35} {c |}
{space 28}polity2 {c |}{col 37}{res}{space 2} .0056286{col 49}{space 2} .0027885{col 60}{space 1}    2.02{col 69}{space 3}0.048{col 77}{space 4} .0000509{col 90}{space 3} .0112064
{txt}{space 22}sum_imftotal5 {c |}{col 37}{res}{space 2}-.0190876{col 49}{space 2} .0314161{col 60}{space 1}   -0.61{col 69}{space 3}0.546{col 77}{space 4}-.0819292{col 90}{space 3}  .043754
{txt}{space 21}ne_imp_gnfs_zs {c |}{col 37}{res}{space 2}-.0027172{col 49}{space 2} .0018414{col 60}{space 1}   -1.48{col 69}{space 3}0.145{col 77}{space 4}-.0064005{col 90}{space 3} .0009661
{txt}{space 22}trade_balance {c |}{col 37}{res}{space 2} .0150725{col 49}{space 2}  .003771{col 60}{space 1}    4.00{col 69}{space 3}0.000{col 77}{space 4} .0075295{col 90}{space 3} .0226156
{txt}{space 23}presidential {c |}{col 37}{res}{space 2} .0975162{col 49}{space 2} .0638222{col 60}{space 1}    1.53{col 69}{space 3}0.132{col 77}{space 4}-.0301472{col 90}{space 3} .2251796
{txt}{space 26}log_gdppc {c |}{col 37}{res}{space 2}-.1051332{col 49}{space 2}  .059801{col 60}{space 1}   -1.76{col 69}{space 3}0.084{col 77}{space 4} -.224753{col 90}{space 3} .0144865
{txt}{space 25}gdp_growth {c |}{col 37}{res}{space 2}-.0072163{col 49}{space 2} .0039557{col 60}{space 1}   -1.82{col 69}{space 3}0.073{col 77}{space 4} -.015129{col 90}{space 3} .0006963
{txt}{space 28}log_pop {c |}{col 37}{res}{space 2} .3915915{col 49}{space 2} .2203442{col 60}{space 1}    1.78{col 69}{space 3}0.081{col 77}{space 4}-.0491626{col 90}{space 3} .8323455
{txt}{space 29}kaopen {c |}{col 37}{res}{space 2}-.0125823{col 49}{space 2} .0123695{col 60}{space 1}   -1.02{col 69}{space 3}0.313{col 77}{space 4} -.037325{col 90}{space 3} .0121604
{txt}{space 23}currency_peg {c |}{col 37}{res}{space 2} .0276342{col 49}{space 2} .0345305{col 60}{space 1}    0.80{col 69}{space 3}0.427{col 77}{space 4}-.0414371{col 90}{space 3} .0967055
{txt}{space 20}currency_binary {c |}{col 37}{res}{space 2}-.1238908{col 49}{space 2} .0290604{col 60}{space 1}   -4.26{col 69}{space 3}0.000{col 77}{space 4}-.1820202{col 90}{space 3}-.0657613
{txt}{space 25}time_trend {c |}{col 37}{res}{space 2}-.0018871{col 49}{space 2} .0057681{col 60}{space 1}   -0.33{col 69}{space 3}0.745{col 77}{space 4} -.013425{col 90}{space 3} .0096508
{txt}{space 30}_cons {c |}{col 37}{res}{space 2}-5.488267{col 49}{space 2} 3.857072{col 60}{space 1}   -1.42{col 69}{space 3}0.160{col 77}{space 4}-13.20356{col 90}{space 3} 2.227026
{txt}{hline 36}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                            sigma_u {c |} {res} .58215445
                            {txt}sigma_e {c |} {res} .28768377
                                {txt}rho {c |} {res} .80372617{txt}   (fraction of variance due to u_i)
{hline 36}{c BT}{hline 64}

{com}. 
. est store tab11
{txt}
{com}. 
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.av_polity_frac_polit12##c.cbi_irreg polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1497
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       61

{txt}R-sq:  within  = {res}0.6899                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5453                                        {txt}avg = {res}     24.5
{txt}       overall = {res}0.5082                                        {txt}max = {res}       33

                                                {txt}F({res}16{txt},{res}60{txt})           = {res}    96.64
{txt}corr(u_i, Xb)  = {res}-0.7142                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 102:(Std. Err. adjusted for {res:61} clusters in cowcode)}
{hline 37}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 38}{c |}{col 50}    Robust
{col 1}                  log_fi_res_totl_mo{col 38}{c |}      Coef.{col 50}   Std. Err.{col 62}      t{col 70}   P>|t|{col 78}     [95% Con{col 91}f. Interval]
{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 18}log_fi_res_totl_mo {c |}
{space 33}L1. {c |}{col 38}{res}{space 2} .8083546{col 50}{space 2} .0395443{col 61}{space 1}   20.44{col 70}{space 3}0.000{col 78}{space 4} .7292541{col 91}{space 3}  .887455
{txt}{space 36} {c |}
{space 14}av_polity_frac_polit12 {c |}{col 38}{res}{space 2} .0846602{col 50}{space 2} .0840131{col 61}{space 1}    1.01{col 70}{space 3}0.318{col 78}{space 4}-.0833912{col 91}{space 3} .2527115
{txt}{space 27}cbi_irreg {c |}{col 38}{res}{space 2} .0277468{col 50}{space 2} .0167763{col 61}{space 1}    1.65{col 70}{space 3}0.103{col 78}{space 4}-.0058109{col 91}{space 3} .0613044
{txt}{space 36} {c |}
c.av_polity_frac_polit12#c.cbi_irreg {c |}{col 38}{res}{space 2}-.0483724{col 50}{space 2} .0638251{col 61}{space 1}   -0.76{col 70}{space 3}0.451{col 78}{space 4}-.1760417{col 91}{space 3} .0792969
{txt}{space 36} {c |}
{space 29}polity2 {c |}{col 38}{res}{space 2} .0059569{col 50}{space 2} .0028372{col 61}{space 1}    2.10{col 70}{space 3}0.040{col 78}{space 4} .0002817{col 91}{space 3} .0116322
{txt}{space 23}sum_imftotal5 {c |}{col 38}{res}{space 2}-.0126648{col 50}{space 2} .0316622{col 61}{space 1}   -0.40{col 70}{space 3}0.691{col 78}{space 4}-.0759986{col 91}{space 3}  .050669
{txt}{space 22}ne_imp_gnfs_zs {c |}{col 38}{res}{space 2}-.0027859{col 50}{space 2}  .001845{col 61}{space 1}   -1.51{col 70}{space 3}0.136{col 78}{space 4}-.0064764{col 91}{space 3} .0009047
{txt}{space 23}trade_balance {c |}{col 38}{res}{space 2} .0148804{col 50}{space 2} .0038045{col 61}{space 1}    3.91{col 70}{space 3}0.000{col 78}{space 4} .0072701{col 91}{space 3} .0224906
{txt}{space 24}presidential {c |}{col 38}{res}{space 2} .0998479{col 50}{space 2}  .061532{col 61}{space 1}    1.62{col 70}{space 3}0.110{col 78}{space 4}-.0232344{col 91}{space 3} .2229302
{txt}{space 27}log_gdppc {c |}{col 38}{res}{space 2}-.1007147{col 50}{space 2} .0601188{col 61}{space 1}   -1.68{col 70}{space 3}0.099{col 78}{space 4}-.2209702{col 91}{space 3} .0195408
{txt}{space 26}gdp_growth {c |}{col 38}{res}{space 2}-.0073553{col 50}{space 2} .0038734{col 61}{space 1}   -1.90{col 70}{space 3}0.062{col 78}{space 4}-.0151033{col 91}{space 3} .0003927
{txt}{space 29}log_pop {c |}{col 38}{res}{space 2} .4177158{col 50}{space 2} .2192934{col 61}{space 1}    1.90{col 70}{space 3}0.062{col 78}{space 4}-.0209362{col 91}{space 3} .8563679
{txt}{space 30}kaopen {c |}{col 38}{res}{space 2} -.013204{col 50}{space 2} .0123538{col 61}{space 1}   -1.07{col 70}{space 3}0.289{col 78}{space 4}-.0379153{col 91}{space 3} .0115074
{txt}{space 24}currency_peg {c |}{col 38}{res}{space 2} .0332995{col 50}{space 2} .0345267{col 61}{space 1}    0.96{col 70}{space 3}0.339{col 78}{space 4}-.0357641{col 91}{space 3} .1023631
{txt}{space 21}currency_binary {c |}{col 38}{res}{space 2}-.1235792{col 50}{space 2} .0292113{col 61}{space 1}   -4.23{col 70}{space 3}0.000{col 78}{space 4}-.1820105{col 91}{space 3}-.0651479
{txt}{space 26}time_trend {c |}{col 38}{res}{space 2}-.0021302{col 50}{space 2} .0058316{col 61}{space 1}   -0.37{col 70}{space 3}0.716{col 78}{space 4}-.0137951{col 91}{space 3} .0095347
{txt}{space 31}_cons {c |}{col 38}{res}{space 2}-5.949179{col 50}{space 2} 3.844226{col 61}{space 1}   -1.55{col 70}{space 3}0.127{col 78}{space 4}-13.63878{col 91}{space 3} 1.740417
{txt}{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                             sigma_u {c |} {res} .61441394
                             {txt}sigma_e {c |} {res} .28741712
                                 {txt}rho {c |} {res} .82046023{txt}   (fraction of variance due to u_i)
{hline 37}{c BT}{hline 64}

{com}. 
. est store tab12
{txt}
{com}. 
. * Table 14:
. *esttab tab9 tab10 tab11 tab12 using estim_av_pol6.tex, b(%8.3f) se(%8.3f) scalars(ll) bic title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. * Tables 15 - 20. Controlling for exchange rate undervaluation
. 
. 
. * H1
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit11_binary undervalue polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1447
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6824                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6224                                        {txt}avg = {res}     24.5
{txt}       overall = {res}0.5703                                        {txt}max = {res}       33

                                                {txt}F({res}16{txt},{res}58{txt})           = {res}   101.89
{txt}corr(u_i, Xb)  = {res}-0.6754                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 84:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 20}{c |}{col 32}    Robust
{col 1}log_fi_res_totl_mo{col 20}{c |}      Coef.{col 32}   Std. Err.{col 44}      t{col 52}   P>|t|{col 60}     [95% Con{col 73}f. Interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
log_fi_res_totl_mo {c |}
{space 15}L1. {c |}{col 20}{res}{space 2} .8090212{col 32}{space 2} .0404754{col 43}{space 1}   19.99{col 52}{space 3}0.000{col 60}{space 4}  .728001{col 73}{space 3} .8900415
{txt}{space 18} {c |}
sum_polit11_binary {c |}{col 20}{res}{space 2} .0504415{col 32}{space 2} .0276684{col 43}{space 1}    1.82{col 52}{space 3}0.073{col 60}{space 4}-.0049428{col 73}{space 3} .1058258
{txt}{space 8}undervalue {c |}{col 20}{res}{space 2}-.0280398{col 32}{space 2} .0523137{col 43}{space 1}   -0.54{col 52}{space 3}0.594{col 60}{space 4}-.1327571{col 73}{space 3} .0766775
{txt}{space 11}polity2 {c |}{col 20}{res}{space 2} .0055474{col 32}{space 2}  .002964{col 43}{space 1}    1.87{col 52}{space 3}0.066{col 60}{space 4}-.0003857{col 73}{space 3} .0114805
{txt}{space 5}sum_imftotal5 {c |}{col 20}{res}{space 2}-.0150007{col 32}{space 2} .0300405{col 43}{space 1}   -0.50{col 52}{space 3}0.619{col 60}{space 4}-.0751333{col 73}{space 3} .0451318
{txt}{space 4}ne_imp_gnfs_zs {c |}{col 20}{res}{space 2}-.0022887{col 32}{space 2} .0019728{col 43}{space 1}   -1.16{col 52}{space 3}0.251{col 60}{space 4}-.0062377{col 73}{space 3} .0016603
{txt}{space 5}trade_balance {c |}{col 20}{res}{space 2} .0151126{col 32}{space 2} .0040374{col 43}{space 1}    3.74{col 52}{space 3}0.000{col 60}{space 4} .0070309{col 73}{space 3} .0231943
{txt}{space 9}cbi_irreg {c |}{col 20}{res}{space 2} .0190458{col 32}{space 2} .0152593{col 43}{space 1}    1.25{col 52}{space 3}0.217{col 60}{space 4}-.0114991{col 73}{space 3} .0495906
{txt}{space 6}presidential {c |}{col 20}{res}{space 2} .0942343{col 32}{space 2} .0664565{col 43}{space 1}    1.42{col 52}{space 3}0.162{col 60}{space 4}-.0387929{col 73}{space 3} .2272615
{txt}{space 9}log_gdppc {c |}{col 20}{res}{space 2}-.1297589{col 32}{space 2} .0647806{col 43}{space 1}   -2.00{col 52}{space 3}0.050{col 60}{space 4}-.2594314{col 73}{space 3}-.0000863
{txt}{space 8}gdp_growth {c |}{col 20}{res}{space 2}-.0069869{col 32}{space 2} .0039827{col 43}{space 1}   -1.75{col 52}{space 3}0.085{col 60}{space 4}-.0149592{col 73}{space 3} .0009853
{txt}{space 11}log_pop {c |}{col 20}{res}{space 2} .3538402{col 32}{space 2} .2323119{col 43}{space 1}    1.52{col 52}{space 3}0.133{col 60}{space 4}-.1111825{col 73}{space 3}  .818863
{txt}{space 12}kaopen {c |}{col 20}{res}{space 2} -.017105{col 32}{space 2} .0128274{col 43}{space 1}   -1.33{col 52}{space 3}0.188{col 60}{space 4}-.0427819{col 73}{space 3} .0085718
{txt}{space 6}currency_peg {c |}{col 20}{res}{space 2} .0327896{col 32}{space 2} .0371234{col 43}{space 1}    0.88{col 52}{space 3}0.381{col 60}{space 4} -.041521{col 73}{space 3} .1071003
{txt}{space 3}currency_binary {c |}{col 20}{res}{space 2}-.1243108{col 32}{space 2} .0301489{col 43}{space 1}   -4.12{col 52}{space 3}0.000{col 60}{space 4}-.1846603{col 73}{space 3}-.0639613
{txt}{space 8}time_trend {c |}{col 20}{res}{space 2} .0000183{col 32}{space 2} .0059331{col 43}{space 1}    0.00{col 52}{space 3}0.998{col 60}{space 4}-.0118581{col 73}{space 3} .0118947
{txt}{space 13}_cons {c |}{col 20}{res}{space 2}-4.709133{col 32}{space 2} 4.026004{col 43}{space 1}   -1.17{col 52}{space 3}0.247{col 60}{space 4}-12.76806{col 73}{space 3}  3.34979
{txt}{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
           sigma_u {c |} {res} .53011402
           {txt}sigma_e {c |} {res} .29094667
               {txt}rho {c |} {res} .76850775{txt}   (fraction of variance due to u_i)
{hline 19}{c BT}{hline 64}

{com}. 
. est store tab1
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo polity_frac_polit11 undervalue polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1445
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6814                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5888                                        {txt}avg = {res}     24.5
{txt}       overall = {res}0.5354                                        {txt}max = {res}       33

                                                {txt}F({res}16{txt},{res}58{txt})           = {res}    96.90
{txt}corr(u_i, Xb)  = {res}-0.7123                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 85:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 20}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 21}{c |}{col 33}    Robust
{col 1} log_fi_res_totl_mo{col 21}{c |}      Coef.{col 33}   Std. Err.{col 45}      t{col 53}   P>|t|{col 61}     [95% Con{col 74}f. Interval]
{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}log_fi_res_totl_mo {c |}
{space 16}L1. {c |}{col 21}{res}{space 2} .8078272{col 33}{space 2} .0411884{col 44}{space 1}   19.61{col 53}{space 3}0.000{col 61}{space 4} .7253796{col 74}{space 3} .8902748
{txt}{space 19} {c |}
polity_frac_polit11 {c |}{col 21}{res}{space 2} .0565825{col 33}{space 2} .0229902{col 44}{space 1}    2.46{col 53}{space 3}0.017{col 61}{space 4} .0105627{col 74}{space 3} .1026023
{txt}{space 9}undervalue {c |}{col 21}{res}{space 2}-.0405199{col 33}{space 2} .0522823{col 44}{space 1}   -0.78{col 53}{space 3}0.441{col 61}{space 4}-.1451742{col 74}{space 3} .0641345
{txt}{space 12}polity2 {c |}{col 21}{res}{space 2} .0052731{col 33}{space 2} .0030867{col 44}{space 1}    1.71{col 53}{space 3}0.093{col 61}{space 4}-.0009055{col 74}{space 3} .0114518
{txt}{space 6}sum_imftotal5 {c |}{col 21}{res}{space 2}-.0133682{col 33}{space 2} .0298974{col 44}{space 1}   -0.45{col 53}{space 3}0.656{col 61}{space 4}-.0732144{col 74}{space 3}  .046478
{txt}{space 5}ne_imp_gnfs_zs {c |}{col 21}{res}{space 2}-.0022699{col 33}{space 2} .0019633{col 44}{space 1}   -1.16{col 53}{space 3}0.252{col 61}{space 4}-.0061998{col 74}{space 3}   .00166
{txt}{space 6}trade_balance {c |}{col 21}{res}{space 2}  .015092{col 33}{space 2} .0040226{col 44}{space 1}    3.75{col 53}{space 3}0.000{col 61}{space 4}   .00704{col 74}{space 3}  .023144
{txt}{space 10}cbi_irreg {c |}{col 21}{res}{space 2} .0169955{col 33}{space 2} .0148937{col 44}{space 1}    1.14{col 53}{space 3}0.259{col 61}{space 4}-.0128174{col 74}{space 3} .0468084
{txt}{space 7}presidential {c |}{col 21}{res}{space 2}  .096938{col 33}{space 2} .0666935{col 44}{space 1}    1.45{col 53}{space 3}0.151{col 61}{space 4}-.0365635{col 74}{space 3} .2304395
{txt}{space 10}log_gdppc {c |}{col 21}{res}{space 2}-.1258733{col 33}{space 2} .0659879{col 44}{space 1}   -1.91{col 53}{space 3}0.061{col 61}{space 4}-.2579625{col 74}{space 3} .0062159
{txt}{space 9}gdp_growth {c |}{col 21}{res}{space 2} -.007129{col 33}{space 2} .0039703{col 44}{space 1}   -1.80{col 53}{space 3}0.078{col 61}{space 4}-.0150765{col 74}{space 3} .0008186
{txt}{space 12}log_pop {c |}{col 21}{res}{space 2} .4030208{col 33}{space 2} .2326173{col 44}{space 1}    1.73{col 53}{space 3}0.088{col 61}{space 4}-.0626133{col 74}{space 3}  .868655
{txt}{space 13}kaopen {c |}{col 21}{res}{space 2}-.0158295{col 33}{space 2} .0126644{col 44}{space 1}   -1.25{col 53}{space 3}0.216{col 61}{space 4}-.0411801{col 74}{space 3}  .009521
{txt}{space 7}currency_peg {c |}{col 21}{res}{space 2}  .029145{col 33}{space 2} .0365623{col 44}{space 1}    0.80{col 53}{space 3}0.429{col 61}{space 4}-.0440423{col 74}{space 3} .1023324
{txt}{space 4}currency_binary {c |}{col 21}{res}{space 2}-.1283515{col 33}{space 2} .0297117{col 44}{space 1}   -4.32{col 53}{space 3}0.000{col 61}{space 4}-.1878259{col 74}{space 3}-.0688771
{txt}{space 9}time_trend {c |}{col 21}{res}{space 2}-.0009678{col 33}{space 2} .0060103{col 44}{space 1}   -0.16{col 53}{space 3}0.873{col 61}{space 4}-.0129987{col 74}{space 3}  .011063
{txt}{space 14}_cons {c |}{col 21}{res}{space 2}-5.522913{col 33}{space 2} 4.042802{col 44}{space 1}   -1.37{col 53}{space 3}0.177{col 61}{space 4}-13.61546{col 74}{space 3} 2.569634
{txt}{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
            sigma_u {c |} {res} .58871864
            {txt}sigma_e {c |} {res} .29079891
                {txt}rho {c |} {res} .80386573{txt}   (fraction of variance due to u_i)
{hline 20}{c BT}{hline 64}

{com}. 
. est store tab2
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit12_binary undervalue polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1447
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6827                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6197                                        {txt}avg = {res}     24.5
{txt}       overall = {res}0.5666                                        {txt}max = {res}       33

                                                {txt}F({res}16{txt},{res}58{txt})           = {res}    96.99
{txt}corr(u_i, Xb)  = {res}-0.6828                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 84:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 20}{c |}{col 32}    Robust
{col 1}log_fi_res_totl_mo{col 20}{c |}      Coef.{col 32}   Std. Err.{col 44}      t{col 52}   P>|t|{col 60}     [95% Con{col 73}f. Interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
log_fi_res_totl_mo {c |}
{space 15}L1. {c |}{col 20}{res}{space 2} .8096357{col 32}{space 2} .0411157{col 43}{space 1}   19.69{col 52}{space 3}0.000{col 60}{space 4} .7273337{col 73}{space 3} .8919377
{txt}{space 18} {c |}
sum_polit12_binary {c |}{col 20}{res}{space 2} .0576128{col 32}{space 2} .0263404{col 43}{space 1}    2.19{col 52}{space 3}0.033{col 60}{space 4} .0048867{col 73}{space 3} .1103388
{txt}{space 8}undervalue {c |}{col 20}{res}{space 2}-.0353425{col 32}{space 2} .0551139{col 43}{space 1}   -0.64{col 52}{space 3}0.524{col 60}{space 4} -.145665{col 73}{space 3}   .07498
{txt}{space 11}polity2 {c |}{col 20}{res}{space 2} .0053957{col 32}{space 2} .0028986{col 43}{space 1}    1.86{col 52}{space 3}0.068{col 60}{space 4}-.0004064{col 73}{space 3} .0111978
{txt}{space 5}sum_imftotal5 {c |}{col 20}{res}{space 2}-.0214144{col 32}{space 2} .0324541{col 43}{space 1}   -0.66{col 52}{space 3}0.512{col 60}{space 4}-.0863783{col 73}{space 3} .0435495
{txt}{space 4}ne_imp_gnfs_zs {c |}{col 20}{res}{space 2} -.002124{col 32}{space 2} .0019314{col 43}{space 1}   -1.10{col 52}{space 3}0.276{col 60}{space 4}-.0059902{col 73}{space 3} .0017422
{txt}{space 5}trade_balance {c |}{col 20}{res}{space 2} .0152454{col 32}{space 2} .0040441{col 43}{space 1}    3.77{col 52}{space 3}0.000{col 60}{space 4} .0071502{col 73}{space 3} .0233406
{txt}{space 9}cbi_irreg {c |}{col 20}{res}{space 2}  .019041{col 32}{space 2} .0150552{col 43}{space 1}    1.26{col 52}{space 3}0.211{col 60}{space 4}-.0110953{col 73}{space 3} .0491773
{txt}{space 6}presidential {c |}{col 20}{res}{space 2} .1052125{col 32}{space 2} .0662127{col 43}{space 1}    1.59{col 52}{space 3}0.117{col 60}{space 4}-.0273265{col 73}{space 3} .2377515
{txt}{space 9}log_gdppc {c |}{col 20}{res}{space 2}-.1303508{col 32}{space 2} .0660594{col 43}{space 1}   -1.97{col 52}{space 3}0.053{col 60}{space 4} -.262583{col 73}{space 3} .0018813
{txt}{space 8}gdp_growth {c |}{col 20}{res}{space 2}-.0070582{col 32}{space 2} .0040215{col 43}{space 1}   -1.76{col 52}{space 3}0.085{col 60}{space 4}-.0151081{col 73}{space 3} .0009917
{txt}{space 11}log_pop {c |}{col 20}{res}{space 2} .3621285{col 32}{space 2}  .225509{col 43}{space 1}    1.61{col 52}{space 3}0.114{col 60}{space 4}-.0892769{col 73}{space 3} .8135338
{txt}{space 12}kaopen {c |}{col 20}{res}{space 2}-.0171968{col 32}{space 2} .0124454{col 43}{space 1}   -1.38{col 52}{space 3}0.172{col 60}{space 4} -.042109{col 73}{space 3} .0077154
{txt}{space 6}currency_peg {c |}{col 20}{res}{space 2} .0305039{col 32}{space 2} .0361786{col 43}{space 1}    0.84{col 52}{space 3}0.403{col 60}{space 4}-.0419154{col 73}{space 3} .1029232
{txt}{space 3}currency_binary {c |}{col 20}{res}{space 2}-.1251756{col 32}{space 2} .0301987{col 43}{space 1}   -4.15{col 52}{space 3}0.000{col 60}{space 4}-.1856249{col 73}{space 3}-.0647264
{txt}{space 8}time_trend {c |}{col 20}{res}{space 2} .0000236{col 32}{space 2} .0058944{col 43}{space 1}    0.00{col 52}{space 3}0.997{col 60}{space 4}-.0117754{col 73}{space 3} .0118226
{txt}{space 13}_cons {c |}{col 20}{res}{space 2}-4.836768{col 32}{space 2} 3.921954{col 43}{space 1}   -1.23{col 52}{space 3}0.222{col 60}{space 4}-12.68741{col 73}{space 3} 3.013876
{txt}{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
           sigma_u {c |} {res} .53728483
           {txt}sigma_e {c |} {res} .29083587
               {txt}rho {c |} {res} .77338747{txt}   (fraction of variance due to u_i)
{hline 19}{c BT}{hline 64}

{com}. 
. est store tab3
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo polity_frac_polit12 undervalue polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1445
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6816                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5978                                        {txt}avg = {res}     24.5
{txt}       overall = {res}0.5427                                        {txt}max = {res}       33

                                                {txt}F({res}16{txt},{res}58{txt})           = {res}   101.10
{txt}corr(u_i, Xb)  = {res}-0.7060                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 85:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 20}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 21}{c |}{col 33}    Robust
{col 1} log_fi_res_totl_mo{col 21}{c |}      Coef.{col 33}   Std. Err.{col 45}      t{col 53}   P>|t|{col 61}     [95% Con{col 74}f. Interval]
{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}log_fi_res_totl_mo {c |}
{space 16}L1. {c |}{col 21}{res}{space 2} .8062809{col 33}{space 2} .0416638{col 44}{space 1}   19.35{col 53}{space 3}0.000{col 61}{space 4} .7228818{col 74}{space 3} .8896801
{txt}{space 19} {c |}
polity_frac_polit12 {c |}{col 21}{res}{space 2} .0700006{col 33}{space 2} .0275544{col 44}{space 1}    2.54{col 53}{space 3}0.014{col 61}{space 4} .0148445{col 74}{space 3} .1251567
{txt}{space 9}undervalue {c |}{col 21}{res}{space 2}-.0447266{col 33}{space 2} .0546529{col 44}{space 1}   -0.82{col 53}{space 3}0.416{col 61}{space 4}-.1541263{col 74}{space 3} .0646731
{txt}{space 12}polity2 {c |}{col 21}{res}{space 2} .0048756{col 33}{space 2} .0029463{col 44}{space 1}    1.65{col 53}{space 3}0.103{col 61}{space 4} -.001022{col 74}{space 3} .0107733
{txt}{space 6}sum_imftotal5 {c |}{col 21}{res}{space 2}-.0184068{col 33}{space 2} .0321562{col 44}{space 1}   -0.57{col 53}{space 3}0.569{col 61}{space 4}-.0827744{col 74}{space 3} .0459608
{txt}{space 5}ne_imp_gnfs_zs {c |}{col 21}{res}{space 2}-.0020356{col 33}{space 2} .0019795{col 44}{space 1}   -1.03{col 53}{space 3}0.308{col 61}{space 4} -.005998{col 74}{space 3} .0019267
{txt}{space 6}trade_balance {c |}{col 21}{res}{space 2} .0151844{col 33}{space 2} .0040489{col 44}{space 1}    3.75{col 53}{space 3}0.000{col 61}{space 4} .0070797{col 74}{space 3} .0232891
{txt}{space 10}cbi_irreg {c |}{col 21}{res}{space 2} .0162796{col 33}{space 2}  .014841{col 44}{space 1}    1.10{col 53}{space 3}0.277{col 61}{space 4}-.0134279{col 74}{space 3} .0459871
{txt}{space 7}presidential {c |}{col 21}{res}{space 2} .1112101{col 33}{space 2} .0656976{col 44}{space 1}    1.69{col 53}{space 3}0.096{col 61}{space 4} -.020298{col 74}{space 3} .2427182
{txt}{space 10}log_gdppc {c |}{col 21}{res}{space 2}-.1269148{col 33}{space 2} .0668985{col 44}{space 1}   -1.90{col 53}{space 3}0.063{col 61}{space 4}-.2608266{col 74}{space 3}  .006997
{txt}{space 9}gdp_growth {c |}{col 21}{res}{space 2}-.0070898{col 33}{space 2}   .00399{col 44}{space 1}   -1.78{col 53}{space 3}0.081{col 61}{space 4}-.0150766{col 74}{space 3} .0008971
{txt}{space 12}log_pop {c |}{col 21}{res}{space 2} .3960694{col 33}{space 2}  .228214{col 44}{space 1}    1.74{col 53}{space 3}0.088{col 61}{space 4}-.0607506{col 74}{space 3} .8528893
{txt}{space 13}kaopen {c |}{col 21}{res}{space 2}-.0159011{col 33}{space 2} .0126062{col 44}{space 1}   -1.26{col 53}{space 3}0.212{col 61}{space 4}-.0411351{col 74}{space 3} .0093329
{txt}{space 7}currency_peg {c |}{col 21}{res}{space 2} .0317354{col 33}{space 2} .0359849{col 44}{space 1}    0.88{col 53}{space 3}0.381{col 61}{space 4}-.0402962{col 74}{space 3} .1037671
{txt}{space 4}currency_binary {c |}{col 21}{res}{space 2}-.1281663{col 33}{space 2} .0299761{col 44}{space 1}   -4.28{col 53}{space 3}0.000{col 61}{space 4}-.1881701{col 74}{space 3}-.0681625
{txt}{space 9}time_trend {c |}{col 21}{res}{space 2}-.0008237{col 33}{space 2} .0059996{col 44}{space 1}   -0.14{col 53}{space 3}0.891{col 61}{space 4}-.0128332{col 74}{space 3} .0111857
{txt}{space 14}_cons {c |}{col 21}{res}{space 2}-5.400585{col 33}{space 2} 3.975301{col 44}{space 1}   -1.36{col 53}{space 3}0.180{col 61}{space 4}-13.35801{col 74}{space 3} 2.556845
{txt}{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
            sigma_u {c |} {res} .57594375
            {txt}sigma_e {c |} {res}  .2907116
                {txt}rho {c |} {res} .79695274{txt}   (fraction of variance due to u_i)
{hline 20}{c BT}{hline 64}

{com}. 
. est store tab4
{txt}
{com}. 
. * Table 15:
. **esttab tab1 tab2 tab3 tab4 using estim_underval.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. * H2: multiple currency crises
. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo sum_polit11_binary##c.crises_reg_yr1_nor undervalue  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1479
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.6889                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6202                                        {txt}avg = {res}     24.6
{txt}       overall = {res}0.5693                                        {txt}max = {res}       33

                                                {txt}F({res}18{txt},{res}59{txt})           = {res}   112.42
{txt}corr(u_i, Xb)  = {res}-0.6577                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 105:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}{col 53}    Robust
{col 1}                     log_fi_res_totl_mo{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      t{col 73}   P>|t|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}lag_log_fi_res_totl_mo {c |}{col 41}{res}{space 2} .8090439{col 53}{space 2} .0379789{col 64}{space 1}   21.30{col 73}{space 3}0.000{col 81}{space 4} .7330484{col 94}{space 3} .8850395
{txt}{space 19}1.sum_polit11_binary {c |}{col 41}{res}{space 2} .0208013{col 53}{space 2}  .043065{col 64}{space 1}    0.48{col 73}{space 3}0.631{col 81}{space 4}-.0653716{col 94}{space 3} .1069742
{txt}{space 21}crises_reg_yr1_nor {c |}{col 41}{res}{space 2}-.0141493{col 53}{space 2} .0135053{col 64}{space 1}   -1.05{col 73}{space 3}0.299{col 81}{space 4}-.0411734{col 94}{space 3} .0128748
{txt}{space 39} {c |}
sum_polit11_binary#c.crises_reg_yr1_nor {c |}
{space 37}1  {c |}{col 41}{res}{space 2} .0126485{col 53}{space 2} .0124622{col 64}{space 1}    1.01{col 73}{space 3}0.314{col 81}{space 4}-.0122882{col 94}{space 3} .0375853
{txt}{space 39} {c |}
{space 29}undervalue {c |}{col 41}{res}{space 2}-.0287094{col 53}{space 2} .0538198{col 64}{space 1}   -0.53{col 73}{space 3}0.596{col 81}{space 4}-.1364026{col 94}{space 3} .0789839
{txt}{space 32}polity2 {c |}{col 41}{res}{space 2} .0054149{col 53}{space 2} .0028591{col 64}{space 1}    1.89{col 73}{space 3}0.063{col 81}{space 4}-.0003061{col 94}{space 3} .0111359
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2}-.0164878{col 53}{space 2} .0296349{col 64}{space 1}   -0.56{col 73}{space 3}0.580{col 81}{space 4}-.0757872{col 94}{space 3} .0428116
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2} -.002353{col 53}{space 2} .0020548{col 64}{space 1}   -1.15{col 73}{space 3}0.257{col 81}{space 4}-.0064647{col 94}{space 3} .0017587
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} .0149431{col 53}{space 2} .0041734{col 64}{space 1}    3.58{col 73}{space 3}0.001{col 81}{space 4} .0065922{col 94}{space 3}  .023294
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2} .0178528{col 53}{space 2} .0151314{col 64}{space 1}    1.18{col 73}{space 3}0.243{col 81}{space 4}-.0124251{col 94}{space 3} .0481306
{txt}{space 27}presidential {c |}{col 41}{res}{space 2} .0969592{col 53}{space 2} .0667965{col 64}{space 1}    1.45{col 73}{space 3}0.152{col 81}{space 4}-.0367003{col 94}{space 3} .2306186
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2}-.1321126{col 53}{space 2}  .064913{col 64}{space 1}   -2.04{col 73}{space 3}0.046{col 81}{space 4}-.2620032{col 94}{space 3}-.0022221
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0069864{col 53}{space 2} .0040166{col 64}{space 1}   -1.74{col 73}{space 3}0.087{col 81}{space 4}-.0150237{col 94}{space 3} .0010508
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2} .3379019{col 53}{space 2} .2353128{col 64}{space 1}    1.44{col 73}{space 3}0.156{col 81}{space 4}-.1329579{col 94}{space 3} .8087617
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0158085{col 53}{space 2} .0131922{col 64}{space 1}   -1.20{col 73}{space 3}0.236{col 81}{space 4}-.0422059{col 94}{space 3}  .010589
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2} .0293562{col 53}{space 2} .0360423{col 64}{space 1}    0.81{col 73}{space 3}0.419{col 81}{space 4}-.0427642{col 94}{space 3} .1014766
{txt}{space 24}currency_binary {c |}{col 41}{res}{space 2}-.1215264{col 53}{space 2} .0292811{col 64}{space 1}   -4.15{col 73}{space 3}0.000{col 81}{space 4}-.1801177{col 94}{space 3}-.0629351
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2} .0003539{col 53}{space 2}  .006244{col 64}{space 1}    0.06{col 73}{space 3}0.955{col 81}{space 4}-.0121404{col 94}{space 3} .0128482
{txt}{space 34}_cons {c |}{col 41}{res}{space 2}-4.416333{col 53}{space 2} 4.098859{col 64}{space 1}   -1.08{col 73}{space 3}0.286{col 81}{space 4}-12.61813{col 94}{space 3} 3.785466
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                sigma_u {c |} {res}  .5215213
                                {txt}sigma_e {c |} {res}  .2890208
                                    {txt}rho {c |} {res} .76503822{txt}   (fraction of variance due to u_i)
{hline 40}{c BT}{hline 64}

{com}. 
. est store tab5
{txt}
{com}. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo c.polity_frac_polit11##c.crises_reg_yr1_nor undervalue  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1477
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.6877                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5756                                        {txt}avg = {res}     24.6
{txt}       overall = {res}0.5243                                        {txt}max = {res}       33

                                                {txt}F({res}18{txt},{res}59{txt})           = {res}   107.02
{txt}corr(u_i, Xb)  = {res}-0.7026                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 108:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 43}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 44}{c |}{col 56}    Robust
{col 1}                        log_fi_res_totl_mo{col 44}{c |}      Coef.{col 56}   Std. Err.{col 68}      t{col 76}   P>|t|{col 84}     [95% Con{col 97}f. Interval]
{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 20}lag_log_fi_res_totl_mo {c |}{col 44}{res}{space 2} .8079944{col 56}{space 2}  .039183{col 67}{space 1}   20.62{col 76}{space 3}0.000{col 84}{space 4} .7295893{col 97}{space 3} .8863995
{txt}{space 23}polity_frac_polit11 {c |}{col 44}{res}{space 2} .0409701{col 56}{space 2} .0375495{col 67}{space 1}    1.09{col 76}{space 3}0.280{col 84}{space 4}-.0341663{col 97}{space 3} .1161066
{txt}{space 24}crises_reg_yr1_nor {c |}{col 44}{res}{space 2}-.0103093{col 56}{space 2}  .011843{col 67}{space 1}   -0.87{col 76}{space 3}0.388{col 84}{space 4}-.0340071{col 97}{space 3} .0133885
{txt}{space 42} {c |}
c.polity_frac_polit11#c.crises_reg_yr1_nor {c |}{col 44}{res}{space 2} .0069084{col 56}{space 2} .0095916{col 67}{space 1}    0.72{col 76}{space 3}0.474{col 84}{space 4}-.0122844{col 97}{space 3} .0261012
{txt}{space 42} {c |}
{space 32}undervalue {c |}{col 44}{res}{space 2}-.0385635{col 56}{space 2} .0533047{col 67}{space 1}   -0.72{col 76}{space 3}0.472{col 84}{space 4} -.145226{col 97}{space 3} .0680991
{txt}{space 35}polity2 {c |}{col 44}{res}{space 2} .0054403{col 56}{space 2} .0029985{col 67}{space 1}    1.81{col 76}{space 3}0.075{col 84}{space 4}-.0005597{col 97}{space 3} .0114404
{txt}{space 29}sum_imftotal5 {c |}{col 44}{res}{space 2}-.0132674{col 56}{space 2} .0297212{col 67}{space 1}   -0.45{col 76}{space 3}0.657{col 84}{space 4}-.0727395{col 97}{space 3} .0462046
{txt}{space 28}ne_imp_gnfs_zs {c |}{col 44}{res}{space 2} -.002302{col 56}{space 2} .0020296{col 67}{space 1}   -1.13{col 76}{space 3}0.261{col 84}{space 4}-.0063632{col 97}{space 3} .0017592
{txt}{space 29}trade_balance {c |}{col 44}{res}{space 2} .0149706{col 56}{space 2} .0041477{col 67}{space 1}    3.61{col 76}{space 3}0.001{col 84}{space 4} .0066711{col 97}{space 3} .0232701
{txt}{space 33}cbi_irreg {c |}{col 44}{res}{space 2} .0165173{col 56}{space 2} .0147788{col 67}{space 1}    1.12{col 76}{space 3}0.268{col 84}{space 4} -.013055{col 97}{space 3} .0460897
{txt}{space 30}presidential {c |}{col 44}{res}{space 2} .1007858{col 56}{space 2} .0670374{col 67}{space 1}    1.50{col 76}{space 3}0.138{col 84}{space 4}-.0333557{col 97}{space 3} .2349272
{txt}{space 33}log_gdppc {c |}{col 44}{res}{space 2}-.1261924{col 56}{space 2} .0655265{col 67}{space 1}   -1.93{col 76}{space 3}0.059{col 84}{space 4}-.2573106{col 97}{space 3} .0049257
{txt}{space 32}gdp_growth {c |}{col 44}{res}{space 2}-.0072993{col 56}{space 2} .0040197{col 67}{space 1}   -1.82{col 76}{space 3}0.074{col 84}{space 4}-.0153427{col 97}{space 3} .0007441
{txt}{space 35}log_pop {c |}{col 44}{res}{space 2} .3943674{col 56}{space 2} .2361011{col 67}{space 1}    1.67{col 76}{space 3}0.100{col 84}{space 4}-.0780698{col 97}{space 3} .8668045
{txt}{space 36}kaopen {c |}{col 44}{res}{space 2}-.0142814{col 56}{space 2} .0128778{col 67}{space 1}   -1.11{col 76}{space 3}0.272{col 84}{space 4}-.0400498{col 97}{space 3} .0114871
{txt}{space 30}currency_peg {c |}{col 44}{res}{space 2} .0270716{col 56}{space 2} .0353657{col 67}{space 1}    0.77{col 76}{space 3}0.447{col 84}{space 4} -.043695{col 97}{space 3} .0978383
{txt}{space 27}currency_binary {c |}{col 44}{res}{space 2}-.1257568{col 56}{space 2} .0288704{col 67}{space 1}   -4.36{col 76}{space 3}0.000{col 84}{space 4}-.1835262{col 97}{space 3}-.0679873
{txt}{space 32}time_trend {c |}{col 44}{res}{space 2}-.0008195{col 56}{space 2} .0062672{col 67}{space 1}   -0.13{col 76}{space 3}0.896{col 84}{space 4}-.0133603{col 97}{space 3} .0117212
{txt}{space 37}_cons {c |}{col 44}{res}{space 2}-5.381811{col 56}{space 2} 4.119846{col 67}{space 1}   -1.31{col 76}{space 3}0.197{col 84}{space 4} -13.6256{col 97}{space 3} 2.861982
{txt}{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                   sigma_u {c |} {res} .59050694
                                   {txt}sigma_e {c |} {res} .28895485
                                       {txt}rho {c |} {res} .80681122{txt}   (fraction of variance due to u_i)
{hline 43}{c BT}{hline 64}

{com}. 
. est store tab6
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo sum_polit12_binary##c.crises_reg_yr1_nor undervalue  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1479
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.6889                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6196                                        {txt}avg = {res}     24.6
{txt}       overall = {res}0.5678                                        {txt}max = {res}       33

                                                {txt}F({res}18{txt},{res}59{txt})           = {res}   100.96
{txt}corr(u_i, Xb)  = {res}-0.6618                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 105:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}{col 53}    Robust
{col 1}                     log_fi_res_totl_mo{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      t{col 73}   P>|t|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}lag_log_fi_res_totl_mo {c |}{col 41}{res}{space 2} .8108203{col 53}{space 2} .0390814{col 64}{space 1}   20.75{col 73}{space 3}0.000{col 81}{space 4} .7326187{col 94}{space 3}  .889022
{txt}{space 19}1.sum_polit12_binary {c |}{col 41}{res}{space 2}  .036302{col 53}{space 2} .0420357{col 64}{space 1}    0.86{col 73}{space 3}0.391{col 81}{space 4}-.0478113{col 94}{space 3} .1204152
{txt}{space 21}crises_reg_yr1_nor {c |}{col 41}{res}{space 2}-.0102436{col 53}{space 2} .0113423{col 64}{space 1}   -0.90{col 73}{space 3}0.370{col 81}{space 4}-.0329395{col 94}{space 3} .0124522
{txt}{space 39} {c |}
sum_polit12_binary#c.crises_reg_yr1_nor {c |}
{space 37}1  {c |}{col 41}{res}{space 2}  .008655{col 53}{space 2} .0109417{col 64}{space 1}    0.79{col 73}{space 3}0.432{col 81}{space 4}-.0132394{col 94}{space 3} .0305494
{txt}{space 39} {c |}
{space 29}undervalue {c |}{col 41}{res}{space 2}-.0327773{col 53}{space 2} .0561028{col 64}{space 1}   -0.58{col 73}{space 3}0.561{col 81}{space 4}-.1450388{col 94}{space 3} .0794841
{txt}{space 32}polity2 {c |}{col 41}{res}{space 2} .0058624{col 53}{space 2} .0028009{col 64}{space 1}    2.09{col 73}{space 3}0.041{col 81}{space 4} .0002579{col 94}{space 3}  .011467
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2}-.0246683{col 53}{space 2} .0324203{col 64}{space 1}   -0.76{col 73}{space 3}0.450{col 81}{space 4}-.0895411{col 94}{space 3} .0402045
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2}-.0021507{col 53}{space 2} .0020152{col 64}{space 1}   -1.07{col 73}{space 3}0.290{col 81}{space 4} -.006183{col 94}{space 3} .0018816
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} .0152698{col 53}{space 2} .0041357{col 64}{space 1}    3.69{col 73}{space 3}0.000{col 81}{space 4} .0069943{col 94}{space 3} .0235453
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2} .0187273{col 53}{space 2} .0148523{col 64}{space 1}    1.26{col 73}{space 3}0.212{col 81}{space 4}-.0109921{col 94}{space 3} .0484467
{txt}{space 27}presidential {c |}{col 41}{res}{space 2} .1068758{col 53}{space 2} .0665124{col 64}{space 1}    1.61{col 73}{space 3}0.113{col 81}{space 4}-.0262152{col 94}{space 3} .2399668
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2}-.1309347{col 53}{space 2} .0654568{col 64}{space 1}   -2.00{col 73}{space 3}0.050{col 81}{space 4}-.2619135{col 94}{space 3}  .000044
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0071734{col 53}{space 2} .0040475{col 64}{space 1}   -1.77{col 73}{space 3}0.082{col 81}{space 4}-.0152725{col 94}{space 3} .0009257
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2} .3433916{col 53}{space 2} .2314241{col 64}{space 1}    1.48{col 73}{space 3}0.143{col 81}{space 4} -.119687{col 94}{space 3} .8064702
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0158791{col 53}{space 2}  .012693{col 64}{space 1}   -1.25{col 73}{space 3}0.216{col 81}{space 4}-.0412778{col 94}{space 3} .0095196
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2} .0279721{col 53}{space 2} .0351347{col 64}{space 1}    0.80{col 73}{space 3}0.429{col 81}{space 4}-.0423323{col 94}{space 3} .0982766
{txt}{space 24}currency_binary {c |}{col 41}{res}{space 2}-.1229597{col 53}{space 2} .0293161{col 64}{space 1}   -4.19{col 73}{space 3}0.000{col 81}{space 4} -.181621{col 94}{space 3}-.0642984
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2} .0002135{col 53}{space 2}  .006182{col 64}{space 1}    0.03{col 73}{space 3}0.973{col 81}{space 4}-.0121567{col 94}{space 3} .0125837
{txt}{space 34}_cons {c |}{col 41}{res}{space 2}-4.523496{col 53}{space 2} 4.039436{col 64}{space 1}   -1.12{col 73}{space 3}0.267{col 81}{space 4}-12.60639{col 94}{space 3} 3.559396
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                sigma_u {c |} {res} .52312892
                                {txt}sigma_e {c |} {res} .28900085
                                    {txt}rho {c |} {res} .76616765{txt}   (fraction of variance due to u_i)
{hline 40}{c BT}{hline 64}

{com}. 
. est store tab7
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo c.polity_frac_polit12##c.crises_reg_yr1_nor undervalue  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1477
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.6878                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5860                                        {txt}avg = {res}     24.6
{txt}       overall = {res}0.5333                                        {txt}max = {res}       33

                                                {txt}F({res}18{txt},{res}59{txt})           = {res}   105.34
{txt}corr(u_i, Xb)  = {res}-0.6950                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 108:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 43}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 44}{c |}{col 56}    Robust
{col 1}                        log_fi_res_totl_mo{col 44}{c |}      Coef.{col 56}   Std. Err.{col 68}      t{col 76}   P>|t|{col 84}     [95% Con{col 97}f. Interval]
{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 20}lag_log_fi_res_totl_mo {c |}{col 44}{res}{space 2} .8072888{col 56}{space 2} .0398164{col 67}{space 1}   20.28{col 76}{space 3}0.000{col 84}{space 4} .7276164{col 97}{space 3} .8869612
{txt}{space 23}polity_frac_polit12 {c |}{col 44}{res}{space 2} .0653413{col 56}{space 2}  .044615{col 67}{space 1}    1.46{col 76}{space 3}0.148{col 84}{space 4}-.0239331{col 97}{space 3} .1546157
{txt}{space 24}crises_reg_yr1_nor {c |}{col 44}{res}{space 2}-.0085115{col 56}{space 2}  .010718{col 67}{space 1}   -0.79{col 76}{space 3}0.430{col 84}{space 4}-.0299581{col 97}{space 3} .0129352
{txt}{space 42} {c |}
c.polity_frac_polit12#c.crises_reg_yr1_nor {c |}{col 44}{res}{space 2} .0028253{col 56}{space 2} .0103771{col 67}{space 1}    0.27{col 76}{space 3}0.786{col 84}{space 4}-.0179393{col 97}{space 3} .0235899
{txt}{space 42} {c |}
{space 32}undervalue {c |}{col 44}{res}{space 2}-.0426823{col 56}{space 2} .0555314{col 67}{space 1}   -0.77{col 76}{space 3}0.445{col 84}{space 4}-.1538003{col 97}{space 3} .0684357
{txt}{space 35}polity2 {c |}{col 44}{res}{space 2} .0053451{col 56}{space 2} .0028607{col 67}{space 1}    1.87{col 76}{space 3}0.067{col 84}{space 4}-.0003791{col 97}{space 3} .0110693
{txt}{space 29}sum_imftotal5 {c |}{col 44}{res}{space 2}-.0185733{col 56}{space 2} .0320416{col 67}{space 1}   -0.58{col 76}{space 3}0.564{col 84}{space 4}-.0826885{col 97}{space 3} .0455419
{txt}{space 28}ne_imp_gnfs_zs {c |}{col 44}{res}{space 2}-.0020506{col 56}{space 2}  .002048{col 67}{space 1}   -1.00{col 76}{space 3}0.321{col 84}{space 4}-.0061486{col 97}{space 3} .0020475
{txt}{space 29}trade_balance {c |}{col 44}{res}{space 2} .0150945{col 56}{space 2} .0041393{col 67}{space 1}    3.65{col 76}{space 3}0.001{col 84}{space 4} .0068117{col 97}{space 3} .0233772
{txt}{space 33}cbi_irreg {c |}{col 44}{res}{space 2} .0160636{col 56}{space 2} .0146696{col 67}{space 1}    1.10{col 76}{space 3}0.278{col 84}{space 4}-.0132901{col 97}{space 3} .0454174
{txt}{space 30}presidential {c |}{col 44}{res}{space 2} .1139637{col 56}{space 2} .0661526{col 67}{space 1}    1.72{col 76}{space 3}0.090{col 84}{space 4}-.0184074{col 97}{space 3} .2463348
{txt}{space 33}log_gdppc {c |}{col 44}{res}{space 2}-.1274304{col 56}{space 2} .0662579{col 67}{space 1}   -1.92{col 76}{space 3}0.059{col 84}{space 4} -.260012{col 97}{space 3} .0051513
{txt}{space 32}gdp_growth {c |}{col 44}{res}{space 2}-.0072851{col 56}{space 2}  .004027{col 67}{space 1}   -1.81{col 76}{space 3}0.076{col 84}{space 4}-.0153432{col 97}{space 3} .0007729
{txt}{space 35}log_pop {c |}{col 44}{res}{space 2} .3868256{col 56}{space 2} .2336196{col 67}{space 1}    1.66{col 76}{space 3}0.103{col 84}{space 4}-.0806461{col 97}{space 3} .8542974
{txt}{space 36}kaopen {c |}{col 44}{res}{space 2}-.0149073{col 56}{space 2}  .012838{col 67}{space 1}   -1.16{col 76}{space 3}0.250{col 84}{space 4} -.040596{col 97}{space 3} .0107815
{txt}{space 30}currency_peg {c |}{col 44}{res}{space 2} .0308305{col 56}{space 2} .0350598{col 67}{space 1}    0.88{col 76}{space 3}0.383{col 84}{space 4}-.0393239{col 97}{space 3} .1009849
{txt}{space 27}currency_binary {c |}{col 44}{res}{space 2}  -.12661{col 56}{space 2} .0291054{col 67}{space 1}   -4.35{col 76}{space 3}0.000{col 84}{space 4}-.1848498{col 97}{space 3}-.0683701
{txt}{space 32}time_trend {c |}{col 44}{res}{space 2}-.0007172{col 56}{space 2} .0062718{col 67}{space 1}   -0.11{col 76}{space 3}0.909{col 84}{space 4} -.013267{col 97}{space 3} .0118325
{txt}{space 37}_cons {c |}{col 44}{res}{space 2}-5.254427{col 56}{space 2} 4.083863{col 67}{space 1}   -1.29{col 76}{space 3}0.203{col 84}{space 4}-13.42622{col 97}{space 3} 2.917364
{txt}{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                   sigma_u {c |} {res} .57565741
                                   {txt}sigma_e {c |} {res} .28890245
                                       {txt}rho {c |} {res}  .7988058{txt}   (fraction of variance due to u_i)
{hline 43}{c BT}{hline 64}

{com}. 
. est store tab8
{txt}
{com}. 
. * Table 16:
. *esttab tab5 tab6 tab7 tab8 using estim_underval2.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H3: econ severity
. 
. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo sum_polit11_binary##c.gdp_ch1_polit11  undervalue  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1429
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6830                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.4757                                        {txt}avg = {res}     24.2
{txt}       overall = {res}0.4439                                        {txt}max = {res}       33

                                                {txt}F({res}18{txt},{res}58{txt})           = {res}    87.80
{txt}corr(u_i, Xb)  = {res}-0.7766                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 102:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 37}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 38}{c |}{col 50}    Robust
{col 1}                  log_fi_res_totl_mo{col 38}{c |}      Coef.{col 50}   Std. Err.{col 62}      t{col 70}   P>|t|{col 78}     [95% Con{col 91}f. Interval]
{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 14}lag_log_fi_res_totl_mo {c |}{col 38}{res}{space 2} .7955088{col 50}{space 2} .0409542{col 61}{space 1}   19.42{col 70}{space 3}0.000{col 78}{space 4}   .71353{col 91}{space 3} .8774876
{txt}{space 16}1.sum_polit11_binary {c |}{col 38}{res}{space 2} .0395343{col 50}{space 2} .0288514{col 61}{space 1}    1.37{col 70}{space 3}0.176{col 78}{space 4}-.0182181{col 91}{space 3} .0972867
{txt}{space 21}gdp_ch1_polit11 {c |}{col 38}{res}{space 2}-.1256642{col 50}{space 2} .1523368{col 61}{space 1}   -0.82{col 70}{space 3}0.413{col 78}{space 4}-.4305995{col 91}{space 3} .1792711
{txt}{space 36} {c |}
sum_polit11_binary#c.gdp_ch1_polit11 {c |}
{space 34}1  {c |}{col 38}{res}{space 2} .2355036{col 50}{space 2} .1562729{col 61}{space 1}    1.51{col 70}{space 3}0.137{col 78}{space 4}-.0773107{col 91}{space 3} .5483178
{txt}{space 36} {c |}
{space 26}undervalue {c |}{col 38}{res}{space 2}-.0463822{col 50}{space 2} .0508932{col 61}{space 1}   -0.91{col 70}{space 3}0.366{col 78}{space 4} -.148256{col 91}{space 3} .0554916
{txt}{space 29}polity2 {c |}{col 38}{res}{space 2} .0037018{col 50}{space 2} .0026839{col 61}{space 1}    1.38{col 70}{space 3}0.173{col 78}{space 4}-.0016706{col 91}{space 3} .0090741
{txt}{space 23}sum_imftotal5 {c |}{col 38}{res}{space 2} .0023663{col 50}{space 2} .0276189{col 61}{space 1}    0.09{col 70}{space 3}0.932{col 78}{space 4} -.052919{col 91}{space 3} .0576516
{txt}{space 22}ne_imp_gnfs_zs {c |}{col 38}{res}{space 2}-.0027135{col 50}{space 2} .0021457{col 61}{space 1}   -1.26{col 70}{space 3}0.211{col 78}{space 4}-.0070087{col 91}{space 3} .0015816
{txt}{space 23}trade_balance {c |}{col 38}{res}{space 2} .0147891{col 50}{space 2} .0039261{col 61}{space 1}    3.77{col 70}{space 3}0.000{col 78}{space 4} .0069303{col 91}{space 3}  .022648
{txt}{space 27}cbi_irreg {c |}{col 38}{res}{space 2} .0002898{col 50}{space 2} .0141099{col 61}{space 1}    0.02{col 70}{space 3}0.984{col 78}{space 4}-.0279543{col 91}{space 3}  .028534
{txt}{space 24}presidential {c |}{col 38}{res}{space 2} .0660044{col 50}{space 2}  .056449{col 61}{space 1}    1.17{col 70}{space 3}0.247{col 78}{space 4}-.0469905{col 91}{space 3} .1789994
{txt}{space 27}log_gdppc {c |}{col 38}{res}{space 2}-.1480295{col 50}{space 2} .0690143{col 61}{space 1}   -2.14{col 70}{space 3}0.036{col 78}{space 4}-.2861766{col 91}{space 3}-.0098823
{txt}{space 26}gdp_growth {c |}{col 38}{res}{space 2}-.0065964{col 50}{space 2} .0042034{col 61}{space 1}   -1.57{col 70}{space 3}0.122{col 78}{space 4}-.0150105{col 91}{space 3} .0018177
{txt}{space 29}log_pop {c |}{col 38}{res}{space 2} .4958075{col 50}{space 2} .2545033{col 61}{space 1}    1.95{col 70}{space 3}0.056{col 78}{space 4}-.0136362{col 91}{space 3} 1.005251
{txt}{space 30}kaopen {c |}{col 38}{res}{space 2}-.0182076{col 50}{space 2} .0125976{col 61}{space 1}   -1.45{col 70}{space 3}0.154{col 78}{space 4}-.0434244{col 91}{space 3} .0070092
{txt}{space 24}currency_peg {c |}{col 38}{res}{space 2} .0498945{col 50}{space 2} .0365857{col 61}{space 1}    1.36{col 70}{space 3}0.178{col 78}{space 4}-.0233398{col 91}{space 3} .1231288
{txt}{space 21}currency_binary {c |}{col 38}{res}{space 2}-.1175241{col 50}{space 2}  .030457{col 61}{space 1}   -3.86{col 70}{space 3}0.000{col 78}{space 4}-.1784904{col 91}{space 3}-.0565578
{txt}{space 26}time_trend {c |}{col 38}{res}{space 2}-.0012169{col 50}{space 2} .0066519{col 61}{space 1}   -0.18{col 70}{space 3}0.855{col 78}{space 4}-.0145321{col 91}{space 3} .0120983
{txt}{space 31}_cons {c |}{col 38}{res}{space 2}-6.885194{col 50}{space 2}   4.4353{col 61}{space 1}   -1.55{col 70}{space 3}0.126{col 78}{space 4}-15.76341{col 91}{space 3} 1.993023
{txt}{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                             sigma_u {c |} {res} .74030326
                             {txt}sigma_e {c |} {res} .28689905
                                 {txt}rho {c |} {res} .86942213{txt}   (fraction of variance due to u_i)
{hline 37}{c BT}{hline 64}

{com}. 
. est store tab9
{txt}
{com}. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo c.polity_frac_polit11##c.gdp_ch1_polit11  undervalue  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1429
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6844                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.4719                                        {txt}avg = {res}     24.2
{txt}       overall = {res}0.4402                                        {txt}max = {res}       33

                                                {txt}F({res}18{txt},{res}58{txt})           = {res}    87.83
{txt}corr(u_i, Xb)  = {res}-0.7797                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 105:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}{col 53}    Robust
{col 1}                     log_fi_res_totl_mo{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      t{col 73}   P>|t|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}lag_log_fi_res_totl_mo {c |}{col 41}{res}{space 2} .7942645{col 53}{space 2} .0410244{col 64}{space 1}   19.36{col 73}{space 3}0.000{col 81}{space 4} .7121453{col 94}{space 3} .8763836
{txt}{space 20}polity_frac_polit11 {c |}{col 41}{res}{space 2} .0532702{col 53}{space 2} .0255764{col 64}{space 1}    2.08{col 73}{space 3}0.042{col 81}{space 4} .0020735{col 94}{space 3} .1044669
{txt}{space 24}gdp_ch1_polit11 {c |}{col 41}{res}{space 2}-.0905122{col 53}{space 2} .0893302{col 64}{space 1}   -1.01{col 73}{space 3}0.315{col 81}{space 4}-.2693259{col 94}{space 3} .0883015
{txt}{space 39} {c |}
c.polity_frac_polit11#c.gdp_ch1_polit11 {c |}{col 41}{res}{space 2} .3441867{col 53}{space 2} .1164067{col 64}{space 1}    2.96{col 73}{space 3}0.004{col 81}{space 4} .1111734{col 94}{space 3}    .5772
{txt}{space 39} {c |}
{space 29}undervalue {c |}{col 41}{res}{space 2}-.0552037{col 53}{space 2} .0518865{col 64}{space 1}   -1.06{col 73}{space 3}0.292{col 81}{space 4}-.1590658{col 94}{space 3} .0486584
{txt}{space 32}polity2 {c |}{col 41}{res}{space 2} .0034502{col 53}{space 2} .0029451{col 64}{space 1}    1.17{col 73}{space 3}0.246{col 81}{space 4}-.0024449{col 94}{space 3} .0093454
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2} .0041483{col 53}{space 2} .0269936{col 64}{space 1}    0.15{col 73}{space 3}0.878{col 81}{space 4}-.0498852{col 94}{space 3} .0581819
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2}-.0027542{col 53}{space 2}  .002088{col 64}{space 1}   -1.32{col 73}{space 3}0.192{col 81}{space 4}-.0069338{col 94}{space 3} .0014254
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2}  .015183{col 53}{space 2} .0038316{col 64}{space 1}    3.96{col 73}{space 3}0.000{col 81}{space 4} .0075132{col 94}{space 3} .0228528
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2}-.0015115{col 53}{space 2} .0139058{col 64}{space 1}   -0.11{col 73}{space 3}0.914{col 81}{space 4}-.0293469{col 94}{space 3} .0263239
{txt}{space 27}presidential {c |}{col 41}{res}{space 2} .0871841{col 53}{space 2} .0566007{col 64}{space 1}    1.54{col 73}{space 3}0.129{col 81}{space 4}-.0261145{col 94}{space 3} .2004827
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2} -.150864{col 53}{space 2} .0685099{col 64}{space 1}   -2.20{col 73}{space 3}0.032{col 81}{space 4}-.2880015{col 94}{space 3}-.0137265
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0065847{col 53}{space 2} .0042097{col 64}{space 1}   -1.56{col 73}{space 3}0.123{col 81}{space 4}-.0150113{col 94}{space 3}  .001842
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2} .5018258{col 53}{space 2} .2484816{col 64}{space 1}    2.02{col 73}{space 3}0.048{col 81}{space 4} .0044359{col 94}{space 3} .9992156
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0191032{col 53}{space 2} .0125096{col 64}{space 1}   -1.53{col 73}{space 3}0.132{col 81}{space 4}-.0441439{col 94}{space 3} .0059376
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2} .0506157{col 53}{space 2} .0363332{col 64}{space 1}    1.39{col 73}{space 3}0.169{col 81}{space 4}-.0221132{col 94}{space 3} .1233446
{txt}{space 24}currency_binary {c |}{col 41}{res}{space 2} -.126075{col 53}{space 2} .0301791{col 64}{space 1}   -4.18{col 73}{space 3}0.000{col 81}{space 4}-.1864849{col 94}{space 3} -.065665
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2}-.0008363{col 53}{space 2} .0064576{col 64}{space 1}   -0.13{col 73}{space 3}0.897{col 81}{space 4}-.0137626{col 94}{space 3} .0120901
{txt}{space 34}_cons {c |}{col 41}{res}{space 2}-6.979166{col 53}{space 2} 4.332645{col 64}{space 1}   -1.61{col 73}{space 3}0.113{col 81}{space 4} -15.6519{col 94}{space 3} 1.693564
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                sigma_u {c |} {res} .74864982
                                {txt}sigma_e {c |} {res} .28624122
                                    {txt}rho {c |} {res} .87245846{txt}   (fraction of variance due to u_i)
{hline 40}{c BT}{hline 64}

{com}. 
. est store tab10
{txt}
{com}. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo sum_polit12_binary##c.gdp_ch1_polit12  undervalue  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1453
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.6913                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5252                                        {txt}avg = {res}     24.2
{txt}       overall = {res}0.4758                                        {txt}max = {res}       33

                                                {txt}F({res}18{txt},{res}59{txt})           = {res}   102.73
{txt}corr(u_i, Xb)  = {res}-0.7624                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 102:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 37}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 38}{c |}{col 50}    Robust
{col 1}                  log_fi_res_totl_mo{col 38}{c |}      Coef.{col 50}   Std. Err.{col 62}      t{col 70}   P>|t|{col 78}     [95% Con{col 91}f. Interval]
{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 14}lag_log_fi_res_totl_mo {c |}{col 38}{res}{space 2} .8094525{col 50}{space 2} .0403073{col 61}{space 1}   20.08{col 70}{space 3}0.000{col 78}{space 4} .7287977{col 91}{space 3} .8901073
{txt}{space 16}1.sum_polit12_binary {c |}{col 38}{res}{space 2} .0379992{col 50}{space 2} .0257052{col 61}{space 1}    1.48{col 70}{space 3}0.145{col 78}{space 4}-.0134368{col 91}{space 3} .0894352
{txt}{space 21}gdp_ch1_polit12 {c |}{col 38}{res}{space 2}-.0287872{col 50}{space 2}  .105274{col 61}{space 1}   -0.27{col 70}{space 3}0.785{col 78}{space 4}  -.23944{col 91}{space 3} .1818657
{txt}{space 36} {c |}
sum_polit12_binary#c.gdp_ch1_polit12 {c |}
{space 34}1  {c |}{col 38}{res}{space 2} .0569645{col 50}{space 2} .1167487{col 61}{space 1}    0.49{col 70}{space 3}0.627{col 78}{space 4} -.176649{col 91}{space 3} .2905781
{txt}{space 36} {c |}
{space 26}undervalue {c |}{col 38}{res}{space 2}-.0401314{col 50}{space 2} .0557833{col 61}{space 1}   -0.72{col 70}{space 3}0.475{col 78}{space 4}-.1517535{col 91}{space 3} .0714906
{txt}{space 29}polity2 {c |}{col 38}{res}{space 2} .0046978{col 50}{space 2} .0029403{col 61}{space 1}    1.60{col 70}{space 3}0.115{col 78}{space 4}-.0011857{col 91}{space 3} .0105813
{txt}{space 23}sum_imftotal5 {c |}{col 38}{res}{space 2}-.0171642{col 50}{space 2} .0330648{col 61}{space 1}   -0.52{col 70}{space 3}0.606{col 78}{space 4}-.0833267{col 91}{space 3} .0489983
{txt}{space 22}ne_imp_gnfs_zs {c |}{col 38}{res}{space 2}-.0024418{col 50}{space 2} .0019602{col 61}{space 1}   -1.25{col 70}{space 3}0.218{col 78}{space 4} -.006364{col 91}{space 3} .0014805
{txt}{space 23}trade_balance {c |}{col 38}{res}{space 2}  .015133{col 50}{space 2}  .003987{col 61}{space 1}    3.80{col 70}{space 3}0.000{col 78}{space 4} .0071551{col 91}{space 3}  .023111
{txt}{space 27}cbi_irreg {c |}{col 38}{res}{space 2} .0099096{col 50}{space 2} .0144186{col 61}{space 1}    0.69{col 70}{space 3}0.495{col 78}{space 4} -.018942{col 91}{space 3} .0387613
{txt}{space 24}presidential {c |}{col 38}{res}{space 2} .1010072{col 50}{space 2} .0664679{col 61}{space 1}    1.52{col 70}{space 3}0.134{col 78}{space 4}-.0319948{col 91}{space 3} .2340091
{txt}{space 27}log_gdppc {c |}{col 38}{res}{space 2}-.1292613{col 50}{space 2} .0695299{col 61}{space 1}   -1.86{col 70}{space 3}0.068{col 78}{space 4}-.2683903{col 91}{space 3} .0098677
{txt}{space 26}gdp_growth {c |}{col 38}{res}{space 2}-.0084126{col 50}{space 2}  .004216{col 61}{space 1}   -2.00{col 70}{space 3}0.051{col 78}{space 4}-.0168489{col 91}{space 3} .0000237
{txt}{space 29}log_pop {c |}{col 38}{res}{space 2} .4728873{col 50}{space 2} .2423861{col 61}{space 1}    1.95{col 70}{space 3}0.056{col 78}{space 4}-.0121262{col 91}{space 3} .9579009
{txt}{space 30}kaopen {c |}{col 38}{res}{space 2} -.017979{col 50}{space 2} .0122908{col 61}{space 1}   -1.46{col 70}{space 3}0.149{col 78}{space 4}-.0425728{col 91}{space 3} .0066148
{txt}{space 24}currency_peg {c |}{col 38}{res}{space 2} .0311787{col 50}{space 2}  .036265{col 61}{space 1}    0.86{col 70}{space 3}0.393{col 78}{space 4}-.0413875{col 91}{space 3} .1037449
{txt}{space 21}currency_binary {c |}{col 38}{res}{space 2}-.1220131{col 50}{space 2} .0299116{col 61}{space 1}   -4.08{col 70}{space 3}0.000{col 78}{space 4}-.1818661{col 91}{space 3}-.0621602
{txt}{space 26}time_trend {c |}{col 38}{res}{space 2}-.0015056{col 50}{space 2} .0064067{col 61}{space 1}   -0.24{col 70}{space 3}0.815{col 78}{space 4}-.0143253{col 91}{space 3} .0113141
{txt}{space 31}_cons {c |}{col 38}{res}{space 2}-6.658005{col 50}{space 2} 4.241265{col 61}{space 1}   -1.57{col 70}{space 3}0.122{col 78}{space 4}-15.14476{col 91}{space 3} 1.828746
{txt}{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                             sigma_u {c |} {res}  .6959062
                             {txt}sigma_e {c |} {res} .28751793
                                 {txt}rho {c |} {res} .85419125{txt}   (fraction of variance due to u_i)
{hline 37}{c BT}{hline 64}

{com}. 
. 
. est store tab11
{txt}
{com}. 
. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo c.polity_frac_polit12##c.gdp_ch1_polit12  undervalue  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1453
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.6922                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5185                                        {txt}avg = {res}     24.2
{txt}       overall = {res}0.4698                                        {txt}max = {res}       33

                                                {txt}F({res}18{txt},{res}59{txt})           = {res}   104.84
{txt}corr(u_i, Xb)  = {res}-0.7654                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 105:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}{col 53}    Robust
{col 1}                     log_fi_res_totl_mo{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      t{col 73}   P>|t|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}lag_log_fi_res_totl_mo {c |}{col 41}{res}{space 2}  .806316{col 53}{space 2} .0402745{col 64}{space 1}   20.02{col 73}{space 3}0.000{col 81}{space 4} .7257268{col 94}{space 3} .8869051
{txt}{space 20}polity_frac_polit12 {c |}{col 41}{res}{space 2} .0510561{col 53}{space 2} .0283566{col 64}{space 1}    1.80{col 73}{space 3}0.077{col 81}{space 4}-.0056853{col 94}{space 3} .1077976
{txt}{space 24}gdp_ch1_polit12 {c |}{col 41}{res}{space 2} -.051719{col 53}{space 2} .0883016{col 64}{space 1}   -0.59{col 73}{space 3}0.560{col 81}{space 4}-.2284101{col 94}{space 3}  .124972
{txt}{space 39} {c |}
c.polity_frac_polit12#c.gdp_ch1_polit12 {c |}{col 41}{res}{space 2} .2118933{col 53}{space 2} .1559062{col 64}{space 1}    1.36{col 73}{space 3}0.179{col 81}{space 4}-.1000743{col 94}{space 3} .5238609
{txt}{space 39} {c |}
{space 29}undervalue {c |}{col 41}{res}{space 2}-.0446121{col 53}{space 2} .0560456{col 64}{space 1}   -0.80{col 73}{space 3}0.429{col 81}{space 4}-.1567591{col 94}{space 3}  .067535
{txt}{space 32}polity2 {c |}{col 41}{res}{space 2} .0044897{col 53}{space 2} .0030182{col 64}{space 1}    1.49{col 73}{space 3}0.142{col 81}{space 4}-.0015498{col 94}{space 3} .0105291
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2}-.0158709{col 53}{space 2} .0323038{col 64}{space 1}   -0.49{col 73}{space 3}0.625{col 81}{space 4}-.0805107{col 94}{space 3} .0487689
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2}-.0022956{col 53}{space 2} .0019862{col 64}{space 1}   -1.16{col 73}{space 3}0.252{col 81}{space 4}-.0062701{col 94}{space 3} .0016788
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} .0155029{col 53}{space 2} .0039662{col 64}{space 1}    3.91{col 73}{space 3}0.000{col 81}{space 4} .0075667{col 94}{space 3} .0234392
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2} .0080777{col 53}{space 2} .0143646{col 64}{space 1}    0.56{col 73}{space 3}0.576{col 81}{space 4}-.0206659{col 94}{space 3} .0368212
{txt}{space 27}presidential {c |}{col 41}{res}{space 2} .1171465{col 53}{space 2} .0654609{col 64}{space 1}    1.79{col 73}{space 3}0.079{col 81}{space 4}-.0138404{col 94}{space 3} .2481334
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2}-.1293583{col 53}{space 2} .0695711{col 64}{space 1}   -1.86{col 73}{space 3}0.068{col 81}{space 4}-.2685698{col 94}{space 3} .0098532
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0082001{col 53}{space 2} .0041206{col 64}{space 1}   -1.99{col 73}{space 3}0.051{col 81}{space 4}-.0164455{col 94}{space 3} .0000452
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2} .4821633{col 53}{space 2} .2415206{col 64}{space 1}    2.00{col 73}{space 3}0.051{col 81}{space 4}-.0011183{col 94}{space 3} .9654449
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0184622{col 53}{space 2} .0125588{col 64}{space 1}   -1.47{col 73}{space 3}0.147{col 81}{space 4}-.0435923{col 94}{space 3}  .006668
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2} .0356723{col 53}{space 2} .0358306{col 64}{space 1}    1.00{col 73}{space 3}0.324{col 81}{space 4}-.0360245{col 94}{space 3} .1073691
{txt}{space 24}currency_binary {c |}{col 41}{res}{space 2}-.1257759{col 53}{space 2} .0297735{col 64}{space 1}   -4.22{col 73}{space 3}0.000{col 81}{space 4}-.1853524{col 94}{space 3}-.0661994
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2}-.0016413{col 53}{space 2} .0063761{col 64}{space 1}   -0.26{col 73}{space 3}0.798{col 81}{space 4}-.0143998{col 94}{space 3} .0111171
{txt}{space 34}_cons {c |}{col 41}{res}{space 2}-6.818728{col 53}{space 2} 4.227016{col 64}{space 1}   -1.61{col 73}{space 3}0.112{col 81}{space 4}-15.27697{col 94}{space 3} 1.639511
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                sigma_u {c |} {res} .70524428
                                {txt}sigma_e {c |} {res} .28712557
                                    {txt}rho {c |} {res} .85781375{txt}   (fraction of variance due to u_i)
{hline 40}{c BT}{hline 64}

{com}. 
. est store tab12
{txt}
{com}. 
. * Table 17:
. *esttab tab9 tab10 tab11 tab12 using estim_underval3.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H4: reserve sales
. 
. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo c.sum_polit11_binary##c.res_ch2_polit11##c.log_pre_l1_reserves undervalue polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode if res_ch2_polit11 <= 2.168937 , vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1352
                                                       {help j_robustsingular:F( 21,    59) =}       .
                                                       {txt}Prob > F      = {res}      .
                                                       {txt}R-squared     = {res} 0.8655
                                                       {txt}Root MSE      = {res} .27657

{txt}{ralign 126:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 61}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 62}{c |}{col 74}    Robust
{col 1}                                          log_fi_res_totl_mo{col 62}{c |}      Coef.{col 74}   Std. Err.{col 86}      t{col 94}   P>|t|{col 102}     [95% Con{col 115}f. Interval]
{hline 61}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 42}log_fi_res_totl_mo {c |}
{space 57}L1. {c |}{col 62}{res}{space 2} .8090662{col 74}{space 2} .0326239{col 85}{space 1}   24.80{col 94}{space 3}0.000{col 102}{space 4} .7437859{col 115}{space 3} .8743465
{txt}{space 60} {c |}
{space 42}sum_polit11_binary {c |}{col 62}{res}{space 2} .0216659{col 74}{space 2} .0672579{col 85}{space 1}    0.32{col 94}{space 3}0.748{col 102}{space 4}-.1129169{col 115}{space 3} .1562487
{txt}{space 45}res_ch2_polit11 {c |}{col 62}{res}{space 2} .3050709{col 74}{space 2} .1047435{col 85}{space 1}    2.91{col 94}{space 3}0.005{col 102}{space 4} .0954798{col 115}{space 3} .5146621
{txt}{space 60} {c |}
{space 22}c.sum_polit11_binary#c.res_ch2_polit11 {c |}{col 62}{res}{space 2}-.2333065{col 74}{space 2} .1172605{col 85}{space 1}   -1.99{col 94}{space 3}0.051{col 102}{space 4}-.4679441{col 115}{space 3} .0013312
{txt}{space 60} {c |}
{space 41}log_pre_l1_reserves {c |}{col 62}{res}{space 2}-.0334677{col 74}{space 2} .0398842{col 85}{space 1}   -0.84{col 94}{space 3}0.405{col 102}{space 4}-.1132759{col 115}{space 3} .0463405
{txt}{space 60} {c |}
{space 18}c.sum_polit11_binary#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .0556028{col 74}{space 2} .0490644{col 85}{space 1}    1.13{col 94}{space 3}0.262{col 102}{space 4}-.0425748{col 115}{space 3} .1537803
{txt}{space 60} {c |}
{space 21}c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2}-.2093828{col 74}{space 2} .0970198{col 85}{space 1}   -2.16{col 94}{space 3}0.035{col 102}{space 4}-.4035189{col 115}{space 3}-.0152466
{txt}{space 60} {c |}
c.sum_polit11_binary#c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .1666108{col 74}{space 2} .1015057{col 85}{space 1}    1.64{col 94}{space 3}0.106{col 102}{space 4}-.0365017{col 115}{space 3} .3697233
{txt}{space 60} {c |}
{space 50}undervalue {c |}{col 62}{res}{space 2}-.0300011{col 74}{space 2} .0612508{col 85}{space 1}   -0.49{col 94}{space 3}0.626{col 102}{space 4}-.1525638{col 115}{space 3} .0925615
{txt}{space 53}polity2 {c |}{col 62}{res}{space 2} .0057009{col 74}{space 2} .0040522{col 85}{space 1}    1.41{col 94}{space 3}0.165{col 102}{space 4}-.0024075{col 115}{space 3} .0138093
{txt}{space 47}sum_imftotal5 {c |}{col 62}{res}{space 2}-.0327338{col 74}{space 2} .0269605{col 85}{space 1}   -1.21{col 94}{space 3}0.230{col 102}{space 4}-.0866817{col 115}{space 3} .0212141
{txt}{space 46}ne_imp_gnfs_zs {c |}{col 62}{res}{space 2}-.0029858{col 74}{space 2} .0022814{col 85}{space 1}   -1.31{col 94}{space 3}0.196{col 102}{space 4}-.0075508{col 115}{space 3} .0015792
{txt}{space 47}trade_balance {c |}{col 62}{res}{space 2} .0157781{col 74}{space 2} .0045538{col 85}{space 1}    3.46{col 94}{space 3}0.001{col 102}{space 4} .0066659{col 115}{space 3} .0248903
{txt}{space 51}cbi_irreg {c |}{col 62}{res}{space 2} .0178947{col 74}{space 2} .0147013{col 85}{space 1}    1.22{col 94}{space 3}0.228{col 102}{space 4}-.0115226{col 115}{space 3}  .047312
{txt}{space 48}presidential {c |}{col 62}{res}{space 2} .1020221{col 74}{space 2}  .066417{col 85}{space 1}    1.54{col 94}{space 3}0.130{col 102}{space 4} -.030878{col 115}{space 3} .2349221
{txt}{space 51}log_gdppc {c |}{col 62}{res}{space 2} -.170626{col 74}{space 2} .0737305{col 85}{space 1}   -2.31{col 94}{space 3}0.024{col 102}{space 4}-.3181604{col 115}{space 3}-.0230915
{txt}{space 50}gdp_growth {c |}{col 62}{res}{space 2}-.0078873{col 74}{space 2} .0037548{col 85}{space 1}   -2.10{col 94}{space 3}0.040{col 102}{space 4}-.0154007{col 115}{space 3}-.0003739
{txt}{space 53}log_pop {c |}{col 62}{res}{space 2}  .313775{col 74}{space 2} .2661775{col 85}{space 1}    1.18{col 94}{space 3}0.243{col 102}{space 4} -.218845{col 115}{space 3} .8463949
{txt}{space 54}kaopen {c |}{col 62}{res}{space 2}-.0084064{col 74}{space 2} .0155851{col 85}{space 1}   -0.54{col 94}{space 3}0.592{col 102}{space 4}-.0395921{col 115}{space 3} .0227793
{txt}{space 48}currency_peg {c |}{col 62}{res}{space 2} .0018688{col 74}{space 2} .0412844{col 85}{space 1}    0.05{col 94}{space 3}0.964{col 102}{space 4}-.0807412{col 115}{space 3} .0844787
{txt}{space 45}currency_binary {c |}{col 62}{res}{space 2}-.1336958{col 74}{space 2} .0322933{col 85}{space 1}   -4.14{col 94}{space 3}0.000{col 102}{space 4}-.1983145{col 115}{space 3}-.0690771
{txt}{space 50}time_trend {c |}{col 62}{res}{space 2} .0032039{col 74}{space 2} .0072239{col 85}{space 1}    0.44{col 94}{space 3}0.659{col 102}{space 4}-.0112512{col 115}{space 3} .0176589
{txt}{space 60} {c |}
{space 53}cowcode {c |}
{space 57}42  {c |}{col 62}{res}{space 2} .8761754{col 74}{space 2} 1.046261{col 85}{space 1}    0.84{col 94}{space 3}0.406{col 102}{space 4}-1.217387{col 115}{space 3} 2.969738
{txt}{space 57}70  {c |}{col 62}{res}{space 2} .2435164{col 74}{space 2}  .374592{col 85}{space 1}    0.65{col 94}{space 3}0.518{col 102}{space 4}-.5060405{col 115}{space 3} .9930732
{txt}{space 57}90  {c |}{col 62}{res}{space 2} .9045833{col 74}{space 2} 1.028024{col 85}{space 1}    0.88{col 94}{space 3}0.382{col 102}{space 4}-1.152488{col 115}{space 3} 2.961655
{txt}{space 57}91  {c |}{col 62}{res}{space 2} 1.169566{col 74}{space 2} 1.173622{col 85}{space 1}    1.00{col 94}{space 3}0.323{col 102}{space 4}-1.178847{col 115}{space 3} 3.517979
{txt}{space 57}92  {c |}{col 62}{res}{space 2} 1.162394{col 74}{space 2} 1.195626{col 85}{space 1}    0.97{col 94}{space 3}0.335{col 102}{space 4}-1.230048{col 115}{space 3} 3.554835
{txt}{space 57}93  {c |}{col 62}{res}{space 2} 1.260959{col 74}{space 2} 1.268804{col 85}{space 1}    0.99{col 94}{space 3}0.324{col 102}{space 4}-1.277913{col 115}{space 3}  3.79983
{txt}{space 57}94  {c |}{col 62}{res}{space 2} 1.307549{col 74}{space 2} 1.252877{col 85}{space 1}    1.04{col 94}{space 3}0.301{col 102}{space 4}-1.199453{col 115}{space 3}  3.81455
{txt}{space 56}100  {c |}{col 62}{res}{space 2} .5307701{col 74}{space 2} .6879598{col 85}{space 1}    0.77{col 94}{space 3}0.443{col 102}{space 4}-.8458342{col 115}{space 3} 1.907374
{txt}{space 56}101  {c |}{col 62}{res}{space 2}  .749654{col 74}{space 2} .7730338{col 85}{space 1}    0.97{col 94}{space 3}0.336{col 102}{space 4} -.797183{col 115}{space 3} 2.296491
{txt}{space 56}130  {c |}{col 62}{res}{space 2} .8196311{col 74}{space 2} .9692979{col 85}{space 1}    0.85{col 94}{space 3}0.401{col 102}{space 4} -1.11993{col 115}{space 3} 2.759192
{txt}{space 56}135  {c |}{col 62}{res}{space 2} .7468592{col 74}{space 2} .7942147{col 85}{space 1}    0.94{col 94}{space 3}0.351{col 102}{space 4}-.8423609{col 115}{space 3} 2.336079
{txt}{space 56}140  {c |}{col 62}{res}{space 2} .1232188{col 74}{space 2}  .290565{col 85}{space 1}    0.42{col 94}{space 3}0.673{col 102}{space 4}-.4582005{col 115}{space 3} .7046381
{txt}{space 56}145  {c |}{col 62}{res}{space 2} .9697995{col 74}{space 2} 1.122098{col 85}{space 1}    0.86{col 94}{space 3}0.391{col 102}{space 4}-1.275513{col 115}{space 3} 3.215112
{txt}{space 56}150  {c |}{col 62}{res}{space 2} 1.131934{col 74}{space 2} 1.219534{col 85}{space 1}    0.93{col 94}{space 3}0.357{col 102}{space 4}-1.308348{col 115}{space 3} 3.572215
{txt}{space 56}155  {c |}{col 62}{res}{space 2} .8655328{col 74}{space 2}  .877039{col 85}{space 1}    0.99{col 94}{space 3}0.328{col 102}{space 4}-.8894182{col 115}{space 3} 2.620484
{txt}{space 56}160  {c |}{col 62}{res}{space 2} .5591524{col 74}{space 2} .6816628{col 85}{space 1}    0.82{col 94}{space 3}0.415{col 102}{space 4}-.8048518{col 115}{space 3} 1.923157
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{txt}{space 56}200  {c |}{col 62}{res}{space 2} .4824151{col 74}{space 2} .3890459{col 85}{space 1}    1.24{col 94}{space 3}0.220{col 102}{space 4} -.296064{col 115}{space 3} 1.260894
{txt}{space 56}205  {c |}{col 62}{res}{space 2}  1.22668{col 74}{space 2} 1.133018{col 85}{space 1}    1.08{col 94}{space 3}0.283{col 102}{space 4}-1.040483{col 115}{space 3} 3.493843
{txt}{space 56}210  {c |}{col 62}{res}{space 2} .8580752{col 74}{space 2} .7402488{col 85}{space 1}    1.16{col 94}{space 3}0.251{col 102}{space 4}-.6231592{col 115}{space 3}  2.33931
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{txt}{space 56}920  {c |}{col 62}{res}{space 2} 1.369557{col 74}{space 2}  1.15794{col 85}{space 1}    1.18{col 94}{space 3}0.242{col 102}{space 4}-.9474751{col 115}{space 3}  3.68659
{txt}{space 60} {c |}
{space 55}_cons {c |}{col 62}{res}{space 2}-4.517303{col 74}{space 2} 5.288713{col 85}{space 1}   -0.85{col 94}{space 3}0.396{col 102}{space 4}-15.09999{col 115}{space 3} 6.065388
{txt}{hline 61}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab13
{txt}
{com}. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo c.sum_polit12_binary##c.res_ch2_polit12##c.log_pre_l1_reserves undervalue polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode if res_ch2_polit12 <= 2.168937, vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1352
                                                       {help j_robustsingular:F( 21,    59) =}       .
                                                       {txt}Prob > F      = {res}      .
                                                       {txt}R-squared     = {res} 0.8648
                                                       {txt}Root MSE      = {res} .27734

{txt}{ralign 126:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 61}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 62}{c |}{col 74}    Robust
{col 1}                                          log_fi_res_totl_mo{col 62}{c |}      Coef.{col 74}   Std. Err.{col 86}      t{col 94}   P>|t|{col 102}     [95% Con{col 115}f. Interval]
{hline 61}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 42}log_fi_res_totl_mo {c |}
{space 57}L1. {c |}{col 62}{res}{space 2} .8133269{col 74}{space 2} .0347221{col 85}{space 1}   23.42{col 94}{space 3}0.000{col 102}{space 4} .7438482{col 115}{space 3} .8828056
{txt}{space 60} {c |}
{space 42}sum_polit12_binary {c |}{col 62}{res}{space 2} -.042812{col 74}{space 2} .0522392{col 85}{space 1}   -0.82{col 94}{space 3}0.416{col 102}{space 4}-.1473423{col 115}{space 3} .0617184
{txt}{space 45}res_ch2_polit12 {c |}{col 62}{res}{space 2} .2071604{col 74}{space 2}   .08058{col 85}{space 1}    2.57{col 94}{space 3}0.013{col 102}{space 4} .0459203{col 115}{space 3} .3684005
{txt}{space 60} {c |}
{space 22}c.sum_polit12_binary#c.res_ch2_polit12 {c |}{col 62}{res}{space 2}-.1162052{col 74}{space 2} .0854793{col 85}{space 1}   -1.36{col 94}{space 3}0.179{col 102}{space 4}-.2872489{col 115}{space 3} .0548385
{txt}{space 60} {c |}
{space 41}log_pre_l1_reserves {c |}{col 62}{res}{space 2} -.017045{col 74}{space 2}  .029595{col 85}{space 1}   -0.58{col 94}{space 3}0.567{col 102}{space 4}-.0762644{col 115}{space 3} .0421743
{txt}{space 60} {c |}
{space 18}c.sum_polit12_binary#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .0752091{col 74}{space 2}  .034498{col 85}{space 1}    2.18{col 94}{space 3}0.033{col 102}{space 4} .0061787{col 115}{space 3} .1442395
{txt}{space 60} {c |}
{space 21}c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2}-.0838536{col 74}{space 2} .0424997{col 85}{space 1}   -1.97{col 94}{space 3}0.053{col 102}{space 4}-.1688952{col 115}{space 3}  .001188
{txt}{space 60} {c |}
c.sum_polit12_binary#c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .0096027{col 74}{space 2} .0561608{col 85}{space 1}    0.17{col 94}{space 3}0.865{col 102}{space 4}-.1027748{col 115}{space 3} .1219802
{txt}{space 60} {c |}
{space 50}undervalue {c |}{col 62}{res}{space 2}-.0360255{col 74}{space 2} .0687775{col 85}{space 1}   -0.52{col 94}{space 3}0.602{col 102}{space 4} -.173649{col 115}{space 3} .1015979
{txt}{space 53}polity2 {c |}{col 62}{res}{space 2} .0062747{col 74}{space 2} .0041202{col 85}{space 1}    1.52{col 94}{space 3}0.133{col 102}{space 4}-.0019699{col 115}{space 3} .0145193
{txt}{space 47}sum_imftotal5 {c |}{col 62}{res}{space 2}  -.02723{col 74}{space 2} .0276712{col 85}{space 1}   -0.98{col 94}{space 3}0.329{col 102}{space 4}   -.0826{col 115}{space 3}   .02814
{txt}{space 46}ne_imp_gnfs_zs {c |}{col 62}{res}{space 2}-.0028531{col 74}{space 2} .0021141{col 85}{space 1}   -1.35{col 94}{space 3}0.182{col 102}{space 4}-.0070834{col 115}{space 3} .0013773
{txt}{space 47}trade_balance {c |}{col 62}{res}{space 2} .0163861{col 74}{space 2} .0043511{col 85}{space 1}    3.77{col 94}{space 3}0.000{col 102}{space 4} .0076795{col 115}{space 3} .0250926
{txt}{space 51}cbi_irreg {c |}{col 62}{res}{space 2} .0177088{col 74}{space 2} .0152238{col 85}{space 1}    1.16{col 94}{space 3}0.249{col 102}{space 4} -.012754{col 115}{space 3} .0481717
{txt}{space 48}presidential {c |}{col 62}{res}{space 2} .1017716{col 74}{space 2} .0685134{col 85}{space 1}    1.49{col 94}{space 3}0.143{col 102}{space 4}-.0353233{col 115}{space 3} .2388665
{txt}{space 51}log_gdppc {c |}{col 62}{res}{space 2}-.1718942{col 74}{space 2} .0810907{col 85}{space 1}   -2.12{col 94}{space 3}0.038{col 102}{space 4}-.3341563{col 115}{space 3} -.009632
{txt}{space 50}gdp_growth {c |}{col 62}{res}{space 2} -.008722{col 74}{space 2} .0038547{col 85}{space 1}   -2.26{col 94}{space 3}0.027{col 102}{space 4}-.0164351{col 115}{space 3}-.0010088
{txt}{space 53}log_pop {c |}{col 62}{res}{space 2} .3315166{col 74}{space 2} .2587546{col 85}{space 1}    1.28{col 94}{space 3}0.205{col 102}{space 4}-.1862502{col 115}{space 3} .8492834
{txt}{space 54}kaopen {c |}{col 62}{res}{space 2}-.0090427{col 74}{space 2} .0150384{col 85}{space 1}   -0.60{col 94}{space 3}0.550{col 102}{space 4}-.0391345{col 115}{space 3} .0210491
{txt}{space 48}currency_peg {c |}{col 62}{res}{space 2} .0011737{col 74}{space 2} .0418435{col 85}{space 1}    0.03{col 94}{space 3}0.978{col 102}{space 4}-.0825549{col 115}{space 3} .0849023
{txt}{space 45}currency_binary {c |}{col 62}{res}{space 2}-.1408715{col 74}{space 2} .0330062{col 85}{space 1}   -4.27{col 94}{space 3}0.000{col 102}{space 4}-.2069167{col 115}{space 3}-.0748264
{txt}{space 50}time_trend {c |}{col 62}{res}{space 2} .0022061{col 74}{space 2} .0072592{col 85}{space 1}    0.30{col 94}{space 3}0.762{col 102}{space 4}-.0123194{col 115}{space 3} .0167317
{txt}{space 60} {c |}
{space 53}cowcode {c |}
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{txt}{space 57}70  {c |}{col 62}{res}{space 2} .2073767{col 74}{space 2} .3755595{col 85}{space 1}    0.55{col 94}{space 3}0.583{col 102}{space 4} -.544116{col 115}{space 3} .9588695
{txt}{space 57}90  {c |}{col 62}{res}{space 2} .9357314{col 74}{space 2} 1.014923{col 85}{space 1}    0.92{col 94}{space 3}0.360{col 102}{space 4}-1.095124{col 115}{space 3} 2.966587
{txt}{space 57}91  {c |}{col 62}{res}{space 2} 1.185816{col 74}{space 2} 1.157868{col 85}{space 1}    1.02{col 94}{space 3}0.310{col 102}{space 4}-1.131072{col 115}{space 3} 3.502704
{txt}{space 57}92  {c |}{col 62}{res}{space 2} 1.257236{col 74}{space 2} 1.170015{col 85}{space 1}    1.07{col 94}{space 3}0.287{col 102}{space 4}-1.083959{col 115}{space 3}  3.59843
{txt}{space 57}93  {c |}{col 62}{res}{space 2}  1.28368{col 74}{space 2} 1.260587{col 85}{space 1}    1.02{col 94}{space 3}0.313{col 102}{space 4}-1.238749{col 115}{space 3} 3.806109
{txt}{space 57}94  {c |}{col 62}{res}{space 2} 1.296853{col 74}{space 2} 1.230898{col 85}{space 1}    1.05{col 94}{space 3}0.296{col 102}{space 4}-1.166168{col 115}{space 3} 3.759874
{txt}{space 56}100  {c |}{col 62}{res}{space 2} .5273446{col 74}{space 2} .6810443{col 85}{space 1}    0.77{col 94}{space 3}0.442{col 102}{space 4}-.8354219{col 115}{space 3} 1.890111
{txt}{space 56}101  {c |}{col 62}{res}{space 2} .7246598{col 74}{space 2} .7704752{col 85}{space 1}    0.94{col 94}{space 3}0.351{col 102}{space 4}-.8170575{col 115}{space 3} 2.266377
{txt}{space 56}130  {c |}{col 62}{res}{space 2}  .809497{col 74}{space 2} .9602183{col 85}{space 1}    0.84{col 94}{space 3}0.403{col 102}{space 4}-1.111895{col 115}{space 3} 2.730889
{txt}{space 56}135  {c |}{col 62}{res}{space 2} .7061524{col 74}{space 2} .7962299{col 85}{space 1}    0.89{col 94}{space 3}0.379{col 102}{space 4}-.8871001{col 115}{space 3} 2.299405
{txt}{space 56}140  {c |}{col 62}{res}{space 2} .0715236{col 74}{space 2} .3019583{col 85}{space 1}    0.24{col 94}{space 3}0.814{col 102}{space 4}-.5326935{col 115}{space 3} .6757407
{txt}{space 56}145  {c |}{col 62}{res}{space 2} .9910505{col 74}{space 2} 1.110268{col 85}{space 1}    0.89{col 94}{space 3}0.376{col 102}{space 4} -1.23059{col 115}{space 3} 3.212691
{txt}{space 56}150  {c |}{col 62}{res}{space 2} 1.177674{col 74}{space 2} 1.196857{col 85}{space 1}    0.98{col 94}{space 3}0.329{col 102}{space 4}-1.217231{col 115}{space 3} 3.572579
{txt}{space 56}155  {c |}{col 62}{res}{space 2} .9048037{col 74}{space 2} .8618964{col 85}{space 1}    1.05{col 94}{space 3}0.298{col 102}{space 4}-.8198469{col 115}{space 3} 2.629454
{txt}{space 56}160  {c |}{col 62}{res}{space 2} .5307316{col 74}{space 2} .6834039{col 85}{space 1}    0.78{col 94}{space 3}0.440{col 102}{space 4}-.8367565{col 115}{space 3}  1.89822
{txt}{space 56}165  {c |}{col 62}{res}{space 2} 1.489602{col 74}{space 2} 1.290446{col 85}{space 1}    1.15{col 94}{space 3}0.253{col 102}{space 4}-1.092574{col 115}{space 3} 4.071777
{txt}{space 56}200  {c |}{col 62}{res}{space 2} .4820851{col 74}{space 2} .3738477{col 85}{space 1}    1.29{col 94}{space 3}0.202{col 102}{space 4}-.2659823{col 115}{space 3} 1.230153
{txt}{space 56}205  {c |}{col 62}{res}{space 2} 1.244357{col 74}{space 2} 1.094976{col 85}{space 1}    1.14{col 94}{space 3}0.260{col 102}{space 4}-.9466857{col 115}{space 3}   3.4354
{txt}{space 56}210  {c |}{col 62}{res}{space 2}  .832547{col 74}{space 2} .7251954{col 85}{space 1}    1.15{col 94}{space 3}0.256{col 102}{space 4}-.6185657{col 115}{space 3}  2.28366
{txt}{space 56}211  {c |}{col 62}{res}{space 2} 1.106808{col 74}{space 2} .8278255{col 85}{space 1}    1.34{col 94}{space 3}0.186{col 102}{space 4}-.5496667{col 115}{space 3} 2.763283
{txt}{space 56}220  {c |}{col 62}{res}{space 2} .6335461{col 74}{space 2} .4117311{col 85}{space 1}    1.54{col 94}{space 3}0.129{col 102}{space 4}-.1903259{col 115}{space 3} 1.457418
{txt}{space 56}225  {c |}{col 62}{res}{space 2} 1.450522{col 74}{space 2} .9452185{col 85}{space 1}    1.53{col 94}{space 3}0.130{col 102}{space 4}-.4408556{col 115}{space 3}   3.3419
{txt}{space 56}230  {c |}{col 62}{res}{space 2} .6584269{col 74}{space 2} .5415528{col 85}{space 1}    1.22{col 94}{space 3}0.229{col 102}{space 4}-.4252178{col 115}{space 3} 1.742072
{txt}{space 56}235  {c |}{col 62}{res}{space 2} 1.161213{col 74}{space 2} .9454326{col 85}{space 1}    1.23{col 94}{space 3}0.224{col 102}{space 4}-.7305932{col 115}{space 3} 3.053019
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{txt}{space 56}305  {c |}{col 62}{res}{space 2} 1.196774{col 74}{space 2}  .911111{col 85}{space 1}    1.31{col 94}{space 3}0.194{col 102}{space 4}-.6263552{col 115}{space 3} 3.019902
{txt}{space 56}310  {c |}{col 62}{res}{space 2} 1.124611{col 74}{space 2} .9343265{col 85}{space 1}    1.20{col 94}{space 3}0.234{col 102}{space 4}-.7449723{col 115}{space 3} 2.994194
{txt}{space 56}325  {c |}{col 62}{res}{space 2}  .541633{col 74}{space 2} .4266331{col 85}{space 1}    1.27{col 94}{space 3}0.209{col 102}{space 4}-.3120578{col 115}{space 3} 1.395324
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{txt}{space 56}365  {c |}{col 62}{res}{space 2} .1966034{col 74}{space 2} .3491874{col 85}{space 1}    0.56{col 94}{space 3}0.576{col 102}{space 4} -.502119{col 115}{space 3} .8953258
{txt}{space 56}375  {c |}{col 62}{res}{space 2} 1.327287{col 74}{space 2} 1.034699{col 85}{space 1}    1.28{col 94}{space 3}0.205{col 102}{space 4}-.7431407{col 115}{space 3} 3.397715
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{txt}{space 56}475  {c |}{col 62}{res}{space 2}-.2272904{col 74}{space 2} .5077583{col 85}{space 1}   -0.45{col 94}{space 3}0.656{col 102}{space 4}-1.243312{col 115}{space 3} .7887316
{txt}{space 56}501  {c |}{col 62}{res}{space 2} .3685343{col 74}{space 2} .8152918{col 85}{space 1}    0.45{col 94}{space 3}0.653{col 102}{space 4}-1.262861{col 115}{space 3}  1.99993
{txt}{space 56}551  {c |}{col 62}{res}{space 2} .5484021{col 74}{space 2} 1.044496{col 85}{space 1}    0.53{col 94}{space 3}0.602{col 102}{space 4} -1.54163{col 115}{space 3} 2.638434
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{txt}{space 56}560  {c |}{col 62}{res}{space 2}  .394513{col 74}{space 2} .5839054{col 85}{space 1}    0.68{col 94}{space 3}0.502{col 102}{space 4}-.7738791{col 115}{space 3} 1.562905
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{txt}{space 56}710  {c |}{col 62}{res}{space 2}  -.68169{col 74}{space 2} .4086283{col 85}{space 1}   -1.67{col 94}{space 3}0.101{col 102}{space 4}-1.499353{col 115}{space 3} .1359734
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{txt}{space 56}740  {c |}{col 62}{res}{space 2}   .53007{col 74}{space 2} .2077781{col 85}{space 1}    2.55{col 94}{space 3}0.013{col 102}{space 4}  .114307{col 115}{space 3} .9458329
{txt}{space 56}750  {c |}{col 62}{res}{space 2}-.7759428{col 74}{space 2} .3505789{col 85}{space 1}   -2.21{col 94}{space 3}0.031{col 102}{space 4} -1.47745{col 115}{space 3}-.0744359
{txt}{space 56}780  {c |}{col 62}{res}{space 2} .6390875{col 74}{space 2} .8937032{col 85}{space 1}    0.72{col 94}{space 3}0.477{col 102}{space 4}-1.149208{col 115}{space 3} 2.427383
{txt}{space 56}800  {c |}{col 62}{res}{space 2} .4709423{col 74}{space 2} .5287849{col 85}{space 1}    0.89{col 94}{space 3}0.377{col 102}{space 4}-.5871539{col 115}{space 3} 1.529039
{txt}{space 56}820  {c |}{col 62}{res}{space 2} .8033031{col 74}{space 2} .7195604{col 85}{space 1}    1.12{col 94}{space 3}0.269{col 102}{space 4} -.636534{col 115}{space 3}  2.24314
{txt}{space 56}830  {c |}{col 62}{res}{space 2} 1.854912{col 74}{space 2} 1.070402{col 85}{space 1}    1.73{col 94}{space 3}0.088{col 102}{space 4}-.2869566{col 115}{space 3} 3.996781
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{txt}{space 56}850  {c |}{col 62}{res}{space 2}-.1311149{col 74}{space 2} .3332147{col 85}{space 1}   -0.39{col 94}{space 3}0.695{col 102}{space 4}-.7978761{col 115}{space 3} .5356462
{txt}{space 56}900  {c |}{col 62}{res}{space 2} .9822411{col 74}{space 2} .7082817{col 85}{space 1}    1.39{col 94}{space 3}0.171{col 102}{space 4}-.4350273{col 115}{space 3}  2.39951
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{txt}{space 60} {c |}
{space 55}_cons {c |}{col 62}{res}{space 2}-4.761574{col 74}{space 2}  5.17863{col 85}{space 1}   -0.92{col 94}{space 3}0.362{col 102}{space 4}-15.12399{col 115}{space 3}  5.60084
{txt}{hline 61}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab14
{txt}
{com}. 
. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit11##c.res_ch2_polit11##c.log_pre_l1_reserves undervalue polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode if res_ch2_polit11 <= 2.168937, vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1352
                                                       {help j_robustsingular:F( 21,    59) =}       .
                                                       {txt}Prob > F      = {res}      .
                                                       {txt}R-squared     = {res} 0.8660
                                                       {txt}Root MSE      = {res} .27605

{txt}{ralign 127:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 62}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 63}{c |}{col 75}    Robust
{col 1}                                           log_fi_res_totl_mo{col 63}{c |}      Coef.{col 75}   Std. Err.{col 87}      t{col 95}   P>|t|{col 103}     [95% Con{col 116}f. Interval]
{hline 62}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 43}log_fi_res_totl_mo {c |}
{space 58}L1. {c |}{col 63}{res}{space 2} .8046642{col 75}{space 2} .0352366{col 86}{space 1}   22.84{col 95}{space 3}0.000{col 103}{space 4}  .734156{col 116}{space 3} .8751724
{txt}{space 61} {c |}
{space 42}polity_frac_polit11 {c |}{col 63}{res}{space 2} .0637771{col 75}{space 2} .0539195{col 86}{space 1}    1.18{col 95}{space 3}0.242{col 103}{space 4}-.0441156{col 116}{space 3} .1716698
{txt}{space 46}res_ch2_polit11 {c |}{col 63}{res}{space 2} .2344554{col 75}{space 2} .0671537{col 86}{space 1}    3.49{col 95}{space 3}0.001{col 103}{space 4} .1000812{col 116}{space 3} .3688297
{txt}{space 61} {c |}
{space 22}c.polity_frac_polit11#c.res_ch2_polit11 {c |}{col 63}{res}{space 2}-.1573305{col 75}{space 2} .0734377{col 86}{space 1}   -2.14{col 95}{space 3}0.036{col 103}{space 4}-.3042791{col 116}{space 3}-.0103819
{txt}{space 61} {c |}
{space 42}log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.0215372{col 75}{space 2} .0333512{col 86}{space 1}   -0.65{col 95}{space 3}0.521{col 103}{space 4}-.0882728{col 116}{space 3} .0451985
{txt}{space 61} {c |}
{space 18}c.polity_frac_polit11#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2} .0297451{col 75}{space 2} .0389671{col 86}{space 1}    0.76{col 95}{space 3}0.448{col 103}{space 4} -.048228{col 116}{space 3} .1077182
{txt}{space 61} {c |}
{space 22}c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.2246086{col 75}{space 2} .0700134{col 86}{space 1}   -3.21{col 95}{space 3}0.002{col 103}{space 4}-.3647051{col 116}{space 3}-.0845122
{txt}{space 61} {c |}
c.polity_frac_polit11#c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2} .1944288{col 75}{space 2} .0714101{col 86}{space 1}    2.72{col 95}{space 3}0.009{col 103}{space 4} .0515374{col 116}{space 3} .3373201
{txt}{space 61} {c |}
{space 51}undervalue {c |}{col 63}{res}{space 2}-.0295241{col 75}{space 2} .0624384{col 86}{space 1}   -0.47{col 95}{space 3}0.638{col 103}{space 4} -.154463{col 116}{space 3} .0954148
{txt}{space 54}polity2 {c |}{col 63}{res}{space 2} .0059536{col 75}{space 2} .0042322{col 86}{space 1}    1.41{col 95}{space 3}0.165{col 103}{space 4}-.0025149{col 116}{space 3} .0144222
{txt}{space 48}sum_imftotal5 {c |}{col 63}{res}{space 2}-.0196499{col 75}{space 2} .0279299{col 86}{space 1}   -0.70{col 95}{space 3}0.484{col 103}{space 4}-.0755374{col 116}{space 3} .0362376
{txt}{space 47}ne_imp_gnfs_zs {c |}{col 63}{res}{space 2}-.0025276{col 75}{space 2} .0023029{col 86}{space 1}   -1.10{col 95}{space 3}0.277{col 103}{space 4}-.0071358{col 116}{space 3} .0020806
{txt}{space 48}trade_balance {c |}{col 63}{res}{space 2}  .016342{col 75}{space 2} .0046314{col 86}{space 1}    3.53{col 95}{space 3}0.001{col 103}{space 4} .0070745{col 116}{space 3} .0256095
{txt}{space 52}cbi_irreg {c |}{col 63}{res}{space 2} .0196014{col 75}{space 2} .0159396{col 86}{space 1}    1.23{col 95}{space 3}0.224{col 103}{space 4}-.0122935{col 116}{space 3} .0514964
{txt}{space 49}presidential {c |}{col 63}{res}{space 2} .1235409{col 75}{space 2}  .066575{col 86}{space 1}    1.86{col 95}{space 3}0.068{col 103}{space 4}-.0096753{col 116}{space 3}  .256757
{txt}{space 52}log_gdppc {c |}{col 63}{res}{space 2}-.1665642{col 75}{space 2} .0784851{col 86}{space 1}   -2.12{col 95}{space 3}0.038{col 103}{space 4}-.3236126{col 116}{space 3}-.0095158
{txt}{space 51}gdp_growth {c |}{col 63}{res}{space 2}-.0084138{col 75}{space 2} .0039052{col 86}{space 1}   -2.15{col 95}{space 3}0.035{col 103}{space 4}-.0162282{col 116}{space 3}-.0005995
{txt}{space 54}log_pop {c |}{col 63}{res}{space 2} .3404191{col 75}{space 2} .2665837{col 86}{space 1}    1.28{col 95}{space 3}0.207{col 103}{space 4}-.1930137{col 116}{space 3}  .873852
{txt}{space 55}kaopen {c |}{col 63}{res}{space 2}-.0082752{col 75}{space 2} .0153927{col 86}{space 1}   -0.54{col 95}{space 3}0.593{col 103}{space 4} -.039076{col 116}{space 3} .0225256
{txt}{space 49}currency_peg {c |}{col 63}{res}{space 2} .0223334{col 75}{space 2} .0409563{col 86}{space 1}    0.55{col 95}{space 3}0.588{col 103}{space 4}-.0596199{col 116}{space 3} .1042867
{txt}{space 46}currency_binary {c |}{col 63}{res}{space 2}-.1418165{col 75}{space 2}  .031285{col 86}{space 1}   -4.53{col 95}{space 3}0.000{col 103}{space 4}-.2044176{col 116}{space 3}-.0792154
{txt}{space 51}time_trend {c |}{col 63}{res}{space 2} .0028034{col 75}{space 2} .0072975{col 86}{space 1}    0.38{col 95}{space 3}0.702{col 103}{space 4}-.0117989{col 116}{space 3} .0174056
{txt}{space 61} {c |}
{space 54}cowcode {c |}
{space 58}42  {c |}{col 63}{res}{space 2} .9806568{col 75}{space 2} 1.033842{col 86}{space 1}    0.95{col 95}{space 3}0.347{col 103}{space 4}-1.088056{col 116}{space 3}  3.04937
{txt}{space 58}70  {c |}{col 63}{res}{space 2} .2832461{col 75}{space 2} .3724642{col 86}{space 1}    0.76{col 95}{space 3}0.450{col 103}{space 4}-.4620529{col 116}{space 3} 1.028545
{txt}{space 58}90  {c |}{col 63}{res}{space 2} 1.011564{col 75}{space 2}  1.02607{col 86}{space 1}    0.99{col 95}{space 3}0.328{col 103}{space 4}-1.041597{col 116}{space 3} 3.064725
{txt}{space 58}91  {c |}{col 63}{res}{space 2} 1.247716{col 75}{space 2} 1.173648{col 86}{space 1}    1.06{col 95}{space 3}0.292{col 103}{space 4}-1.100749{col 116}{space 3} 3.596181
{txt}{space 58}92  {c |}{col 63}{res}{space 2} 1.294253{col 75}{space 2} 1.190247{col 86}{space 1}    1.09{col 95}{space 3}0.281{col 103}{space 4}-1.087427{col 116}{space 3} 3.675933
{txt}{space 58}93  {c |}{col 63}{res}{space 2} 1.291078{col 75}{space 2} 1.273675{col 86}{space 1}    1.01{col 95}{space 3}0.315{col 103}{space 4}-1.257539{col 116}{space 3} 3.839695
{txt}{space 58}94  {c |}{col 63}{res}{space 2} 1.428165{col 75}{space 2} 1.254304{col 86}{space 1}    1.14{col 95}{space 3}0.259{col 103}{space 4}-1.081691{col 116}{space 3} 3.938021
{txt}{space 57}100  {c |}{col 63}{res}{space 2} .5937856{col 75}{space 2} .6868095{col 86}{space 1}    0.86{col 95}{space 3}0.391{col 103}{space 4} -.780517{col 116}{space 3} 1.968088
{txt}{space 57}101  {c |}{col 63}{res}{space 2} .8252636{col 75}{space 2} .7723816{col 86}{space 1}    1.07{col 95}{space 3}0.290{col 103}{space 4}-.7202683{col 116}{space 3} 2.370796
{txt}{space 57}130  {c |}{col 63}{res}{space 2} .9116773{col 75}{space 2} .9684984{col 86}{space 1}    0.94{col 95}{space 3}0.350{col 103}{space 4}-1.026283{col 116}{space 3} 2.849638
{txt}{space 57}135  {c |}{col 63}{res}{space 2} .8078799{col 75}{space 2}  .796811{col 86}{space 1}    1.01{col 95}{space 3}0.315{col 103}{space 4}-.7865353{col 116}{space 3} 2.402295
{txt}{space 57}140  {c |}{col 63}{res}{space 2} .1973984{col 75}{space 2}  .291747{col 86}{space 1}    0.68{col 95}{space 3}0.501{col 103}{space 4}-.3863859{col 116}{space 3} .7811828
{txt}{space 57}145  {c |}{col 63}{res}{space 2} 1.068403{col 75}{space 2} 1.123267{col 86}{space 1}    0.95{col 95}{space 3}0.345{col 103}{space 4}-1.179248{col 116}{space 3} 3.316055
{txt}{space 57}150  {c |}{col 63}{res}{space 2} 1.239505{col 75}{space 2} 1.212103{col 86}{space 1}    1.02{col 95}{space 3}0.311{col 103}{space 4}-1.185907{col 116}{space 3} 3.664918
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{txt}{space 57}325  {c |}{col 63}{res}{space 2} .5867832{col 75}{space 2} .4371978{col 86}{space 1}    1.34{col 95}{space 3}0.185{col 103}{space 4}-.2880476{col 116}{space 3} 1.461614
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{txt}{space 57}380  {c |}{col 63}{res}{space 2} 1.309835{col 75}{space 2} .8915318{col 86}{space 1}    1.47{col 95}{space 3}0.147{col 103}{space 4}-.4741163{col 116}{space 3} 3.093786
{txt}{space 57}385  {c |}{col 63}{res}{space 2} 1.679764{col 75}{space 2} 1.078056{col 86}{space 1}    1.56{col 95}{space 3}0.125{col 103}{space 4}-.4774213{col 116}{space 3} 3.836949
{txt}{space 57}452  {c |}{col 63}{res}{space 2} .6980228{col 75}{space 2} .9580823{col 86}{space 1}    0.73{col 95}{space 3}0.469{col 103}{space 4}-1.219095{col 116}{space 3} 2.615141
{txt}{space 57}475  {c |}{col 63}{res}{space 2}-.1853599{col 75}{space 2} .4900546{col 86}{space 1}   -0.38{col 95}{space 3}0.707{col 103}{space 4}-1.165957{col 116}{space 3} .7952371
{txt}{space 57}501  {c |}{col 63}{res}{space 2} .4170402{col 75}{space 2} .8211404{col 86}{space 1}    0.51{col 95}{space 3}0.613{col 103}{space 4}-1.226058{col 116}{space 3} 2.060138
{txt}{space 57}551  {c |}{col 63}{res}{space 2} .6008022{col 75}{space 2} 1.059721{col 86}{space 1}    0.57{col 95}{space 3}0.573{col 103}{space 4}-1.519694{col 116}{space 3} 2.721299
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{txt}{space 57}560  {c |}{col 63}{res}{space 2} .5103396{col 75}{space 2} .5914997{col 86}{space 1}    0.86{col 95}{space 3}0.392{col 103}{space 4}-.6732485{col 116}{space 3} 1.693928
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{txt}{space 57}600  {c |}{col 63}{res}{space 2} .4819526{col 75}{space 2} .8134832{col 86}{space 1}    0.59{col 95}{space 3}0.556{col 103}{space 4}-1.145824{col 116}{space 3} 2.109729
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{txt}{space 57}651  {c |}{col 63}{res}{space 2} .6586852{col 75}{space 2} .5798294{col 86}{space 1}    1.14{col 95}{space 3}0.261{col 103}{space 4}-.5015508{col 116}{space 3} 1.818921
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{txt}{space 57}820  {c |}{col 63}{res}{space 2} .8656507{col 75}{space 2} .7256287{col 86}{space 1}    1.19{col 95}{space 3}0.238{col 103}{space 4} -.586329{col 116}{space 3}  2.31763
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{txt}{space 61} {c |}
{space 56}_cons {c |}{col 63}{res}{space 2}-5.105719{col 75}{space 2} 5.306819{col 86}{space 1}   -0.96{col 95}{space 3}0.340{col 103}{space 4}-15.72464{col 116}{space 3} 5.513201
{txt}{hline 62}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab15
{txt}
{com}. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit12##c.res_ch2_polit12##c.log_pre_l1_reserves undervalue polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode if res_ch2_polit12 <= 2.168937, vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1352
                                                       {help j_robustsingular:F( 21,    59) =}       .
                                                       {txt}Prob > F      = {res}      .
                                                       {txt}R-squared     = {res} 0.8643
                                                       {txt}Root MSE      = {res}  .2778

{txt}{ralign 127:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 62}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 63}{c |}{col 75}    Robust
{col 1}                                           log_fi_res_totl_mo{col 63}{c |}      Coef.{col 75}   Std. Err.{col 87}      t{col 95}   P>|t|{col 103}     [95% Con{col 116}f. Interval]
{hline 62}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 43}log_fi_res_totl_mo {c |}
{space 58}L1. {c |}{col 63}{res}{space 2} .8140589{col 75}{space 2} .0352585{col 86}{space 1}   23.09{col 95}{space 3}0.000{col 103}{space 4} .7435067{col 116}{space 3} .8846111
{txt}{space 61} {c |}
{space 42}polity_frac_polit12 {c |}{col 63}{res}{space 2} .0258666{col 75}{space 2} .0565563{col 86}{space 1}    0.46{col 95}{space 3}0.649{col 103}{space 4}-.0873022{col 116}{space 3} .1390355
{txt}{space 46}res_ch2_polit12 {c |}{col 63}{res}{space 2} .1679139{col 75}{space 2} .0587471{col 86}{space 1}    2.86{col 95}{space 3}0.006{col 103}{space 4} .0503613{col 116}{space 3} .2854665
{txt}{space 61} {c |}
{space 22}c.polity_frac_polit12#c.res_ch2_polit12 {c |}{col 63}{res}{space 2}-.1161311{col 75}{space 2} .0859233{col 86}{space 1}   -1.35{col 95}{space 3}0.182{col 103}{space 4}-.2880632{col 116}{space 3}  .055801
{txt}{space 61} {c |}
{space 42}log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.0108607{col 75}{space 2} .0286195{col 86}{space 1}   -0.38{col 95}{space 3}0.706{col 103}{space 4}-.0681283{col 116}{space 3} .0464069
{txt}{space 61} {c |}
{space 18}c.polity_frac_polit12#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2} .0342257{col 75}{space 2} .0395064{col 86}{space 1}    0.87{col 95}{space 3}0.390{col 103}{space 4}-.0448264{col 116}{space 3} .1132778
{txt}{space 61} {c |}
{space 22}c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.1005633{col 75}{space 2} .0417013{col 86}{space 1}   -2.41{col 95}{space 3}0.019{col 103}{space 4}-.1840075{col 116}{space 3}-.0171192
{txt}{space 61} {c |}
c.polity_frac_polit12#c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2} .0888035{col 75}{space 2} .0694241{col 86}{space 1}    1.28{col 95}{space 3}0.206{col 103}{space 4}-.0501137{col 116}{space 3} .2277207
{txt}{space 61} {c |}
{space 51}undervalue {c |}{col 63}{res}{space 2}-.0273722{col 75}{space 2}  .067574{col 86}{space 1}   -0.41{col 95}{space 3}0.687{col 103}{space 4}-.1625876{col 116}{space 3} .1078431
{txt}{space 54}polity2 {c |}{col 63}{res}{space 2} .0064018{col 75}{space 2} .0041455{col 86}{space 1}    1.54{col 95}{space 3}0.128{col 103}{space 4}-.0018933{col 116}{space 3}  .014697
{txt}{space 48}sum_imftotal5 {c |}{col 63}{res}{space 2}-.0266345{col 75}{space 2} .0313538{col 86}{space 1}   -0.85{col 95}{space 3}0.399{col 103}{space 4}-.0893733{col 116}{space 3} .0361042
{txt}{space 47}ne_imp_gnfs_zs {c |}{col 63}{res}{space 2}-.0024246{col 75}{space 2} .0022087{col 86}{space 1}   -1.10{col 95}{space 3}0.277{col 103}{space 4}-.0068441{col 116}{space 3}  .001995
{txt}{space 48}trade_balance {c |}{col 63}{res}{space 2} .0166649{col 75}{space 2} .0044526{col 86}{space 1}    3.74{col 95}{space 3}0.000{col 103}{space 4} .0077553{col 116}{space 3} .0255745
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{txt}{space 49}presidential {c |}{col 63}{res}{space 2} .1135953{col 75}{space 2} .0661393{col 86}{space 1}    1.72{col 95}{space 3}0.091{col 103}{space 4}-.0187491{col 116}{space 3} .2459396
{txt}{space 52}log_gdppc {c |}{col 63}{res}{space 2}-.1652409{col 75}{space 2} .0816577{col 86}{space 1}   -2.02{col 95}{space 3}0.048{col 103}{space 4}-.3286375{col 116}{space 3}-.0018442
{txt}{space 51}gdp_growth {c |}{col 63}{res}{space 2} -.008744{col 75}{space 2} .0040088{col 86}{space 1}   -2.18{col 95}{space 3}0.033{col 103}{space 4}-.0167656{col 116}{space 3}-.0007225
{txt}{space 54}log_pop {c |}{col 63}{res}{space 2} .3077038{col 75}{space 2} .2611009{col 86}{space 1}    1.18{col 95}{space 3}0.243{col 103}{space 4}-.2147579{col 116}{space 3} .8301654
{txt}{space 55}kaopen {c |}{col 63}{res}{space 2}-.0098477{col 75}{space 2} .0154507{col 86}{space 1}   -0.64{col 95}{space 3}0.526{col 103}{space 4}-.0407645{col 116}{space 3}  .021069
{txt}{space 49}currency_peg {c |}{col 63}{res}{space 2} .0176583{col 75}{space 2}  .040756{col 86}{space 1}    0.43{col 95}{space 3}0.666{col 103}{space 4}-.0638943{col 116}{space 3} .0992108
{txt}{space 46}currency_binary {c |}{col 63}{res}{space 2}-.1412834{col 75}{space 2} .0322151{col 86}{space 1}   -4.39{col 95}{space 3}0.000{col 103}{space 4}-.2057457{col 116}{space 3}-.0768211
{txt}{space 51}time_trend {c |}{col 63}{res}{space 2} .0024784{col 75}{space 2} .0072647{col 86}{space 1}    0.34{col 95}{space 3}0.734{col 103}{space 4}-.0120582{col 116}{space 3}  .017015
{txt}{space 61} {c |}
{space 54}cowcode {c |}
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{txt}{space 58}70  {c |}{col 63}{res}{space 2} .1694486{col 75}{space 2} .3742869{col 86}{space 1}    0.45{col 95}{space 3}0.652{col 103}{space 4}-.5794978{col 116}{space 3}  .918395
{txt}{space 58}90  {c |}{col 63}{res}{space 2} .8300973{col 75}{space 2} 1.019923{col 86}{space 1}    0.81{col 95}{space 3}0.419{col 103}{space 4}-1.210764{col 116}{space 3} 2.870958
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{txt}{space 58}92  {c |}{col 63}{res}{space 2}  1.13925{col 75}{space 2} 1.179974{col 86}{space 1}    0.97{col 95}{space 3}0.338{col 103}{space 4}-1.221872{col 116}{space 3} 3.500372
{txt}{space 58}93  {c |}{col 63}{res}{space 2} 1.129085{col 75}{space 2} 1.269878{col 86}{space 1}    0.89{col 95}{space 3}0.378{col 103}{space 4}-1.411935{col 116}{space 3} 3.670105
{txt}{space 58}94  {c |}{col 63}{res}{space 2} 1.181771{col 75}{space 2} 1.242354{col 86}{space 1}    0.95{col 95}{space 3}0.345{col 103}{space 4}-1.304174{col 116}{space 3} 3.667717
{txt}{space 57}100  {c |}{col 63}{res}{space 2} .5332718{col 75}{space 2} .6897265{col 86}{space 1}    0.77{col 95}{space 3}0.443{col 103}{space 4}-.8468678{col 116}{space 3} 1.913411
{txt}{space 57}101  {c |}{col 63}{res}{space 2} .6504922{col 75}{space 2} .7737923{col 86}{space 1}    0.84{col 95}{space 3}0.404{col 103}{space 4}-.8978627{col 116}{space 3} 2.198847
{txt}{space 57}130  {c |}{col 63}{res}{space 2} .7341125{col 75}{space 2} .9648243{col 86}{space 1}    0.76{col 95}{space 3}0.450{col 103}{space 4}-1.196496{col 116}{space 3} 2.664721
{txt}{space 57}135  {c |}{col 63}{res}{space 2} .6673485{col 75}{space 2} .7997006{col 86}{space 1}    0.83{col 95}{space 3}0.407{col 103}{space 4}-.9328487{col 116}{space 3} 2.267546
{txt}{space 57}140  {c |}{col 63}{res}{space 2} .0905278{col 75}{space 2} .2991344{col 86}{space 1}    0.30{col 95}{space 3}0.763{col 103}{space 4}-.5080387{col 116}{space 3} .6890943
{txt}{space 57}145  {c |}{col 63}{res}{space 2} .8601745{col 75}{space 2} 1.121607{col 86}{space 1}    0.77{col 95}{space 3}0.446{col 103}{space 4}-1.384155{col 116}{space 3} 3.104504
{txt}{space 57}150  {c |}{col 63}{res}{space 2} 1.054596{col 75}{space 2} 1.204298{col 86}{space 1}    0.88{col 95}{space 3}0.385{col 103}{space 4}-1.355198{col 116}{space 3}  3.46439
{txt}{space 57}155  {c |}{col 63}{res}{space 2} .8300867{col 75}{space 2} .8677114{col 86}{space 1}    0.96{col 95}{space 3}0.343{col 103}{space 4}-.9061999{col 116}{space 3} 2.566373
{txt}{space 57}160  {c |}{col 63}{res}{space 2} .4638352{col 75}{space 2} .6852026{col 86}{space 1}    0.68{col 95}{space 3}0.501{col 103}{space 4}-.9072521{col 116}{space 3} 1.834923
{txt}{space 57}165  {c |}{col 63}{res}{space 2} 1.327103{col 75}{space 2} 1.297803{col 86}{space 1}    1.02{col 95}{space 3}0.311{col 103}{space 4}-1.269794{col 116}{space 3} 3.924001
{txt}{space 57}200  {c |}{col 63}{res}{space 2}  .435453{col 75}{space 2} .3769545{col 86}{space 1}    1.16{col 95}{space 3}0.253{col 103}{space 4}-.3188311{col 116}{space 3} 1.189737
{txt}{space 57}205  {c |}{col 63}{res}{space 2} 1.094628{col 75}{space 2} 1.103722{col 86}{space 1}    0.99{col 95}{space 3}0.325{col 103}{space 4}-1.113915{col 116}{space 3}  3.30317
{txt}{space 57}210  {c |}{col 63}{res}{space 2} .7322818{col 75}{space 2} .7311337{col 86}{space 1}    1.00{col 95}{space 3}0.321{col 103}{space 4}-.7307134{col 116}{space 3} 2.195277
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{txt}{space 57}325  {c |}{col 63}{res}{space 2} .4581173{col 75}{space 2} .4304876{col 86}{space 1}    1.06{col 95}{space 3}0.292{col 103}{space 4}-.4032865{col 116}{space 3} 1.319521
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{txt}{space 57}360  {c |}{col 63}{res}{space 2} .8691492{col 75}{space 2} .7983808{col 86}{space 1}    1.09{col 95}{space 3}0.281{col 103}{space 4}-.7284071{col 116}{space 3} 2.466706
{txt}{space 57}365  {c |}{col 63}{res}{space 2} .1640684{col 75}{space 2} .3422174{col 86}{space 1}    0.48{col 95}{space 3}0.633{col 103}{space 4} -.520707{col 116}{space 3} .8488437
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{txt}{space 57}452  {c |}{col 63}{res}{space 2} .5455945{col 75}{space 2} .9620292{col 86}{space 1}    0.57{col 95}{space 3}0.573{col 103}{space 4}-1.379422{col 116}{space 3} 2.470611
{txt}{space 57}475  {c |}{col 63}{res}{space 2}   -.2631{col 75}{space 2}  .507311{col 86}{space 1}   -0.52{col 95}{space 3}0.606{col 103}{space 4}-1.278227{col 116}{space 3} .7520269
{txt}{space 57}501  {c |}{col 63}{res}{space 2} .3111976{col 75}{space 2} .8236793{col 86}{space 1}    0.38{col 95}{space 3}0.707{col 103}{space 4}-1.336981{col 116}{space 3} 1.959376
{txt}{space 57}551  {c |}{col 63}{res}{space 2} .4708415{col 75}{space 2} 1.055007{col 86}{space 1}    0.45{col 95}{space 3}0.657{col 103}{space 4}-1.640223{col 116}{space 3} 2.581906
{txt}{space 57}552  {c |}{col 63}{res}{space 2} .6831781{col 75}{space 2} .9945455{col 86}{space 1}    0.69{col 95}{space 3}0.495{col 103}{space 4}-1.306903{col 116}{space 3} 2.673259
{txt}{space 57}560  {c |}{col 63}{res}{space 2} .3551505{col 75}{space 2} .5898535{col 86}{space 1}    0.60{col 95}{space 3}0.549{col 103}{space 4}-.8251436{col 116}{space 3} 1.535445
{txt}{space 57}590  {c |}{col 63}{res}{space 2} 1.755107{col 75}{space 2} 1.508416{col 86}{space 1}    1.16{col 95}{space 3}0.249{col 103}{space 4}-1.263225{col 116}{space 3}  4.77344
{txt}{space 57}600  {c |}{col 63}{res}{space 2} .3430911{col 75}{space 2} .8005878{col 86}{space 1}    0.43{col 95}{space 3}0.670{col 103}{space 4}-1.258881{col 116}{space 3} 1.945064
{txt}{space 57}615  {c |}{col 63}{res}{space 2} .8624236{col 75}{space 2} .7072599{col 86}{space 1}    1.22{col 95}{space 3}0.228{col 103}{space 4}-.5528001{col 116}{space 3} 2.277647
{txt}{space 57}616  {c |}{col 63}{res}{space 2} .8204798{col 75}{space 2} 1.019222{col 86}{space 1}    0.81{col 95}{space 3}0.424{col 103}{space 4}-1.218979{col 116}{space 3} 2.859939
{txt}{space 57}640  {c |}{col 63}{res}{space 2} .4543876{col 75}{space 2}  .517201{col 86}{space 1}    0.88{col 95}{space 3}0.383{col 103}{space 4}-.5805293{col 116}{space 3} 1.489304
{txt}{space 57}651  {c |}{col 63}{res}{space 2} .5117404{col 75}{space 2} .5869331{col 86}{space 1}    0.87{col 95}{space 3}0.387{col 103}{space 4}  -.66271{col 116}{space 3} 1.686191
{txt}{space 57}710  {c |}{col 63}{res}{space 2} -.594351{col 75}{space 2} .4025497{col 86}{space 1}   -1.48{col 95}{space 3}0.145{col 103}{space 4}-1.399851{col 116}{space 3} .2111491
{txt}{space 57}732  {c |}{col 63}{res}{space 2} .5490581{col 75}{space 2} .5267617{col 86}{space 1}    1.04{col 95}{space 3}0.302{col 103}{space 4}-.5049897{col 116}{space 3} 1.603106
{txt}{space 57}740  {c |}{col 63}{res}{space 2}  .492681{col 75}{space 2} .2078775{col 86}{space 1}    2.37{col 95}{space 3}0.021{col 103}{space 4}  .076719{col 116}{space 3}  .908643
{txt}{space 57}750  {c |}{col 63}{res}{space 2}-.7218816{col 75}{space 2} .3482383{col 86}{space 1}   -2.07{col 95}{space 3}0.043{col 103}{space 4}-1.418705{col 116}{space 3}-.0250584
{txt}{space 57}780  {c |}{col 63}{res}{space 2} .5562002{col 75}{space 2} .9037765{col 86}{space 1}    0.62{col 95}{space 3}0.541{col 103}{space 4}-1.252252{col 116}{space 3} 2.364653
{txt}{space 57}800  {c |}{col 63}{res}{space 2}  .430888{col 75}{space 2} .5333247{col 86}{space 1}    0.81{col 95}{space 3}0.422{col 103}{space 4}-.6362922{col 116}{space 3} 1.498068
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{txt}{space 57}840  {c |}{col 63}{res}{space 2}  .134428{col 75}{space 2} .5396491{col 86}{space 1}    0.25{col 95}{space 3}0.804{col 103}{space 4}-.9454074{col 116}{space 3} 1.214263
{txt}{space 57}850  {c |}{col 63}{res}{space 2}-.1228084{col 75}{space 2} .3340545{col 86}{space 1}   -0.37{col 95}{space 3}0.714{col 103}{space 4}-.7912499{col 116}{space 3} .5456331
{txt}{space 57}900  {c |}{col 63}{res}{space 2} .9137593{col 75}{space 2} .7146079{col 86}{space 1}    1.28{col 95}{space 3}0.206{col 103}{space 4}-.5161678{col 116}{space 3} 2.343686
{txt}{space 57}920  {c |}{col 63}{res}{space 2} 1.303533{col 75}{space 2} 1.137719{col 86}{space 1}    1.15{col 95}{space 3}0.257{col 103}{space 4}-.9730376{col 116}{space 3} 3.580103
{txt}{space 61} {c |}
{space 56}_cons {c |}{col 63}{res}{space 2} -4.39346{col 75}{space 2} 5.248403{col 86}{space 1}   -0.84{col 95}{space 3}0.406{col 103}{space 4}-14.89549{col 116}{space 3}  6.10857
{txt}{hline 62}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab16
{txt}
{com}. 
. * Table 18:
. *esttab tab13 tab14 tab15 tab16 using estim_underval4.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H5: interest rates
. 
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit11_binary##c.ir_diff undervalue  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1248
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       57

{txt}R-sq:  within  = {res}0.6443                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5535                                        {txt}avg = {res}     21.9
{txt}       overall = {res}0.5078                                        {txt}max = {res}       33

                                                {txt}F({res}18{txt},{res}56{txt})           = {res}    74.36
{txt}corr(u_i, Xb)  = {res}-0.6687                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 94:(Std. Err. adjusted for {res:57} clusters in cowcode)}
{hline 29}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 30}{c |}{col 42}    Robust
{col 1}          log_fi_res_totl_mo{col 30}{c |}      Coef.{col 42}   Std. Err.{col 54}      t{col 62}   P>|t|{col 70}     [95% Con{col 83}f. Interval]
{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}log_fi_res_totl_mo {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .7862623{col 42}{space 2} .0480784{col 53}{space 1}   16.35{col 62}{space 3}0.000{col 70}{space 4} .6899497{col 83}{space 3}  .882575
{txt}{space 28} {c |}
{space 8}1.sum_polit11_binary {c |}{col 30}{res}{space 2} .0137599{col 42}{space 2}  .037056{col 53}{space 1}    0.37{col 62}{space 3}0.712{col 70}{space 4}-.0604722{col 83}{space 3} .0879921
{txt}{space 21}ir_diff {c |}{col 30}{res}{space 2}-.0724763{col 42}{space 2} .2365346{col 53}{space 1}   -0.31{col 62}{space 3}0.760{col 70}{space 4}-.5463121{col 83}{space 3} .4013595
{txt}{space 28} {c |}
sum_polit11_binary#c.ir_diff {c |}
{space 26}1  {c |}{col 30}{res}{space 2}-.0290108{col 42}{space 2} .2472507{col 53}{space 1}   -0.12{col 62}{space 3}0.907{col 70}{space 4}-.5243135{col 83}{space 3} .4662919
{txt}{space 28} {c |}
{space 18}undervalue {c |}{col 30}{res}{space 2}-.0112284{col 42}{space 2} .0617164{col 53}{space 1}   -0.18{col 62}{space 3}0.856{col 70}{space 4}-.1348612{col 83}{space 3} .1124044
{txt}{space 21}polity2 {c |}{col 30}{res}{space 2} .0056842{col 42}{space 2} .0033363{col 53}{space 1}    1.70{col 62}{space 3}0.094{col 70}{space 4}-.0009992{col 83}{space 3} .0123676
{txt}{space 15}sum_imftotal5 {c |}{col 30}{res}{space 2}-.0156034{col 42}{space 2} .0307488{col 53}{space 1}   -0.51{col 62}{space 3}0.614{col 70}{space 4}-.0772006{col 83}{space 3} .0459939
{txt}{space 14}ne_imp_gnfs_zs {c |}{col 30}{res}{space 2}-.0033946{col 42}{space 2} .0020897{col 53}{space 1}   -1.62{col 62}{space 3}0.110{col 70}{space 4}-.0075808{col 83}{space 3} .0007915
{txt}{space 15}trade_balance {c |}{col 30}{res}{space 2} .0131515{col 42}{space 2} .0046176{col 53}{space 1}    2.85{col 62}{space 3}0.006{col 70}{space 4} .0039013{col 83}{space 3} .0224016
{txt}{space 19}cbi_irreg {c |}{col 30}{res}{space 2} .0018015{col 42}{space 2} .0161926{col 53}{space 1}    0.11{col 62}{space 3}0.912{col 70}{space 4}-.0306362{col 83}{space 3} .0342392
{txt}{space 16}presidential {c |}{col 30}{res}{space 2} .1216642{col 42}{space 2} .0629471{col 53}{space 1}    1.93{col 62}{space 3}0.058{col 70}{space 4}-.0044341{col 83}{space 3} .2477625
{txt}{space 19}log_gdppc {c |}{col 30}{res}{space 2}-.1076525{col 42}{space 2} .0768428{col 53}{space 1}   -1.40{col 62}{space 3}0.167{col 70}{space 4}-.2615872{col 83}{space 3} .0462821
{txt}{space 18}gdp_growth {c |}{col 30}{res}{space 2}-.0072748{col 42}{space 2} .0044842{col 53}{space 1}   -1.62{col 62}{space 3}0.110{col 70}{space 4}-.0162578{col 83}{space 3} .0017082
{txt}{space 21}log_pop {c |}{col 30}{res}{space 2}  .379389{col 42}{space 2} .2674047{col 53}{space 1}    1.42{col 62}{space 3}0.162{col 70}{space 4}-.1562869{col 83}{space 3} .9150649
{txt}{space 22}kaopen {c |}{col 30}{res}{space 2}-.0189247{col 42}{space 2} .0144283{col 53}{space 1}   -1.31{col 62}{space 3}0.195{col 70}{space 4} -.047828{col 83}{space 3} .0099786
{txt}{space 16}currency_peg {c |}{col 30}{res}{space 2}  .031777{col 42}{space 2} .0404794{col 53}{space 1}    0.79{col 62}{space 3}0.436{col 70}{space 4}-.0493131{col 83}{space 3}  .112867
{txt}{space 13}currency_binary {c |}{col 30}{res}{space 2}-.1307764{col 42}{space 2} .0320268{col 53}{space 1}   -4.08{col 62}{space 3}0.000{col 70}{space 4}-.1949337{col 83}{space 3}-.0666191
{txt}{space 18}time_trend {c |}{col 30}{res}{space 2} .0002303{col 42}{space 2} .0065255{col 53}{space 1}    0.04{col 62}{space 3}0.972{col 70}{space 4}-.0128418{col 83}{space 3} .0133024
{txt}{space 23}_cons {c |}{col 30}{res}{space 2}-5.255214{col 42}{space 2} 4.601662{col 53}{space 1}   -1.14{col 62}{space 3}0.258{col 70}{space 4}-14.47345{col 83}{space 3} 3.963023
{txt}{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                     sigma_u {c |} {res} .53396101
                     {txt}sigma_e {c |} {res}  .2845347
                         {txt}rho {c |} {res} .77884276{txt}   (fraction of variance due to u_i)
{hline 29}{c BT}{hline 64}

{com}. 
. est store tab17
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit11##c.ir_diff  undervalue polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1246
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       57

{txt}R-sq:  within  = {res}0.6436                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5391                                        {txt}avg = {res}     21.9
{txt}       overall = {res}0.4900                                        {txt}max = {res}       33

                                                {txt}F({res}18{txt},{res}56{txt})           = {res}    61.95
{txt}corr(u_i, Xb)  = {res}-0.6885                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 97:(Std. Err. adjusted for {res:57} clusters in cowcode)}
{hline 32}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 33}{c |}{col 45}    Robust
{col 1}             log_fi_res_totl_mo{col 33}{c |}      Coef.{col 45}   Std. Err.{col 57}      t{col 65}   P>|t|{col 73}     [95% Con{col 86}f. Interval]
{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}log_fi_res_totl_mo {c |}
{space 28}L1. {c |}{col 33}{res}{space 2} .7855635{col 45}{space 2} .0477756{col 56}{space 1}   16.44{col 65}{space 3}0.000{col 73}{space 4} .6898575{col 86}{space 3} .8812694
{txt}{space 31} {c |}
{space 12}polity_frac_polit11 {c |}{col 33}{res}{space 2} .0207868{col 45}{space 2} .0243135{col 56}{space 1}    0.85{col 65}{space 3}0.396{col 73}{space 4} -.027919{col 86}{space 3} .0694925
{txt}{space 24}ir_diff {c |}{col 33}{res}{space 2} -.004896{col 45}{space 2} .0576995{col 56}{space 1}   -0.08{col 65}{space 3}0.933{col 73}{space 4} -.120482{col 86}{space 3}   .11069
{txt}{space 31} {c |}
c.polity_frac_polit11#c.ir_diff {c |}{col 33}{res}{space 2}-.2355553{col 45}{space 2} .1639052{col 56}{space 1}   -1.44{col 65}{space 3}0.156{col 73}{space 4} -.563897{col 86}{space 3} .0927863
{txt}{space 31} {c |}
{space 21}undervalue {c |}{col 33}{res}{space 2}-.0151295{col 45}{space 2}  .061936{col 56}{space 1}   -0.24{col 65}{space 3}0.808{col 73}{space 4}-.1392022{col 86}{space 3} .1089432
{txt}{space 24}polity2 {c |}{col 33}{res}{space 2} .0053998{col 45}{space 2} .0034861{col 56}{space 1}    1.55{col 65}{space 3}0.127{col 73}{space 4}-.0015838{col 86}{space 3} .0123833
{txt}{space 18}sum_imftotal5 {c |}{col 33}{res}{space 2} -.009342{col 45}{space 2} .0307711{col 56}{space 1}   -0.30{col 65}{space 3}0.763{col 73}{space 4}-.0709839{col 86}{space 3} .0522998
{txt}{space 17}ne_imp_gnfs_zs {c |}{col 33}{res}{space 2}-.0033838{col 45}{space 2} .0020894{col 56}{space 1}   -1.62{col 65}{space 3}0.111{col 73}{space 4}-.0075693{col 86}{space 3} .0008017
{txt}{space 18}trade_balance {c |}{col 33}{res}{space 2}  .012697{col 45}{space 2} .0045819{col 56}{space 1}    2.77{col 65}{space 3}0.008{col 73}{space 4} .0035184{col 86}{space 3} .0218757
{txt}{space 22}cbi_irreg {c |}{col 33}{res}{space 2} .0020493{col 45}{space 2} .0160945{col 56}{space 1}    0.13{col 65}{space 3}0.899{col 73}{space 4}-.0301919{col 86}{space 3} .0342906
{txt}{space 19}presidential {c |}{col 33}{res}{space 2} .1151773{col 45}{space 2} .0654075{col 56}{space 1}    1.76{col 65}{space 3}0.084{col 73}{space 4}-.0158497{col 86}{space 3} .2462043
{txt}{space 22}log_gdppc {c |}{col 33}{res}{space 2}-.1065884{col 45}{space 2}  .077392{col 56}{space 1}   -1.38{col 65}{space 3}0.174{col 73}{space 4}-.2616232{col 86}{space 3} .0484464
{txt}{space 21}gdp_growth {c |}{col 33}{res}{space 2} -.007448{col 45}{space 2} .0044402{col 56}{space 1}   -1.68{col 65}{space 3}0.099{col 73}{space 4}-.0163429{col 86}{space 3} .0014469
{txt}{space 24}log_pop {c |}{col 33}{res}{space 2} .4049908{col 45}{space 2} .2737172{col 56}{space 1}    1.48{col 65}{space 3}0.145{col 73}{space 4}-.1433306{col 86}{space 3} .9533121
{txt}{space 25}kaopen {c |}{col 33}{res}{space 2}-.0151038{col 45}{space 2} .0149887{col 56}{space 1}   -1.01{col 65}{space 3}0.318{col 73}{space 4}-.0451298{col 86}{space 3} .0149222
{txt}{space 19}currency_peg {c |}{col 33}{res}{space 2} .0280328{col 45}{space 2} .0405285{col 56}{space 1}    0.69{col 65}{space 3}0.492{col 73}{space 4}-.0531556{col 86}{space 3} .1092211
{txt}{space 16}currency_binary {c |}{col 33}{res}{space 2} -.135755{col 45}{space 2} .0320622{col 56}{space 1}   -4.23{col 65}{space 3}0.000{col 73}{space 4}-.1999832{col 86}{space 3}-.0715268
{txt}{space 21}time_trend {c |}{col 33}{res}{space 2}-.0003171{col 45}{space 2} .0066732{col 56}{space 1}   -0.05{col 65}{space 3}0.962{col 73}{space 4}-.0136851{col 86}{space 3} .0130509
{txt}{space 26}_cons {c |}{col 33}{res}{space 2}-5.669749{col 45}{space 2} 4.713624{col 56}{space 1}   -1.20{col 65}{space 3}0.234{col 73}{space 4}-15.11227{col 86}{space 3} 3.772776
{txt}{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                        sigma_u {c |} {res} .56166539
                        {txt}sigma_e {c |} {res} .28392251
                            {txt}rho {c |} {res} .79647548{txt}   (fraction of variance due to u_i)
{hline 32}{c BT}{hline 64}

{com}. 
. est store tab18
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit12_binary##c.ir_diff undervalue polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1248
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       57

{txt}R-sq:  within  = {res}0.6448                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5545                                        {txt}avg = {res}     21.9
{txt}       overall = {res}0.5075                                        {txt}max = {res}       33

                                                {txt}F({res}18{txt},{res}56{txt})           = {res}    65.08
{txt}corr(u_i, Xb)  = {res}-0.6717                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 94:(Std. Err. adjusted for {res:57} clusters in cowcode)}
{hline 29}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 30}{c |}{col 42}    Robust
{col 1}          log_fi_res_totl_mo{col 30}{c |}      Coef.{col 42}   Std. Err.{col 54}      t{col 62}   P>|t|{col 70}     [95% Con{col 83}f. Interval]
{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}log_fi_res_totl_mo {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .7862343{col 42}{space 2} .0482061{col 53}{space 1}   16.31{col 62}{space 3}0.000{col 70}{space 4} .6896658{col 83}{space 3} .8828028
{txt}{space 28} {c |}
{space 8}1.sum_polit12_binary {c |}{col 30}{res}{space 2} .0405519{col 42}{space 2} .0340274{col 53}{space 1}    1.19{col 62}{space 3}0.238{col 70}{space 4}-.0276132{col 83}{space 3}  .108717
{txt}{space 21}ir_diff {c |}{col 30}{res}{space 2}-.1384956{col 42}{space 2} .2752458{col 53}{space 1}   -0.50{col 62}{space 3}0.617{col 70}{space 4}-.6898792{col 83}{space 3} .4128879
{txt}{space 28} {c |}
sum_polit12_binary#c.ir_diff {c |}
{space 26}1  {c |}{col 30}{res}{space 2} .0410454{col 42}{space 2} .2776758{col 53}{space 1}    0.15{col 62}{space 3}0.883{col 70}{space 4} -.515206{col 83}{space 3} .5972969
{txt}{space 28} {c |}
{space 18}undervalue {c |}{col 30}{res}{space 2}-.0141878{col 42}{space 2} .0604001{col 53}{space 1}   -0.23{col 62}{space 3}0.815{col 70}{space 4}-.1351837{col 83}{space 3} .1068081
{txt}{space 21}polity2 {c |}{col 30}{res}{space 2} .0056918{col 42}{space 2} .0033132{col 53}{space 1}    1.72{col 62}{space 3}0.091{col 70}{space 4}-.0009452{col 83}{space 3} .0123289
{txt}{space 15}sum_imftotal5 {c |}{col 30}{res}{space 2}-.0219765{col 42}{space 2} .0312695{col 53}{space 1}   -0.70{col 62}{space 3}0.485{col 70}{space 4}-.0846168{col 83}{space 3} .0406638
{txt}{space 14}ne_imp_gnfs_zs {c |}{col 30}{res}{space 2}-.0032446{col 42}{space 2} .0020875{col 53}{space 1}   -1.55{col 62}{space 3}0.126{col 70}{space 4}-.0074264{col 83}{space 3} .0009372
{txt}{space 15}trade_balance {c |}{col 30}{res}{space 2} .0130702{col 42}{space 2} .0045928{col 53}{space 1}    2.85{col 62}{space 3}0.006{col 70}{space 4} .0038696{col 83}{space 3} .0222707
{txt}{space 19}cbi_irreg {c |}{col 30}{res}{space 2} .0026789{col 42}{space 2} .0160573{col 53}{space 1}    0.17{col 62}{space 3}0.868{col 70}{space 4}-.0294878{col 83}{space 3} .0348456
{txt}{space 16}presidential {c |}{col 30}{res}{space 2} .1264138{col 42}{space 2} .0626244{col 53}{space 1}    2.02{col 62}{space 3}0.048{col 70}{space 4}  .000962{col 83}{space 3} .2518657
{txt}{space 19}log_gdppc {c |}{col 30}{res}{space 2}-.1088172{col 42}{space 2} .0766515{col 53}{space 1}   -1.42{col 62}{space 3}0.161{col 70}{space 4}-.2623687{col 83}{space 3} .0447342
{txt}{space 18}gdp_growth {c |}{col 30}{res}{space 2}-.0071613{col 42}{space 2} .0044849{col 53}{space 1}   -1.60{col 62}{space 3}0.116{col 70}{space 4}-.0161457{col 83}{space 3} .0018231
{txt}{space 21}log_pop {c |}{col 30}{res}{space 2} .3819458{col 42}{space 2} .2668825{col 53}{space 1}    1.43{col 62}{space 3}0.158{col 70}{space 4}-.1526842{col 83}{space 3} .9165757
{txt}{space 22}kaopen {c |}{col 30}{res}{space 2}-.0187389{col 42}{space 2} .0155874{col 53}{space 1}   -1.20{col 62}{space 3}0.234{col 70}{space 4}-.0499643{col 83}{space 3} .0124865
{txt}{space 16}currency_peg {c |}{col 30}{res}{space 2} .0292454{col 42}{space 2}  .040148{col 53}{space 1}    0.73{col 62}{space 3}0.469{col 70}{space 4}-.0511807{col 83}{space 3} .1096715
{txt}{space 13}currency_binary {c |}{col 30}{res}{space 2}-.1300328{col 42}{space 2} .0317661{col 53}{space 1}   -4.09{col 62}{space 3}0.000{col 70}{space 4} -.193668{col 83}{space 3}-.0663976
{txt}{space 18}time_trend {c |}{col 30}{res}{space 2} .0004864{col 42}{space 2} .0064786{col 53}{space 1}    0.08{col 62}{space 3}0.940{col 70}{space 4}-.0124918{col 83}{space 3} .0134645
{txt}{space 23}_cons {c |}{col 30}{res}{space 2} -5.30959{col 42}{space 2} 4.601928{col 53}{space 1}   -1.15{col 62}{space 3}0.253{col 70}{space 4}-14.52836{col 83}{space 3} 3.909179
{txt}{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                     sigma_u {c |} {res} .53570811
                     {txt}sigma_e {c |} {res} .28432723
                         {txt}rho {c |} {res} .78021631{txt}   (fraction of variance due to u_i)
{hline 29}{c BT}{hline 64}

{com}. 
. est store tab19
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit12##c.ir_diff undervalue polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1246
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       57

{txt}R-sq:  within  = {res}0.6437                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5477                                        {txt}avg = {res}     21.9
{txt}       overall = {res}0.4965                                        {txt}max = {res}       33

                                                {txt}F({res}18{txt},{res}56{txt})           = {res}    63.14
{txt}corr(u_i, Xb)  = {res}-0.6822                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 97:(Std. Err. adjusted for {res:57} clusters in cowcode)}
{hline 32}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 33}{c |}{col 45}    Robust
{col 1}             log_fi_res_totl_mo{col 33}{c |}      Coef.{col 45}   Std. Err.{col 57}      t{col 65}   P>|t|{col 73}     [95% Con{col 86}f. Interval]
{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}log_fi_res_totl_mo {c |}
{space 28}L1. {c |}{col 33}{res}{space 2} .7820029{col 45}{space 2} .0487797{col 56}{space 1}   16.03{col 65}{space 3}0.000{col 73}{space 4} .6842855{col 86}{space 3} .8797203
{txt}{space 31} {c |}
{space 12}polity_frac_polit12 {c |}{col 33}{res}{space 2} .0369814{col 45}{space 2} .0331521{col 56}{space 1}    1.12{col 65}{space 3}0.269{col 73}{space 4}-.0294302{col 86}{space 3}  .103393
{txt}{space 24}ir_diff {c |}{col 33}{res}{space 2}-.0187789{col 45}{space 2} .0706832{col 56}{space 1}   -0.27{col 65}{space 3}0.791{col 73}{space 4}-.1603744{col 86}{space 3} .1228167
{txt}{space 31} {c |}
c.polity_frac_polit12#c.ir_diff {c |}{col 33}{res}{space 2}-.2093783{col 45}{space 2} .1596899{col 56}{space 1}   -1.31{col 65}{space 3}0.195{col 73}{space 4}-.5292757{col 86}{space 3}  .110519
{txt}{space 31} {c |}
{space 21}undervalue {c |}{col 33}{res}{space 2}-.0159897{col 45}{space 2} .0635801{col 56}{space 1}   -0.25{col 65}{space 3}0.802{col 73}{space 4}-.1433559{col 86}{space 3} .1113765
{txt}{space 24}polity2 {c |}{col 33}{res}{space 2} .0049471{col 45}{space 2} .0033617{col 56}{space 1}    1.47{col 65}{space 3}0.147{col 73}{space 4}-.0017872{col 86}{space 3} .0116814
{txt}{space 18}sum_imftotal5 {c |}{col 33}{res}{space 2}-.0144268{col 45}{space 2} .0321362{col 56}{space 1}   -0.45{col 65}{space 3}0.655{col 73}{space 4}-.0788033{col 86}{space 3} .0499497
{txt}{space 17}ne_imp_gnfs_zs {c |}{col 33}{res}{space 2}-.0031119{col 45}{space 2} .0021037{col 56}{space 1}   -1.48{col 65}{space 3}0.145{col 73}{space 4}-.0073262{col 86}{space 3} .0011024
{txt}{space 18}trade_balance {c |}{col 33}{res}{space 2} .0128014{col 45}{space 2} .0045277{col 56}{space 1}    2.83{col 65}{space 3}0.006{col 73}{space 4} .0037314{col 86}{space 3} .0218714
{txt}{space 22}cbi_irreg {c |}{col 33}{res}{space 2} .0027191{col 45}{space 2} .0159967{col 56}{space 1}    0.17{col 65}{space 3}0.866{col 73}{space 4} -.029326{col 86}{space 3} .0347643
{txt}{space 19}presidential {c |}{col 33}{res}{space 2} .1257608{col 45}{space 2} .0648216{col 56}{space 1}    1.94{col 65}{space 3}0.057{col 73}{space 4}-.0040925{col 86}{space 3} .2556141
{txt}{space 22}log_gdppc {c |}{col 33}{res}{space 2}-.1034818{col 45}{space 2} .0785503{col 56}{space 1}   -1.32{col 65}{space 3}0.193{col 73}{space 4}-.2608369{col 86}{space 3} .0538734
{txt}{space 21}gdp_growth {c |}{col 33}{res}{space 2}-.0073003{col 45}{space 2} .0044825{col 56}{space 1}   -1.63{col 65}{space 3}0.109{col 73}{space 4}-.0162798{col 86}{space 3} .0016791
{txt}{space 24}log_pop {c |}{col 33}{res}{space 2} .3996484{col 45}{space 2} .2687979{col 56}{space 1}    1.49{col 65}{space 3}0.143{col 73}{space 4}-.1388184{col 86}{space 3} .9381152
{txt}{space 25}kaopen {c |}{col 33}{res}{space 2}-.0167609{col 45}{space 2} .0142705{col 56}{space 1}   -1.17{col 65}{space 3}0.245{col 73}{space 4}-.0453482{col 86}{space 3} .0118264
{txt}{space 19}currency_peg {c |}{col 33}{res}{space 2} .0293685{col 45}{space 2} .0405957{col 56}{space 1}    0.72{col 65}{space 3}0.472{col 73}{space 4}-.0519545{col 86}{space 3} .1106915
{txt}{space 16}currency_binary {c |}{col 33}{res}{space 2}-.1360824{col 45}{space 2} .0316012{col 56}{space 1}   -4.31{col 65}{space 3}0.000{col 73}{space 4}-.1993872{col 86}{space 3}-.0727777
{txt}{space 21}time_trend {c |}{col 33}{res}{space 2}-.0003049{col 45}{space 2} .0066742{col 56}{space 1}   -0.05{col 65}{space 3}0.964{col 73}{space 4}-.0136749{col 86}{space 3} .0130651
{txt}{space 26}_cons {c |}{col 33}{res}{space 2} -5.60363{col 45}{space 2} 4.644113{col 56}{space 1}   -1.21{col 65}{space 3}0.233{col 73}{space 4}-14.90691{col 86}{space 3} 3.699646
{txt}{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                        sigma_u {c |} {res} .55112255
                        {txt}sigma_e {c |} {res} .28387647
                            {txt}rho {c |} {res}  .7903168{txt}   (fraction of variance due to u_i)
{hline 32}{c BT}{hline 64}

{com}. 
. est store tab20
{txt}
{com}. 
. * Table 19:
. *esttab tab17 tab18 tab19 tab20 using estim_underval5.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H6: central bank independence
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit11_binary##c.cbi_irreg undervalue polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1479
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.6884                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6036                                        {txt}avg = {res}     24.6
{txt}       overall = {res}0.5551                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}59{txt})           = {res}   107.65
{txt}corr(u_i, Xb)  = {res}-0.6750                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 96:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}            log_fi_res_totl_mo{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      t{col 64}   P>|t|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}log_fi_res_totl_mo {c |}
{space 27}L1. {c |}{col 32}{res}{space 2} .8111867{col 44}{space 2}  .039508{col 55}{space 1}   20.53{col 64}{space 3}0.000{col 72}{space 4} .7321313{col 85}{space 3} .8902421
{txt}{space 30} {c |}
{space 10}1.sum_polit11_binary {c |}{col 32}{res}{space 2} .0417267{col 44}{space 2} .0284585{col 55}{space 1}    1.47{col 64}{space 3}0.148{col 72}{space 4}-.0152186{col 85}{space 3}  .098672
{txt}{space 21}cbi_irreg {c |}{col 32}{res}{space 2} .0258106{col 44}{space 2} .0204912{col 55}{space 1}    1.26{col 64}{space 3}0.213{col 72}{space 4}-.0151922{col 85}{space 3} .0668134
{txt}{space 30} {c |}
sum_polit11_binary#c.cbi_irreg {c |}
{space 28}1  {c |}{col 32}{res}{space 2}-.0118427{col 44}{space 2} .0245719{col 55}{space 1}   -0.48{col 64}{space 3}0.632{col 72}{space 4} -.061011{col 85}{space 3} .0373256
{txt}{space 30} {c |}
{space 20}undervalue {c |}{col 32}{res}{space 2} -.025691{col 44}{space 2} .0525179{col 55}{space 1}   -0.49{col 64}{space 3}0.627{col 72}{space 4} -.130779{col 85}{space 3} .0793971
{txt}{space 23}polity2 {c |}{col 32}{res}{space 2} .0057178{col 44}{space 2}  .002901{col 55}{space 1}    1.97{col 64}{space 3}0.053{col 72}{space 4} -.000087{col 85}{space 3} .0115226
{txt}{space 17}sum_imftotal5 {c |}{col 32}{res}{space 2}-.0124604{col 44}{space 2}  .030247{col 55}{space 1}   -0.41{col 64}{space 3}0.682{col 72}{space 4}-.0729844{col 85}{space 3} .0480637
{txt}{space 16}ne_imp_gnfs_zs {c |}{col 32}{res}{space 2}-.0022028{col 44}{space 2} .0019713{col 55}{space 1}   -1.12{col 64}{space 3}0.268{col 72}{space 4}-.0061475{col 85}{space 3} .0017418
{txt}{space 17}trade_balance {c |}{col 32}{res}{space 2} .0151861{col 44}{space 2} .0040641{col 55}{space 1}    3.74{col 64}{space 3}0.000{col 72}{space 4} .0070538{col 85}{space 3} .0233183
{txt}{space 18}presidential {c |}{col 32}{res}{space 2} .0944934{col 44}{space 2} .0664052{col 55}{space 1}    1.42{col 64}{space 3}0.160{col 72}{space 4}-.0383831{col 85}{space 3} .2273698
{txt}{space 21}log_gdppc {c |}{col 32}{res}{space 2}-.1277789{col 44}{space 2} .0638096{col 55}{space 1}   -2.00{col 64}{space 3}0.050{col 72}{space 4}-.2554617{col 85}{space 3}-.0000961
{txt}{space 20}gdp_growth {c |}{col 32}{res}{space 2} -.007226{col 44}{space 2} .0039806{col 55}{space 1}   -1.82{col 64}{space 3}0.075{col 72}{space 4}-.0151911{col 85}{space 3} .0007391
{txt}{space 23}log_pop {c |}{col 32}{res}{space 2} .3587862{col 44}{space 2} .2313103{col 55}{space 1}    1.55{col 64}{space 3}0.126{col 72}{space 4}-.1040647{col 85}{space 3}  .821637
{txt}{space 24}kaopen {c |}{col 32}{res}{space 2}-.0150613{col 44}{space 2} .0126224{col 55}{space 1}   -1.19{col 64}{space 3}0.238{col 72}{space 4}-.0403187{col 85}{space 3} .0101961
{txt}{space 18}currency_peg {c |}{col 32}{res}{space 2} .0301047{col 44}{space 2} .0357973{col 55}{space 1}    0.84{col 64}{space 3}0.404{col 72}{space 4}-.0415254{col 85}{space 3} .1017349
{txt}{space 15}currency_binary {c |}{col 32}{res}{space 2}-.1236295{col 44}{space 2} .0296219{col 55}{space 1}   -4.17{col 64}{space 3}0.000{col 72}{space 4}-.1829028{col 85}{space 3}-.0643561
{txt}{space 20}time_trend {c |}{col 32}{res}{space 2}-.0005045{col 44}{space 2} .0059176{col 55}{space 1}   -0.09{col 64}{space 3}0.932{col 72}{space 4}-.0123457{col 85}{space 3} .0113366
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-4.811665{col 44}{space 2} 4.019019{col 55}{space 1}   -1.20{col 64}{space 3}0.236{col 72}{space 4} -12.8537{col 85}{space 3} 3.230374
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                       sigma_u {c |} {res} .54189059
                       {txt}sigma_e {c |} {res} .28914272
                           {txt}rho {c |} {res} .77838635{txt}   (fraction of variance due to u_i)
{hline 31}{c BT}{hline 64}

{com}. 
. est store tab21
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit11##c.cbi_irreg undervalue  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1477
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.6875                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5583                                        {txt}avg = {res}     24.6
{txt}       overall = {res}0.5086                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}59{txt})           = {res}    99.10
{txt}corr(u_i, Xb)  = {res}-0.7214                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 99:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 34}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 35}{c |}{col 47}    Robust
{col 1}               log_fi_res_totl_mo{col 35}{c |}      Coef.{col 47}   Std. Err.{col 59}      t{col 67}   P>|t|{col 75}     [95% Con{col 88}f. Interval]
{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 15}log_fi_res_totl_mo {c |}
{space 30}L1. {c |}{col 35}{res}{space 2} .8093326{col 47}{space 2} .0400164{col 58}{space 1}   20.23{col 67}{space 3}0.000{col 75}{space 4}   .72926{col 88}{space 3} .8894051
{txt}{space 33} {c |}
{space 14}polity_frac_polit11 {c |}{col 35}{res}{space 2} .0393112{col 47}{space 2} .0324901{col 58}{space 1}    1.21{col 67}{space 3}0.231{col 75}{space 4}-.0257013{col 88}{space 3} .1043236
{txt}{space 24}cbi_irreg {c |}{col 35}{res}{space 2} .0255543{col 47}{space 2} .0172915{col 58}{space 1}    1.48{col 67}{space 3}0.145{col 75}{space 4}-.0090458{col 88}{space 3} .0601544
{txt}{space 33} {c |}
c.polity_frac_polit11#c.cbi_irreg {c |}{col 35}{res}{space 2}-.0220003{col 47}{space 2} .0282751{col 58}{space 1}   -0.78{col 67}{space 3}0.440{col 75}{space 4}-.0785787{col 88}{space 3} .0345781
{txt}{space 33} {c |}
{space 23}undervalue {c |}{col 35}{res}{space 2}-.0379977{col 47}{space 2} .0522931{col 58}{space 1}   -0.73{col 67}{space 3}0.470{col 75}{space 4} -.142636{col 88}{space 3} .0666407
{txt}{space 26}polity2 {c |}{col 35}{res}{space 2} .0053869{col 47}{space 2} .0030528{col 58}{space 1}    1.76{col 67}{space 3}0.083{col 75}{space 4}-.0007218{col 88}{space 3} .0114955
{txt}{space 20}sum_imftotal5 {c |}{col 35}{res}{space 2}-.0102918{col 47}{space 2} .0305034{col 58}{space 1}   -0.34{col 67}{space 3}0.737{col 75}{space 4} -.071329{col 88}{space 3} .0507454
{txt}{space 19}ne_imp_gnfs_zs {c |}{col 35}{res}{space 2}-.0021724{col 47}{space 2} .0019546{col 58}{space 1}   -1.11{col 67}{space 3}0.271{col 75}{space 4}-.0060836{col 88}{space 3} .0017388
{txt}{space 20}trade_balance {c |}{col 35}{res}{space 2} .0151895{col 47}{space 2} .0040477{col 58}{space 1}    3.75{col 67}{space 3}0.000{col 75}{space 4} .0070902{col 88}{space 3} .0232889
{txt}{space 21}presidential {c |}{col 35}{res}{space 2} .0984456{col 47}{space 2} .0662651{col 58}{space 1}    1.49{col 67}{space 3}0.143{col 75}{space 4}-.0341505{col 88}{space 3} .2310418
{txt}{space 24}log_gdppc {c |}{col 35}{res}{space 2}-.1219236{col 47}{space 2} .0648881{col 58}{space 1}   -1.88{col 67}{space 3}0.065{col 75}{space 4}-.2517643{col 88}{space 3} .0079171
{txt}{space 23}gdp_growth {c |}{col 35}{res}{space 2}-.0073674{col 47}{space 2} .0039567{col 58}{space 1}   -1.86{col 67}{space 3}0.068{col 75}{space 4}-.0152848{col 88}{space 3} .0005499
{txt}{space 26}log_pop {c |}{col 35}{res}{space 2} .4198363{col 47}{space 2} .2306131{col 58}{space 1}    1.82{col 67}{space 3}0.074{col 75}{space 4}-.0416194{col 88}{space 3} .8812921
{txt}{space 27}kaopen {c |}{col 35}{res}{space 2} -.013799{col 47}{space 2} .0125651{col 58}{space 1}   -1.10{col 67}{space 3}0.277{col 75}{space 4}-.0389416{col 88}{space 3} .0113436
{txt}{space 21}currency_peg {c |}{col 35}{res}{space 2} .0268771{col 47}{space 2} .0358262{col 58}{space 1}    0.75{col 67}{space 3}0.456{col 75}{space 4} -.044811{col 88}{space 3} .0985652
{txt}{space 18}currency_binary {c |}{col 35}{res}{space 2}-.1272232{col 47}{space 2} .0292031{col 58}{space 1}   -4.36{col 67}{space 3}0.000{col 75}{space 4}-.1856584{col 88}{space 3} -.068788
{txt}{space 23}time_trend {c |}{col 35}{res}{space 2}-.0017791{col 47}{space 2} .0059862{col 58}{space 1}   -0.30{col 67}{space 3}0.767{col 75}{space 4}-.0137575{col 88}{space 3} .0101993
{txt}{space 28}_cons {c |}{col 35}{res}{space 2}-5.832901{col 47}{space 2} 4.018244{col 58}{space 1}   -1.45{col 67}{space 3}0.152{col 75}{space 4}-13.87339{col 88}{space 3} 2.207588
{txt}{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                          sigma_u {c |} {res} .61820328
                          {txt}sigma_e {c |} {res} .28895543
                              {txt}rho {c |} {res}  .8206989{txt}   (fraction of variance due to u_i)
{hline 34}{c BT}{hline 64}

{com}. 
. est store tab22
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit12_binary##c.cbi_irreg undervalue polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1479
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.6886                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5997                                        {txt}avg = {res}     24.6
{txt}       overall = {res}0.5503                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}59{txt})           = {res}   100.22
{txt}corr(u_i, Xb)  = {res}-0.6840                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 96:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}            log_fi_res_totl_mo{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      t{col 64}   P>|t|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}log_fi_res_totl_mo {c |}
{space 27}L1. {c |}{col 32}{res}{space 2} .8119602{col 44}{space 2} .0399744{col 55}{space 1}   20.31{col 64}{space 3}0.000{col 72}{space 4} .7319716{col 85}{space 3} .8919489
{txt}{space 30} {c |}
{space 10}1.sum_polit12_binary {c |}{col 32}{res}{space 2} .0551391{col 44}{space 2} .0292098{col 55}{space 1}    1.89{col 64}{space 3}0.064{col 72}{space 4}-.0033096{col 85}{space 3} .1135877
{txt}{space 21}cbi_irreg {c |}{col 32}{res}{space 2} .0183517{col 44}{space 2} .0154853{col 55}{space 1}    1.19{col 64}{space 3}0.241{col 72}{space 4}-.0126344{col 85}{space 3} .0493377
{txt}{space 30} {c |}
sum_polit12_binary#c.cbi_irreg {c |}
{space 28}1  {c |}{col 32}{res}{space 2} -.002185{col 44}{space 2} .0258341{col 55}{space 1}   -0.08{col 64}{space 3}0.933{col 72}{space 4}-.0538789{col 85}{space 3} .0495088
{txt}{space 30} {c |}
{space 20}undervalue {c |}{col 32}{res}{space 2}-.0344605{col 44}{space 2} .0556723{col 55}{space 1}   -0.62{col 64}{space 3}0.538{col 72}{space 4}-.1458605{col 85}{space 3} .0769394
{txt}{space 23}polity2 {c |}{col 32}{res}{space 2}  .005569{col 44}{space 2} .0028518{col 55}{space 1}    1.95{col 64}{space 3}0.056{col 72}{space 4}-.0001374{col 85}{space 3} .0112754
{txt}{space 17}sum_imftotal5 {c |}{col 32}{res}{space 2} -.019914{col 44}{space 2} .0326985{col 55}{space 1}   -0.61{col 64}{space 3}0.545{col 72}{space 4}-.0853434{col 85}{space 3} .0455155
{txt}{space 16}ne_imp_gnfs_zs {c |}{col 32}{res}{space 2}-.0020213{col 44}{space 2} .0019476{col 55}{space 1}   -1.04{col 64}{space 3}0.304{col 72}{space 4}-.0059185{col 85}{space 3}  .001876
{txt}{space 17}trade_balance {c |}{col 32}{res}{space 2} .0153573{col 44}{space 2} .0040401{col 55}{space 1}    3.80{col 64}{space 3}0.000{col 72}{space 4}  .007273{col 85}{space 3} .0234416
{txt}{space 18}presidential {c |}{col 32}{res}{space 2} .1052197{col 44}{space 2} .0662512{col 55}{space 1}    1.59{col 64}{space 3}0.118{col 72}{space 4}-.0273486{col 85}{space 3} .2377879
{txt}{space 21}log_gdppc {c |}{col 32}{res}{space 2}-.1295375{col 44}{space 2} .0655758{col 55}{space 1}   -1.98{col 64}{space 3}0.053{col 72}{space 4}-.2607544{col 85}{space 3} .0016794
{txt}{space 20}gdp_growth {c |}{col 32}{res}{space 2}-.0072482{col 44}{space 2} .0040131{col 55}{space 1}   -1.81{col 64}{space 3}0.076{col 72}{space 4}-.0152783{col 85}{space 3} .0007819
{txt}{space 23}log_pop {c |}{col 32}{res}{space 2} .3686857{col 44}{space 2} .2245631{col 55}{space 1}    1.64{col 64}{space 3}0.106{col 72}{space 4}-.0806641{col 85}{space 3} .8180356
{txt}{space 24}kaopen {c |}{col 32}{res}{space 2}-.0150708{col 44}{space 2} .0125403{col 55}{space 1}   -1.20{col 64}{space 3}0.234{col 72}{space 4}-.0401639{col 85}{space 3} .0100223
{txt}{space 18}currency_peg {c |}{col 32}{res}{space 2} .0287753{col 44}{space 2} .0353967{col 55}{space 1}    0.81{col 64}{space 3}0.420{col 72}{space 4}-.0420534{col 85}{space 3} .0996039
{txt}{space 15}currency_binary {c |}{col 32}{res}{space 2}-.1245397{col 44}{space 2} .0297323{col 55}{space 1}   -4.19{col 64}{space 3}0.000{col 72}{space 4}-.1840338{col 85}{space 3}-.0650456
{txt}{space 20}time_trend {c |}{col 32}{res}{space 2} -.000487{col 44}{space 2} .0059257{col 55}{space 1}   -0.08{col 64}{space 3}0.935{col 72}{space 4}-.0123443{col 85}{space 3} .0113704
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-4.963442{col 44}{space 2} 3.917357{col 55}{space 1}   -1.27{col 64}{space 3}0.210{col 72}{space 4}-12.80206{col 85}{space 3} 2.875171
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                       sigma_u {c |} {res} .55135184
                       {txt}sigma_e {c |} {res} .28905977
                           {txt}rho {c |} {res} .78439748{txt}   (fraction of variance due to u_i)
{hline 31}{c BT}{hline 64}

{com}. 
. est store tab23
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit12##c.cbi_irreg undervalue polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1477
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.6876                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5744                                        {txt}avg = {res}     24.6
{txt}       overall = {res}0.5229                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}59{txt})           = {res}   103.43
{txt}corr(u_i, Xb)  = {res}-0.7092                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 99:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 34}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 35}{c |}{col 47}    Robust
{col 1}               log_fi_res_totl_mo{col 35}{c |}      Coef.{col 47}   Std. Err.{col 59}      t{col 67}   P>|t|{col 75}     [95% Con{col 88}f. Interval]
{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 15}log_fi_res_totl_mo {c |}
{space 30}L1. {c |}{col 35}{res}{space 2} .8084655{col 47}{space 2} .0403718{col 58}{space 1}   20.03{col 67}{space 3}0.000{col 75}{space 4} .7276817{col 88}{space 3} .8892493
{txt}{space 33} {c |}
{space 14}polity_frac_polit12 {c |}{col 35}{res}{space 2} .0636829{col 47}{space 2} .0387864{col 58}{space 1}    1.64{col 67}{space 3}0.106{col 75}{space 4}-.0139286{col 88}{space 3} .1412943
{txt}{space 24}cbi_irreg {c |}{col 35}{res}{space 2} .0165625{col 47}{space 2} .0152865{col 58}{space 1}    1.08{col 67}{space 3}0.283{col 75}{space 4}-.0140256{col 88}{space 3} .0471506
{txt}{space 33} {c |}
c.polity_frac_polit12#c.cbi_irreg {c |}{col 35}{res}{space 2}-.0067805{col 47}{space 2}   .03462{col 58}{space 1}   -0.20{col 67}{space 3}0.845{col 75}{space 4}-.0760551{col 88}{space 3}  .062494
{txt}{space 33} {c |}
{space 23}undervalue {c |}{col 35}{res}{space 2} -.043652{col 47}{space 2} .0550794{col 58}{space 1}   -0.79{col 67}{space 3}0.431{col 75}{space 4}-.1538657{col 88}{space 3} .0665617
{txt}{space 26}polity2 {c |}{col 35}{res}{space 2} .0050389{col 47}{space 2} .0029105{col 58}{space 1}    1.73{col 67}{space 3}0.089{col 75}{space 4} -.000785{col 88}{space 3} .0108627
{txt}{space 20}sum_imftotal5 {c |}{col 35}{res}{space 2}-.0165443{col 47}{space 2} .0321452{col 58}{space 1}   -0.51{col 67}{space 3}0.609{col 75}{space 4}-.0808668{col 88}{space 3} .0477782
{txt}{space 19}ne_imp_gnfs_zs {c |}{col 35}{res}{space 2}-.0019352{col 47}{space 2} .0019899{col 58}{space 1}   -0.97{col 67}{space 3}0.335{col 75}{space 4}-.0059169{col 88}{space 3} .0020466
{txt}{space 20}trade_balance {c |}{col 35}{res}{space 2} .0152995{col 47}{space 2} .0040539{col 58}{space 1}    3.77{col 67}{space 3}0.000{col 75}{space 4} .0071878{col 88}{space 3} .0234113
{txt}{space 21}presidential {c |}{col 35}{res}{space 2} .1112393{col 47}{space 2} .0655092{col 58}{space 1}    1.70{col 67}{space 3}0.095{col 75}{space 4}-.0198444{col 88}{space 3}  .242323
{txt}{space 24}log_gdppc {c |}{col 35}{res}{space 2}-.1258351{col 47}{space 2} .0661669{col 58}{space 1}   -1.90{col 67}{space 3}0.062{col 75}{space 4}-.2582347{col 88}{space 3} .0065645
{txt}{space 23}gdp_growth {c |}{col 35}{res}{space 2}-.0072772{col 47}{space 2} .0039809{col 58}{space 1}   -1.83{col 67}{space 3}0.073{col 75}{space 4}-.0152429{col 88}{space 3} .0006885
{txt}{space 26}log_pop {c |}{col 35}{res}{space 2}  .404685{col 47}{space 2} .2268524{col 58}{space 1}    1.78{col 67}{space 3}0.080{col 75}{space 4}-.0492456{col 88}{space 3} .8586155
{txt}{space 27}kaopen {c |}{col 35}{res}{space 2}-.0136875{col 47}{space 2} .0126743{col 58}{space 1}   -1.08{col 67}{space 3}0.285{col 75}{space 4}-.0390488{col 88}{space 3} .0116738
{txt}{space 21}currency_peg {c |}{col 35}{res}{space 2} .0299263{col 47}{space 2} .0352949{col 58}{space 1}    0.85{col 67}{space 3}0.400{col 75}{space 4}-.0406988{col 88}{space 3} .1005513
{txt}{space 18}currency_binary {c |}{col 35}{res}{space 2} -.127361{col 47}{space 2} .0294385{col 58}{space 1}   -4.33{col 67}{space 3}0.000{col 75}{space 4}-.1862674{col 88}{space 3}-.0684546
{txt}{space 23}time_trend {c |}{col 35}{res}{space 2}-.0013782{col 47}{space 2} .0060298{col 58}{space 1}   -0.23{col 67}{space 3}0.820{col 75}{space 4}-.0134438{col 88}{space 3} .0106873
{txt}{space 28}_cons {c |}{col 35}{res}{space 2}-5.563979{col 47}{space 2} 3.961895{col 58}{space 1}   -1.40{col 67}{space 3}0.165{col 75}{space 4}-13.49171{col 88}{space 3} 2.363754
{txt}{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                          sigma_u {c |} {res} .59438649
                          {txt}sigma_e {c |} {res} .28892851
                              {txt}rho {c |} {res} .80887257{txt}   (fraction of variance due to u_i)
{hline 34}{c BT}{hline 64}

{com}. 
. est store tab24
{txt}
{com}. 
. * Table 20:
. *esttab tab21 tab22 tab23 tab24 using estim_underval6.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. * Tables 21-26: Using the Total Value of Reserves as the Dependent Variable
. 
. * H1
. 
. xtreg log_fi_res_xgld_cd l.log_fi_res_xgld_cd sum_polit11_binary polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1547
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.8883                         {txt}Obs per group: min = {res}        3
{txt}       between = {res}0.9318                                        {txt}avg = {res}     25.8
{txt}       overall = {res}0.9133                                        {txt}max = {res}       33

                                                {txt}F({res}15{txt},{res}59{txt})           = {res}   807.19
{txt}corr(u_i, Xb)  = {res}-0.6806                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 84:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 20}{c |}{col 32}    Robust
{col 1}log_fi_res_xgld_cd{col 20}{c |}      Coef.{col 32}   Std. Err.{col 44}      t{col 52}   P>|t|{col 60}     [95% Con{col 73}f. Interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
log_fi_res_xgld_cd {c |}
{space 15}L1. {c |}{col 20}{res}{space 2} .8111629{col 32}{space 2} .0353117{col 43}{space 1}   22.97{col 52}{space 3}0.000{col 60}{space 4} .7405043{col 73}{space 3} .8818216
{txt}{space 18} {c |}
sum_polit11_binary {c |}{col 20}{res}{space 2} .0805981{col 32}{space 2} .0348968{col 43}{space 1}    2.31{col 52}{space 3}0.024{col 60}{space 4} .0107697{col 73}{space 3} .1504266
{txt}{space 11}polity2 {c |}{col 20}{res}{space 2} .0043476{col 32}{space 2} .0039781{col 43}{space 1}    1.09{col 52}{space 3}0.279{col 60}{space 4}-.0036125{col 73}{space 3} .0123076
{txt}{space 5}sum_imftotal5 {c |}{col 20}{res}{space 2}-.0049931{col 32}{space 2} .0408598{col 43}{space 1}   -0.12{col 52}{space 3}0.903{col 60}{space 4}-.0867534{col 73}{space 3} .0767673
{txt}{space 4}ne_imp_gnfs_zs {c |}{col 20}{res}{space 2} .0031718{col 32}{space 2} .0026204{col 43}{space 1}    1.21{col 52}{space 3}0.231{col 60}{space 4}-.0020717{col 73}{space 3} .0084152
{txt}{space 5}trade_balance {c |}{col 20}{res}{space 2} .0173541{col 32}{space 2} .0042509{col 43}{space 1}    4.08{col 52}{space 3}0.000{col 60}{space 4} .0088481{col 73}{space 3}   .02586
{txt}{space 9}cbi_irreg {c |}{col 20}{res}{space 2} .0139337{col 32}{space 2} .0220895{col 43}{space 1}    0.63{col 52}{space 3}0.531{col 60}{space 4}-.0302673{col 73}{space 3} .0581347
{txt}{space 6}presidential {c |}{col 20}{res}{space 2} .0110532{col 32}{space 2} .0558351{col 43}{space 1}    0.20{col 52}{space 3}0.844{col 60}{space 4}-.1006726{col 73}{space 3}  .122779
{txt}{space 9}log_gdppc {c |}{col 20}{res}{space 2} .0711456{col 32}{space 2} .0858037{col 43}{space 1}    0.83{col 52}{space 3}0.410{col 60}{space 4}-.1005473{col 73}{space 3} .2428385
{txt}{space 8}gdp_growth {c |}{col 20}{res}{space 2} .0113469{col 32}{space 2} .0037952{col 43}{space 1}    2.99{col 52}{space 3}0.004{col 60}{space 4} .0037526{col 73}{space 3} .0189411
{txt}{space 11}log_pop {c |}{col 20}{res}{space 2} .5948345{col 32}{space 2} .2282313{col 43}{space 1}    2.61{col 52}{space 3}0.012{col 60}{space 4} .1381447{col 73}{space 3} 1.051524
{txt}{space 12}kaopen {c |}{col 20}{res}{space 2}-.0220251{col 32}{space 2} .0139816{col 43}{space 1}   -1.58{col 52}{space 3}0.121{col 60}{space 4}-.0500022{col 73}{space 3} .0059519
{txt}{space 6}currency_peg {c |}{col 20}{res}{space 2}  .028576{col 32}{space 2} .0361971{col 43}{space 1}    0.79{col 52}{space 3}0.433{col 60}{space 4}-.0438542{col 73}{space 3} .1010063
{txt}{space 3}currency_binary {c |}{col 20}{res}{space 2}-.1658672{col 32}{space 2} .0332035{col 43}{space 1}   -5.00{col 52}{space 3}0.000{col 60}{space 4}-.2323073{col 73}{space 3}-.0994272
{txt}{space 8}time_trend {c |}{col 20}{res}{space 2} .0014499{col 32}{space 2} .0050737{col 43}{space 1}    0.29{col 52}{space 3}0.776{col 60}{space 4}-.0087026{col 73}{space 3} .0116024
{txt}{space 13}_cons {c |}{col 20}{res}{space 2}-6.602089{col 32}{space 2} 3.807266{col 43}{space 1}   -1.73{col 52}{space 3}0.088{col 60}{space 4}-14.22041{col 73}{space 3} 1.016233
{txt}{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
           sigma_u {c |} {res}  .6182668
           {txt}sigma_e {c |} {res} .34965611
               {txt}rho {c |} {res} .75766861{txt}   (fraction of variance due to u_i)
{hline 19}{c BT}{hline 64}

{com}. 
. est store tab1
{txt}
{com}. 
. xtreg log_fi_res_xgld_cd l.log_fi_res_xgld_cd polity_frac_polit11 polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1545
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.8879                         {txt}Obs per group: min = {res}        3
{txt}       between = {res}0.9262                                        {txt}avg = {res}     25.8
{txt}       overall = {res}0.9077                                        {txt}max = {res}       33

                                                {txt}F({res}15{txt},{res}59{txt})           = {res}   671.64
{txt}corr(u_i, Xb)  = {res}-0.7050                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 85:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 20}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 21}{c |}{col 33}    Robust
{col 1} log_fi_res_xgld_cd{col 21}{c |}      Coef.{col 33}   Std. Err.{col 45}      t{col 53}   P>|t|{col 61}     [95% Con{col 74}f. Interval]
{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}log_fi_res_xgld_cd {c |}
{space 16}L1. {c |}{col 21}{res}{space 2} .8116922{col 33}{space 2}  .035755{col 44}{space 1}   22.70{col 53}{space 3}0.000{col 61}{space 4} .7401466{col 74}{space 3} .8832379
{txt}{space 19} {c |}
polity_frac_polit11 {c |}{col 21}{res}{space 2} .0679491{col 33}{space 2} .0301526{col 44}{space 1}    2.25{col 53}{space 3}0.028{col 61}{space 4} .0076138{col 74}{space 3} .1282844
{txt}{space 12}polity2 {c |}{col 21}{res}{space 2} .0042257{col 33}{space 2} .0042355{col 44}{space 1}    1.00{col 53}{space 3}0.323{col 61}{space 4}-.0042494{col 74}{space 3} .0127009
{txt}{space 6}sum_imftotal5 {c |}{col 21}{res}{space 2} -.004168{col 33}{space 2} .0411919{col 44}{space 1}   -0.10{col 53}{space 3}0.920{col 61}{space 4}-.0865929{col 74}{space 3} .0782569
{txt}{space 5}ne_imp_gnfs_zs {c |}{col 21}{res}{space 2} .0027822{col 33}{space 2} .0025648{col 44}{space 1}    1.08{col 53}{space 3}0.282{col 61}{space 4}-.0023501{col 74}{space 3} .0079144
{txt}{space 6}trade_balance {c |}{col 21}{res}{space 2} .0173298{col 33}{space 2} .0043028{col 44}{space 1}    4.03{col 53}{space 3}0.000{col 61}{space 4} .0087198{col 74}{space 3} .0259397
{txt}{space 10}cbi_irreg {c |}{col 21}{res}{space 2} .0118565{col 33}{space 2} .0217403{col 44}{space 1}    0.55{col 53}{space 3}0.588{col 61}{space 4}-.0316457{col 74}{space 3} .0553587
{txt}{space 7}presidential {c |}{col 21}{res}{space 2} .0145655{col 33}{space 2} .0593073{col 44}{space 1}    0.25{col 53}{space 3}0.807{col 61}{space 4}-.1041081{col 74}{space 3} .1332392
{txt}{space 10}log_gdppc {c |}{col 21}{res}{space 2}  .079409{col 33}{space 2} .0857596{col 44}{space 1}    0.93{col 53}{space 3}0.358{col 61}{space 4}-.0921955{col 74}{space 3} .2510136
{txt}{space 9}gdp_growth {c |}{col 21}{res}{space 2} .0110622{col 33}{space 2} .0037776{col 44}{space 1}    2.93{col 53}{space 3}0.005{col 61}{space 4} .0035032{col 74}{space 3} .0186212
{txt}{space 12}log_pop {c |}{col 21}{res}{space 2} .6335436{col 33}{space 2} .2292169{col 44}{space 1}    2.76{col 53}{space 3}0.008{col 61}{space 4} .1748815{col 74}{space 3} 1.092206
{txt}{space 13}kaopen {c |}{col 21}{res}{space 2}-.0200378{col 33}{space 2}    .0138{col 44}{space 1}   -1.45{col 53}{space 3}0.152{col 61}{space 4}-.0476516{col 74}{space 3}  .007576
{txt}{space 7}currency_peg {c |}{col 21}{res}{space 2} .0261368{col 33}{space 2} .0351776{col 44}{space 1}    0.74{col 53}{space 3}0.460{col 61}{space 4}-.0442535{col 74}{space 3}  .096527
{txt}{space 4}currency_binary {c |}{col 21}{res}{space 2}-.1712715{col 33}{space 2} .0334083{col 44}{space 1}   -5.13{col 53}{space 3}0.000{col 61}{space 4}-.2381214{col 74}{space 3}-.1044215
{txt}{space 9}time_trend {c |}{col 21}{res}{space 2} .0005358{col 33}{space 2} .0050463{col 44}{space 1}    0.11{col 53}{space 3}0.916{col 61}{space 4}-.0095618{col 74}{space 3} .0106334
{txt}{space 14}_cons {c |}{col 21}{res}{space 2}-7.266333{col 33}{space 2} 3.827275{col 44}{space 1}   -1.90{col 53}{space 3}0.063{col 61}{space 4}-14.92469{col 74}{space 3} .3920261
{txt}{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
            sigma_u {c |} {res}  .6688518
            {txt}sigma_e {c |} {res} .35004815
                {txt}rho {c |} {res} .78498952{txt}   (fraction of variance due to u_i)
{hline 20}{c BT}{hline 64}

{com}. 
. est store tab2
{txt}
{com}. 
. xtreg log_fi_res_xgld_cd l.log_fi_res_xgld_cd sum_polit12_binary polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1547
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.8881                         {txt}Obs per group: min = {res}        3
{txt}       between = {res}0.9324                                        {txt}avg = {res}     25.8
{txt}       overall = {res}0.9129                                        {txt}max = {res}       33

                                                {txt}F({res}15{txt},{res}59{txt})           = {res}   664.06
{txt}corr(u_i, Xb)  = {res}-0.6913                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 84:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 20}{c |}{col 32}    Robust
{col 1}log_fi_res_xgld_cd{col 20}{c |}      Coef.{col 32}   Std. Err.{col 44}      t{col 52}   P>|t|{col 60}     [95% Con{col 73}f. Interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
log_fi_res_xgld_cd {c |}
{space 15}L1. {c |}{col 20}{res}{space 2} .8117161{col 32}{space 2} .0359407{col 43}{space 1}   22.58{col 52}{space 3}0.000{col 60}{space 4} .7397988{col 73}{space 3} .8836333
{txt}{space 18} {c |}
sum_polit12_binary {c |}{col 20}{res}{space 2} .0726968{col 32}{space 2}  .032074{col 43}{space 1}    2.27{col 52}{space 3}0.027{col 60}{space 4} .0085168{col 73}{space 3} .1368769
{txt}{space 11}polity2 {c |}{col 20}{res}{space 2} .0041754{col 32}{space 2} .0039175{col 43}{space 1}    1.07{col 52}{space 3}0.291{col 60}{space 4}-.0036634{col 73}{space 3} .0120143
{txt}{space 5}sum_imftotal5 {c |}{col 20}{res}{space 2}-.0137169{col 32}{space 2} .0451154{col 43}{space 1}   -0.30{col 52}{space 3}0.762{col 60}{space 4}-.1039925{col 73}{space 3} .0765588
{txt}{space 4}ne_imp_gnfs_zs {c |}{col 20}{res}{space 2} .0031088{col 32}{space 2} .0025587{col 43}{space 1}    1.21{col 52}{space 3}0.229{col 60}{space 4}-.0020112{col 73}{space 3} .0082288
{txt}{space 5}trade_balance {c |}{col 20}{res}{space 2} .0174099{col 32}{space 2} .0043277{col 43}{space 1}    4.02{col 52}{space 3}0.000{col 60}{space 4} .0087502{col 73}{space 3} .0260696
{txt}{space 9}cbi_irreg {c |}{col 20}{res}{space 2} .0136113{col 32}{space 2} .0217667{col 43}{space 1}    0.63{col 52}{space 3}0.534{col 60}{space 4}-.0299438{col 73}{space 3} .0571663
{txt}{space 6}presidential {c |}{col 20}{res}{space 2} .0235004{col 32}{space 2} .0556249{col 43}{space 1}    0.42{col 52}{space 3}0.674{col 60}{space 4}-.0878047{col 73}{space 3} .1348056
{txt}{space 9}log_gdppc {c |}{col 20}{res}{space 2} .0763659{col 32}{space 2} .0860862{col 43}{space 1}    0.89{col 52}{space 3}0.379{col 60}{space 4}-.0958922{col 73}{space 3}  .248624
{txt}{space 8}gdp_growth {c |}{col 20}{res}{space 2} .0110705{col 32}{space 2} .0038336{col 43}{space 1}    2.89{col 52}{space 3}0.005{col 60}{space 4} .0033995{col 73}{space 3} .0187415
{txt}{space 11}log_pop {c |}{col 20}{res}{space 2} .6051879{col 32}{space 2}  .222921{col 43}{space 1}    2.71{col 52}{space 3}0.009{col 60}{space 4}  .159124{col 73}{space 3} 1.051252
{txt}{space 12}kaopen {c |}{col 20}{res}{space 2}-.0214936{col 32}{space 2} .0133252{col 43}{space 1}   -1.61{col 52}{space 3}0.112{col 60}{space 4}-.0481572{col 73}{space 3}   .00517
{txt}{space 6}currency_peg {c |}{col 20}{res}{space 2} .0242144{col 32}{space 2} .0355166{col 43}{space 1}    0.68{col 52}{space 3}0.498{col 60}{space 4}-.0468542{col 73}{space 3} .0952829
{txt}{space 3}currency_binary {c |}{col 20}{res}{space 2} -.168013{col 32}{space 2} .0336567{col 43}{space 1}   -4.99{col 52}{space 3}0.000{col 60}{space 4}-.2353598{col 73}{space 3}-.1006662
{txt}{space 8}time_trend {c |}{col 20}{res}{space 2}  .001147{col 32}{space 2} .0050173{col 43}{space 1}    0.23{col 52}{space 3}0.820{col 60}{space 4}-.0088926{col 73}{space 3} .0111866
{txt}{space 13}_cons {c |}{col 20}{res}{space 2}-6.787664{col 32}{space 2} 3.728319{col 43}{space 1}   -1.82{col 52}{space 3}0.074{col 60}{space 4}-14.24801{col 73}{space 3}  .672685
{txt}{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
           sigma_u {c |} {res}  .6276389
           {txt}sigma_e {c |} {res} .34994742
               {txt}rho {c |} {res}  .7628492{txt}   (fraction of variance due to u_i)
{hline 19}{c BT}{hline 64}

{com}. 
. est store tab3
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_xgld_cd l.log_fi_res_xgld_cd polity_frac_polit12 polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1545
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.8878                         {txt}Obs per group: min = {res}        3
{txt}       between = {res}0.9282                                        {txt}avg = {res}     25.8
{txt}       overall = {res}0.9089                                        {txt}max = {res}       33

                                                {txt}F({res}15{txt},{res}59{txt})           = {res}   606.31
{txt}corr(u_i, Xb)  = {res}-0.7035                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 85:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 20}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 21}{c |}{col 33}    Robust
{col 1} log_fi_res_xgld_cd{col 21}{c |}      Coef.{col 33}   Std. Err.{col 45}      t{col 53}   P>|t|{col 61}     [95% Con{col 74}f. Interval]
{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}log_fi_res_xgld_cd {c |}
{space 16}L1. {c |}{col 21}{res}{space 2}  .811278{col 33}{space 2} .0360452{col 44}{space 1}   22.51{col 53}{space 3}0.000{col 61}{space 4} .7391518{col 74}{space 3} .8834043
{txt}{space 19} {c |}
polity_frac_polit12 {c |}{col 21}{res}{space 2} .0682184{col 33}{space 2} .0322638{col 44}{space 1}    2.11{col 53}{space 3}0.039{col 61}{space 4} .0036588{col 74}{space 3}  .132778
{txt}{space 12}polity2 {c |}{col 21}{res}{space 2} .0037906{col 33}{space 2} .0040241{col 44}{space 1}    0.94{col 53}{space 3}0.350{col 61}{space 4}-.0042616{col 74}{space 3} .0118428
{txt}{space 6}sum_imftotal5 {c |}{col 21}{res}{space 2}-.0091214{col 33}{space 2}  .044195{col 44}{space 1}   -0.21{col 53}{space 3}0.837{col 61}{space 4}-.0975555{col 74}{space 3} .0793127
{txt}{space 5}ne_imp_gnfs_zs {c |}{col 21}{res}{space 2} .0029306{col 33}{space 2} .0025672{col 44}{space 1}    1.14{col 53}{space 3}0.258{col 61}{space 4}-.0022064{col 74}{space 3} .0080676
{txt}{space 6}trade_balance {c |}{col 21}{res}{space 2} .0174212{col 33}{space 2} .0043584{col 44}{space 1}    4.00{col 53}{space 3}0.000{col 61}{space 4}    .0087{col 74}{space 3} .0261424
{txt}{space 10}cbi_irreg {c |}{col 21}{res}{space 2} .0107172{col 33}{space 2} .0216445{col 44}{space 1}    0.50{col 53}{space 3}0.622{col 61}{space 4}-.0325933{col 74}{space 3} .0540277
{txt}{space 7}presidential {c |}{col 21}{res}{space 2} .0259549{col 33}{space 2} .0586596{col 44}{space 1}    0.44{col 53}{space 3}0.660{col 61}{space 4}-.0914228{col 74}{space 3} .1433325
{txt}{space 10}log_gdppc {c |}{col 21}{res}{space 2} .0821108{col 33}{space 2} .0861417{col 44}{space 1}    0.95{col 53}{space 3}0.344{col 61}{space 4}-.0902582{col 74}{space 3} .2544799
{txt}{space 9}gdp_growth {c |}{col 21}{res}{space 2} .0110036{col 33}{space 2}  .003808{col 44}{space 1}    2.89{col 53}{space 3}0.005{col 61}{space 4} .0033838{col 74}{space 3} .0186234
{txt}{space 12}log_pop {c |}{col 21}{res}{space 2} .6312654{col 33}{space 2} .2274981{col 44}{space 1}    2.77{col 53}{space 3}0.007{col 61}{space 4} .1760427{col 74}{space 3} 1.086488
{txt}{space 13}kaopen {c |}{col 21}{res}{space 2}-.0199315{col 33}{space 2} .0135536{col 44}{space 1}   -1.47{col 53}{space 3}0.147{col 61}{space 4}-.0470523{col 74}{space 3} .0071892
{txt}{space 7}currency_peg {c |}{col 21}{res}{space 2} .0277773{col 33}{space 2} .0348468{col 44}{space 1}    0.80{col 53}{space 3}0.429{col 61}{space 4}-.0419509{col 74}{space 3} .0975055
{txt}{space 4}currency_binary {c |}{col 21}{res}{space 2}-.1704253{col 33}{space 2} .0337679{col 44}{space 1}   -5.05{col 53}{space 3}0.000{col 61}{space 4}-.2379948{col 74}{space 3}-.1028558
{txt}{space 9}time_trend {c |}{col 21}{res}{space 2} .0004707{col 33}{space 2}  .005078{col 44}{space 1}    0.09{col 53}{space 3}0.926{col 61}{space 4}-.0096903{col 74}{space 3} .0106318
{txt}{space 14}_cons {c |}{col 21}{res}{space 2}-7.226372{col 33}{space 2} 3.805101{col 44}{space 1}   -1.90{col 53}{space 3}0.062{col 61}{space 4}-14.84036{col 74}{space 3}  .387617
{txt}{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
            sigma_u {c |} {res} .66054603
            {txt}sigma_e {c |} {res} .35027368
                {txt}rho {c |} {res} .78052081{txt}   (fraction of variance due to u_i)
{hline 20}{c BT}{hline 64}

{com}. 
. est store tab4
{txt}
{com}. 
. * Table 21:
. **esttab tab1 tab2 tab3 tab4 using estim_raw_res.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. * H2: multiple currency crises
. 
. xtreg log_fi_res_xgld_cd lag_log_fi_res_xgld_cd sum_polit11_binary##c.crises_reg_yr1_nor  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1547
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.8885                         {txt}Obs per group: min = {res}        3
{txt}       between = {res}0.9344                                        {txt}avg = {res}     25.8
{txt}       overall = {res}0.9169                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}59{txt})           = {res}   757.12
{txt}corr(u_i, Xb)  = {res}-0.6596                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 105:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}{col 53}    Robust
{col 1}                     log_fi_res_xgld_cd{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      t{col 73}   P>|t|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}lag_log_fi_res_xgld_cd {c |}{col 41}{res}{space 2} .8085017{col 53}{space 2} .0348983{col 64}{space 1}   23.17{col 73}{space 3}0.000{col 81}{space 4} .7386703{col 94}{space 3}  .878333
{txt}{space 19}1.sum_polit11_binary {c |}{col 41}{res}{space 2} .0526533{col 53}{space 2} .0588878{col 64}{space 1}    0.89{col 73}{space 3}0.375{col 81}{space 4} -.065181{col 94}{space 3} .1704875
{txt}{space 21}crises_reg_yr1_nor {c |}{col 41}{res}{space 2}-.0181863{col 53}{space 2} .0150169{col 64}{space 1}   -1.21{col 73}{space 3}0.231{col 81}{space 4}-.0482349{col 94}{space 3} .0118624
{txt}{space 39} {c |}
sum_polit11_binary#c.crises_reg_yr1_nor {c |}
{space 37}1  {c |}{col 41}{res}{space 2}  .012681{col 53}{space 2} .0162223{col 64}{space 1}    0.78{col 73}{space 3}0.438{col 81}{space 4}-.0197798{col 94}{space 3} .0451418
{txt}{space 39} {c |}
{space 32}polity2 {c |}{col 41}{res}{space 2}  .004325{col 53}{space 2} .0039184{col 64}{space 1}    1.10{col 73}{space 3}0.274{col 81}{space 4}-.0035158{col 94}{space 3} .0121657
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2}-.0072542{col 53}{space 2} .0417974{col 64}{space 1}   -0.17{col 73}{space 3}0.863{col 81}{space 4}-.0908907{col 94}{space 3} .0763822
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2} .0029758{col 53}{space 2} .0026885{col 64}{space 1}    1.11{col 73}{space 3}0.273{col 81}{space 4}-.0024039{col 94}{space 3} .0083554
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2}  .017029{col 53}{space 2} .0043391{col 64}{space 1}    3.92{col 73}{space 3}0.000{col 81}{space 4} .0083464{col 94}{space 3} .0257116
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2} .0151281{col 53}{space 2}  .021753{col 64}{space 1}    0.70{col 73}{space 3}0.490{col 81}{space 4}-.0283994{col 94}{space 3} .0586557
{txt}{space 27}presidential {c |}{col 41}{res}{space 2} .0145493{col 53}{space 2}  .056626{col 64}{space 1}    0.26{col 73}{space 3}0.798{col 81}{space 4} -.098759{col 94}{space 3} .1278577
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2} .0697378{col 53}{space 2} .0842107{col 64}{space 1}    0.83{col 73}{space 3}0.411{col 81}{space 4}-.0987675{col 94}{space 3} .2382431
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}   .01146{col 53}{space 2} .0038064{col 64}{space 1}    3.01{col 73}{space 3}0.004{col 81}{space 4} .0038435{col 94}{space 3} .0190765
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2} .5682632{col 53}{space 2}  .230214{col 64}{space 1}    2.47{col 73}{space 3}0.016{col 81}{space 4} .1076061{col 94}{space 3}  1.02892
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0231151{col 53}{space 2} .0146036{col 64}{space 1}   -1.58{col 73}{space 3}0.119{col 81}{space 4}-.0523369{col 94}{space 3} .0061067
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2} .0280768{col 53}{space 2} .0362497{col 64}{space 1}    0.77{col 73}{space 3}0.442{col 81}{space 4}-.0444586{col 94}{space 3} .1006123
{txt}{space 24}currency_binary {c |}{col 41}{res}{space 2} -.163797{col 53}{space 2} .0328108{col 64}{space 1}   -4.99{col 73}{space 3}0.000{col 81}{space 4}-.2294512{col 94}{space 3}-.0981429
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2} .0026201{col 53}{space 2} .0053252{col 64}{space 1}    0.49{col 73}{space 3}0.625{col 81}{space 4}-.0080357{col 94}{space 3} .0132759
{txt}{space 34}_cons {c |}{col 41}{res}{space 2}-6.077851{col 53}{space 2} 3.864093{col 64}{space 1}   -1.57{col 73}{space 3}0.121{col 81}{space 4}-13.80988{col 94}{space 3} 1.654181
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                sigma_u {c |} {res} .58545583
                                {txt}sigma_e {c |} {res} .34958453
                                    {txt}rho {c |} {res} .73716605{txt}   (fraction of variance due to u_i)
{hline 40}{c BT}{hline 64}

{com}. 
. est store tab5
{txt}
{com}. 
. xtreg log_fi_res_xgld_cd lag_log_fi_res_xgld_cd c.polity_frac_polit11##c.crises_reg_yr1_nor  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1545
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.8881                         {txt}Obs per group: min = {res}        3
{txt}       between = {res}0.9270                                        {txt}avg = {res}     25.8
{txt}       overall = {res}0.9095                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}59{txt})           = {res}   751.15
{txt}corr(u_i, Xb)  = {res}-0.6926                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 108:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 43}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 44}{c |}{col 56}    Robust
{col 1}                        log_fi_res_xgld_cd{col 44}{c |}      Coef.{col 56}   Std. Err.{col 68}      t{col 76}   P>|t|{col 84}     [95% Con{col 97}f. Interval]
{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 20}lag_log_fi_res_xgld_cd {c |}{col 44}{res}{space 2} .8090451{col 56}{space 2}  .035571{col 67}{space 1}   22.74{col 76}{space 3}0.000{col 84}{space 4} .7378677{col 97}{space 3} .8802226
{txt}{space 23}polity_frac_polit11 {c |}{col 44}{res}{space 2}  .053702{col 56}{space 2} .0486701{col 67}{space 1}    1.10{col 76}{space 3}0.274{col 84}{space 4}-.0436866{col 97}{space 3} .1510906
{txt}{space 24}crises_reg_yr1_nor {c |}{col 44}{res}{space 2}-.0148719{col 56}{space 2} .0125196{col 67}{space 1}   -1.19{col 76}{space 3}0.240{col 84}{space 4}-.0399236{col 97}{space 3} .0101799
{txt}{space 42} {c |}
c.polity_frac_polit11#c.crises_reg_yr1_nor {c |}{col 44}{res}{space 2} .0074537{col 56}{space 2} .0133154{col 67}{space 1}    0.56{col 76}{space 3}0.578{col 84}{space 4}-.0191904{col 97}{space 3} .0340978
{txt}{space 42} {c |}
{space 35}polity2 {c |}{col 44}{res}{space 2} .0044683{col 56}{space 2} .0042215{col 67}{space 1}    1.06{col 76}{space 3}0.294{col 84}{space 4} -.003979{col 97}{space 3} .0129156
{txt}{space 29}sum_imftotal5 {c |}{col 44}{res}{space 2}-.0044883{col 56}{space 2} .0421233{col 67}{space 1}   -0.11{col 76}{space 3}0.916{col 84}{space 4} -.088777{col 97}{space 3} .0798003
{txt}{space 28}ne_imp_gnfs_zs {c |}{col 44}{res}{space 2}  .002645{col 56}{space 2} .0026224{col 67}{space 1}    1.01{col 76}{space 3}0.317{col 84}{space 4}-.0026025{col 97}{space 3} .0078925
{txt}{space 29}trade_balance {c |}{col 44}{res}{space 2}  .017056{col 56}{space 2} .0043911{col 67}{space 1}    3.88{col 76}{space 3}0.000{col 84}{space 4} .0082695{col 97}{space 3} .0258426
{txt}{space 33}cbi_irreg {c |}{col 44}{res}{space 2} .0136087{col 56}{space 2} .0215256{col 67}{space 1}    0.63{col 76}{space 3}0.530{col 84}{space 4} -.029464{col 97}{space 3} .0566814
{txt}{space 30}presidential {c |}{col 44}{res}{space 2} .0193233{col 56}{space 2} .0602133{col 67}{space 1}    0.32{col 76}{space 3}0.749{col 84}{space 4}-.1011631{col 97}{space 3} .1398098
{txt}{space 33}log_gdppc {c |}{col 44}{res}{space 2} .0794387{col 56}{space 2} .0850663{col 67}{space 1}    0.93{col 76}{space 3}0.354{col 84}{space 4}-.0907786{col 97}{space 3} .2496561
{txt}{space 32}gdp_growth {c |}{col 44}{res}{space 2} .0110128{col 56}{space 2} .0038233{col 67}{space 1}    2.88{col 76}{space 3}0.006{col 84}{space 4} .0033624{col 97}{space 3} .0186631
{txt}{space 35}log_pop {c |}{col 44}{res}{space 2} .6176464{col 56}{space 2} .2300877{col 67}{space 1}    2.68{col 76}{space 3}0.009{col 84}{space 4} .1572419{col 97}{space 3} 1.078051
{txt}{space 36}kaopen {c |}{col 44}{res}{space 2} -.020951{col 56}{space 2} .0149169{col 67}{space 1}   -1.40{col 76}{space 3}0.165{col 84}{space 4}-.0507997{col 97}{space 3} .0088977
{txt}{space 30}currency_peg {c |}{col 44}{res}{space 2} .0266826{col 56}{space 2} .0350748{col 67}{space 1}    0.76{col 76}{space 3}0.450{col 84}{space 4}-.0435019{col 97}{space 3}  .096867
{txt}{space 27}currency_binary {c |}{col 44}{res}{space 2}-.1693618{col 56}{space 2} .0332624{col 67}{space 1}   -5.09{col 76}{space 3}0.000{col 84}{space 4}-.2359197{col 97}{space 3} -.102804
{txt}{space 32}time_trend {c |}{col 44}{res}{space 2} .0014886{col 56}{space 2}  .005242{col 67}{space 1}    0.28{col 76}{space 3}0.777{col 84}{space 4}-.0090007{col 97}{space 3} .0119778
{txt}{space 37}_cons {c |}{col 44}{res}{space 2}-6.941704{col 56}{space 2} 3.848656{col 67}{space 1}   -1.80{col 76}{space 3}0.076{col 84}{space 4}-14.64285{col 97}{space 3} .7594389
{txt}{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                   sigma_u {c |} {res} .64947963
                                   {txt}sigma_e {c |} {res} .35001193
                                       {txt}rho {c |} {res} .77493823{txt}   (fraction of variance due to u_i)
{hline 43}{c BT}{hline 64}

{com}. 
. est store tab6
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_xgld_cd lag_log_fi_res_xgld_cd sum_polit12_binary##c.crises_reg_yr1_nor  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1547
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.8884                         {txt}Obs per group: min = {res}        3
{txt}       between = {res}0.9375                                        {txt}avg = {res}     25.8
{txt}       overall = {res}0.9184                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}59{txt})           = {res}   637.61
{txt}corr(u_i, Xb)  = {res}-0.6643                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 105:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}{col 53}    Robust
{col 1}                     log_fi_res_xgld_cd{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      t{col 73}   P>|t|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}lag_log_fi_res_xgld_cd {c |}{col 41}{res}{space 2} .8094501{col 53}{space 2} .0355294{col 64}{space 1}   22.78{col 73}{space 3}0.000{col 81}{space 4} .7383561{col 94}{space 3} .8805442
{txt}{space 19}1.sum_polit12_binary {c |}{col 41}{res}{space 2} .0343564{col 53}{space 2} .0506196{col 64}{space 1}    0.68{col 73}{space 3}0.500{col 81}{space 4}-.0669333{col 94}{space 3} .1356461
{txt}{space 21}crises_reg_yr1_nor {c |}{col 41}{res}{space 2}-.0182777{col 53}{space 2} .0115638{col 64}{space 1}   -1.58{col 73}{space 3}0.119{col 81}{space 4}-.0414168{col 94}{space 3} .0048614
{txt}{space 39} {c |}
sum_polit12_binary#c.crises_reg_yr1_nor {c |}
{space 37}1  {c |}{col 41}{res}{space 2} .0167169{col 53}{space 2} .0137927{col 64}{space 1}    1.21{col 73}{space 3}0.230{col 81}{space 4}-.0108822{col 94}{space 3}  .044316
{txt}{space 39} {c |}
{space 32}polity2 {c |}{col 41}{res}{space 2} .0046811{col 53}{space 2} .0038946{col 64}{space 1}    1.20{col 73}{space 3}0.234{col 81}{space 4}-.0031119{col 94}{space 3} .0124741
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2}-.0217678{col 53}{space 2} .0468904{col 64}{space 1}   -0.46{col 73}{space 3}0.644{col 81}{space 4}-.1155953{col 94}{space 3} .0720598
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2} .0029584{col 53}{space 2} .0026183{col 64}{space 1}    1.13{col 73}{space 3}0.263{col 81}{space 4}-.0022807{col 94}{space 3} .0081976
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} .0173566{col 53}{space 2} .0043643{col 64}{space 1}    3.98{col 73}{space 3}0.000{col 81}{space 4} .0086235{col 94}{space 3} .0260896
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2} .0154508{col 53}{space 2} .0215446{col 64}{space 1}    0.72{col 73}{space 3}0.476{col 81}{space 4}-.0276597{col 94}{space 3} .0585614
{txt}{space 27}presidential {c |}{col 41}{res}{space 2} .0281134{col 53}{space 2} .0570887{col 64}{space 1}    0.49{col 73}{space 3}0.624{col 81}{space 4}-.0861207{col 94}{space 3} .1423476
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2} .0740282{col 53}{space 2}  .084476{col 64}{space 1}    0.88{col 73}{space 3}0.384{col 81}{space 4} -.095008{col 94}{space 3} .2430643
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2} .0112024{col 53}{space 2} .0038683{col 64}{space 1}    2.90{col 73}{space 3}0.005{col 81}{space 4} .0034621{col 94}{space 3} .0189428
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2} .5651477{col 53}{space 2} .2247951{col 64}{space 1}    2.51{col 73}{space 3}0.015{col 81}{space 4} .1153338{col 94}{space 3} 1.014962
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0226057{col 53}{space 2} .0138365{col 64}{space 1}   -1.63{col 73}{space 3}0.108{col 81}{space 4}-.0502924{col 94}{space 3}  .005081
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2} .0231145{col 53}{space 2}  .035442{col 64}{space 1}    0.65{col 73}{space 3}0.517{col 81}{space 4}-.0478047{col 94}{space 3} .0940337
{txt}{space 24}currency_binary {c |}{col 41}{res}{space 2}-.1653546{col 53}{space 2} .0333124{col 64}{space 1}   -4.96{col 73}{space 3}0.000{col 81}{space 4}-.2320124{col 94}{space 3}-.0986967
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2} .0024823{col 53}{space 2}  .005159{col 64}{space 1}    0.48{col 73}{space 3}0.632{col 81}{space 4}-.0078409{col 94}{space 3} .0128054
{txt}{space 34}_cons {c |}{col 41}{res}{space 2}-6.048891{col 53}{space 2} 3.767766{col 64}{space 1}   -1.61{col 73}{space 3}0.114{col 81}{space 4}-13.58817{col 94}{space 3} 1.490391
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                sigma_u {c |} {res} .57798549
                                {txt}sigma_e {c |} {res} .34974729
                                    {txt}rho {c |} {res}  .7319769{txt}   (fraction of variance due to u_i)
{hline 40}{c BT}{hline 64}

{com}. 
. est store tab7
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_xgld_cd lag_log_fi_res_xgld_cd c.polity_frac_polit12##c.crises_reg_yr1_nor  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1545
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.8880                         {txt}Obs per group: min = {res}        3
{txt}       between = {res}0.9304                                        {txt}avg = {res}     25.8
{txt}       overall = {res}0.9118                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}59{txt})           = {res}   609.35
{txt}corr(u_i, Xb)  = {res}-0.6871                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 108:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 43}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 44}{c |}{col 56}    Robust
{col 1}                        log_fi_res_xgld_cd{col 44}{c |}      Coef.{col 56}   Std. Err.{col 68}      t{col 76}   P>|t|{col 84}     [95% Con{col 97}f. Interval]
{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 20}lag_log_fi_res_xgld_cd {c |}{col 44}{res}{space 2} .8087598{col 56}{space 2} .0355652{col 67}{space 1}   22.74{col 76}{space 3}0.000{col 84}{space 4} .7375941{col 97}{space 3} .8799256
{txt}{space 23}polity_frac_polit12 {c |}{col 44}{res}{space 2} .0459936{col 56}{space 2} .0460757{col 67}{space 1}    1.00{col 76}{space 3}0.322{col 84}{space 4}-.0462037{col 97}{space 3}  .138191
{txt}{space 24}crises_reg_yr1_nor {c |}{col 44}{res}{space 2}-.0155449{col 56}{space 2} .0112544{col 67}{space 1}   -1.38{col 76}{space 3}0.172{col 84}{space 4}-.0380648{col 97}{space 3}  .006975
{txt}{space 42} {c |}
c.polity_frac_polit12#c.crises_reg_yr1_nor {c |}{col 44}{res}{space 2} .0111932{col 56}{space 2} .0140084{col 67}{space 1}    0.80{col 76}{space 3}0.427{col 84}{space 4}-.0168375{col 97}{space 3} .0392238
{txt}{space 42} {c |}
{space 35}polity2 {c |}{col 44}{res}{space 2} .0041967{col 56}{space 2} .0040011{col 67}{space 1}    1.05{col 76}{space 3}0.299{col 84}{space 4}-.0038095{col 97}{space 3} .0122028
{txt}{space 29}sum_imftotal5 {c |}{col 44}{res}{space 2}-.0128072{col 56}{space 2} .0454022{col 67}{space 1}   -0.28{col 76}{space 3}0.779{col 84}{space 4}-.1036568{col 97}{space 3} .0780423
{txt}{space 28}ne_imp_gnfs_zs {c |}{col 44}{res}{space 2} .0028056{col 56}{space 2} .0026242{col 67}{space 1}    1.07{col 76}{space 3}0.289{col 84}{space 4}-.0024454{col 97}{space 3} .0080565
{txt}{space 29}trade_balance {c |}{col 44}{res}{space 2} .0172401{col 56}{space 2} .0044156{col 67}{space 1}    3.90{col 76}{space 3}0.000{col 84}{space 4} .0084045{col 97}{space 3} .0260757
{txt}{space 33}cbi_irreg {c |}{col 44}{res}{space 2} .0127193{col 56}{space 2} .0215312{col 67}{space 1}    0.59{col 76}{space 3}0.557{col 84}{space 4}-.0303645{col 97}{space 3} .0558032
{txt}{space 30}presidential {c |}{col 44}{res}{space 2} .0308945{col 56}{space 2} .0591769{col 67}{space 1}    0.52{col 76}{space 3}0.604{col 84}{space 4}-.0875181{col 97}{space 3} .1493072
{txt}{space 33}log_gdppc {c |}{col 44}{res}{space 2} .0814005{col 56}{space 2}  .085124{col 67}{space 1}    0.96{col 76}{space 3}0.343{col 84}{space 4}-.0889323{col 97}{space 3} .2517333
{txt}{space 32}gdp_growth {c |}{col 44}{res}{space 2}  .010965{col 56}{space 2} .0038721{col 67}{space 1}    2.83{col 76}{space 3}0.006{col 84}{space 4} .0032171{col 97}{space 3}  .018713
{txt}{space 35}log_pop {c |}{col 44}{res}{space 2} .6076769{col 56}{space 2} .2293684{col 67}{space 1}    2.65{col 76}{space 3}0.010{col 84}{space 4} .1487118{col 97}{space 3} 1.066642
{txt}{space 36}kaopen {c |}{col 44}{res}{space 2}-.0209832{col 56}{space 2} .0143866{col 67}{space 1}   -1.46{col 76}{space 3}0.150{col 84}{space 4}-.0497707{col 97}{space 3} .0078044
{txt}{space 30}currency_peg {c |}{col 44}{res}{space 2} .0281828{col 56}{space 2} .0348234{col 67}{space 1}    0.81{col 76}{space 3}0.422{col 84}{space 4}-.0414987{col 97}{space 3} .0978643
{txt}{space 27}currency_binary {c |}{col 44}{res}{space 2} -.168243{col 56}{space 2} .0334995{col 67}{space 1}   -5.02{col 76}{space 3}0.000{col 84}{space 4}-.2352754{col 97}{space 3}-.1012106
{txt}{space 32}time_trend {c |}{col 44}{res}{space 2} .0015746{col 56}{space 2} .0052438{col 67}{space 1}    0.30{col 76}{space 3}0.765{col 84}{space 4}-.0089181{col 97}{space 3} .0120674
{txt}{space 37}_cons {c |}{col 44}{res}{space 2}-6.773268{col 56}{space 2} 3.843363{col 67}{space 1}   -1.76{col 76}{space 3}0.083{col 84}{space 4}-14.46382{col 97}{space 3}  .917284
{txt}{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                   sigma_u {c |} {res} .63170775
                                   {txt}sigma_e {c |} {res}   .350175
                                       {txt}rho {c |} {res} .76494559{txt}   (fraction of variance due to u_i)
{hline 43}{c BT}{hline 64}

{com}. 
. est store tab8
{txt}
{com}. 
. * Table 22:
. *esttab tab5 tab6 tab7 tab8 using estim_raw_res2.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H3: econ severity
. 
. 
. xtreg log_fi_res_xgld_cd lag_log_fi_res_xgld_cd sum_polit11_binary##c.gdp_ch1_polit11   polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1497
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.8838                         {txt}Obs per group: min = {res}        3
{txt}       between = {res}0.8942                                        {txt}avg = {res}     25.4
{txt}       overall = {res}0.8840                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}58{txt})           = {res}   659.13
{txt}corr(u_i, Xb)  = {res}-0.7163                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 102:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 37}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 38}{c |}{col 50}    Robust
{col 1}                  log_fi_res_xgld_cd{col 38}{c |}      Coef.{col 50}   Std. Err.{col 62}      t{col 70}   P>|t|{col 78}     [95% Con{col 91}f. Interval]
{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 14}lag_log_fi_res_xgld_cd {c |}{col 38}{res}{space 2} .8041692{col 50}{space 2} .0354159{col 61}{space 1}   22.71{col 70}{space 3}0.000{col 78}{space 4} .7332766{col 91}{space 3} .8750619
{txt}{space 16}1.sum_polit11_binary {c |}{col 38}{res}{space 2} .0675559{col 50}{space 2} .0359189{col 61}{space 1}    1.88{col 70}{space 3}0.065{col 78}{space 4}-.0043436{col 91}{space 3} .1394553
{txt}{space 21}gdp_ch1_polit11 {c |}{col 38}{res}{space 2}-.0828248{col 50}{space 2} .2213946{col 61}{space 1}   -0.37{col 70}{space 3}0.710{col 78}{space 4}-.5259942{col 91}{space 3} .3603446
{txt}{space 36} {c |}
sum_polit11_binary#c.gdp_ch1_polit11 {c |}
{space 34}1  {c |}{col 38}{res}{space 2} .1885524{col 50}{space 2} .2410348{col 61}{space 1}    0.78{col 70}{space 3}0.437{col 78}{space 4}-.2939311{col 91}{space 3} .6710359
{txt}{space 36} {c |}
{space 29}polity2 {c |}{col 38}{res}{space 2} .0020438{col 50}{space 2}  .004151{col 61}{space 1}    0.49{col 70}{space 3}0.624{col 78}{space 4}-.0062654{col 91}{space 3} .0103531
{txt}{space 23}sum_imftotal5 {c |}{col 38}{res}{space 2} .0031053{col 50}{space 2} .0399501{col 61}{space 1}    0.08{col 70}{space 3}0.938{col 78}{space 4}-.0768634{col 91}{space 3} .0830741
{txt}{space 22}ne_imp_gnfs_zs {c |}{col 38}{res}{space 2} .0026505{col 50}{space 2} .0027141{col 61}{space 1}    0.98{col 70}{space 3}0.333{col 78}{space 4}-.0027823{col 91}{space 3} .0080834
{txt}{space 23}trade_balance {c |}{col 38}{res}{space 2}  .017083{col 50}{space 2} .0041623{col 61}{space 1}    4.10{col 70}{space 3}0.000{col 78}{space 4} .0087513{col 91}{space 3} .0254147
{txt}{space 27}cbi_irreg {c |}{col 38}{res}{space 2}-.0051182{col 50}{space 2} .0205495{col 61}{space 1}   -0.25{col 70}{space 3}0.804{col 78}{space 4}-.0462525{col 91}{space 3}  .036016
{txt}{space 24}presidential {c |}{col 38}{res}{space 2}-.0155397{col 50}{space 2} .0493692{col 61}{space 1}   -0.31{col 70}{space 3}0.754{col 78}{space 4}-.1143628{col 91}{space 3} .0832834
{txt}{space 27}log_gdppc {c |}{col 38}{res}{space 2} .0664359{col 50}{space 2} .0903089{col 61}{space 1}    0.74{col 70}{space 3}0.465{col 78}{space 4} -.114337{col 91}{space 3} .2472087
{txt}{space 26}gdp_growth {c |}{col 38}{res}{space 2} .0108634{col 50}{space 2} .0040678{col 61}{space 1}    2.67{col 70}{space 3}0.010{col 78}{space 4} .0027209{col 91}{space 3}  .019006
{txt}{space 29}log_pop {c |}{col 38}{res}{space 2} .7164039{col 50}{space 2} .2381853{col 61}{space 1}    3.01{col 70}{space 3}0.004{col 78}{space 4} .2396242{col 91}{space 3} 1.193184
{txt}{space 30}kaopen {c |}{col 38}{res}{space 2}-.0228306{col 50}{space 2} .0137797{col 61}{space 1}   -1.66{col 70}{space 3}0.103{col 78}{space 4}-.0504137{col 91}{space 3} .0047526
{txt}{space 24}currency_peg {c |}{col 38}{res}{space 2} .0416865{col 50}{space 2}  .035256{col 61}{space 1}    1.18{col 70}{space 3}0.242{col 78}{space 4}-.0288861{col 91}{space 3}  .112259
{txt}{space 21}currency_binary {c |}{col 38}{res}{space 2}-.1599767{col 50}{space 2} .0343064{col 61}{space 1}   -4.66{col 70}{space 3}0.000{col 78}{space 4}-.2286484{col 91}{space 3}-.0913049
{txt}{space 26}time_trend {c |}{col 38}{res}{space 2} .0008909{col 50}{space 2} .0055643{col 61}{space 1}    0.16{col 70}{space 3}0.873{col 78}{space 4}-.0102472{col 91}{space 3}  .012029
{txt}{space 31}_cons {c |}{col 38}{res}{space 2}-8.387919{col 50}{space 2}  3.96972{col 61}{space 1}   -2.11{col 70}{space 3}0.039{col 78}{space 4}-16.33418{col 91}{space 3}-.4416608
{txt}{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                             sigma_u {c |} {res} .78525227
                             {txt}sigma_e {c |} {res} .34782354
                                 {txt}rho {c |} {res} .83598044{txt}   (fraction of variance due to u_i)
{hline 37}{c BT}{hline 64}

{com}. 
. est store tab9
{txt}
{com}. 
. xtreg log_fi_res_xgld_cd lag_log_fi_res_xgld_cd c.polity_frac_polit11##c.gdp_ch1_polit11   polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1497
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.8839                         {txt}Obs per group: min = {res}        3
{txt}       between = {res}0.8933                                        {txt}avg = {res}     25.4
{txt}       overall = {res}0.8836                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}58{txt})           = {res}   605.58
{txt}corr(u_i, Xb)  = {res}-0.7166                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 105:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}{col 53}    Robust
{col 1}                     log_fi_res_xgld_cd{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      t{col 73}   P>|t|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}lag_log_fi_res_xgld_cd {c |}{col 41}{res}{space 2} .8050773{col 53}{space 2} .0349164{col 64}{space 1}   23.06{col 73}{space 3}0.000{col 81}{space 4} .7351845{col 94}{space 3} .8749702
{txt}{space 20}polity_frac_polit11 {c |}{col 41}{res}{space 2} .0642675{col 53}{space 2} .0310778{col 64}{space 1}    2.07{col 73}{space 3}0.043{col 81}{space 4} .0020585{col 94}{space 3} .1264765
{txt}{space 24}gdp_ch1_polit11 {c |}{col 41}{res}{space 2}-.0468734{col 53}{space 2} .1113018{col 64}{space 1}   -0.42{col 73}{space 3}0.675{col 81}{space 4}-.2696682{col 94}{space 3} .1759215
{txt}{space 39} {c |}
c.polity_frac_polit11#c.gdp_ch1_polit11 {c |}{col 41}{res}{space 2} .2878401{col 53}{space 2} .1656859{col 64}{space 1}    1.74{col 73}{space 3}0.088{col 81}{space 4}-.0438162{col 94}{space 3} .6194965
{txt}{space 39} {c |}
{space 32}polity2 {c |}{col 41}{res}{space 2} .0018765{col 53}{space 2} .0044971{col 64}{space 1}    0.42{col 73}{space 3}0.678{col 81}{space 4}-.0071255{col 94}{space 3} .0108784
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2} .0051515{col 53}{space 2} .0392999{col 64}{space 1}    0.13{col 73}{space 3}0.896{col 81}{space 4}-.0735157{col 94}{space 3} .0838188
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2} .0022188{col 53}{space 2} .0025623{col 64}{space 1}    0.87{col 73}{space 3}0.390{col 81}{space 4}-.0029102{col 94}{space 3} .0073477
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} .0173567{col 53}{space 2} .0041343{col 64}{space 1}    4.20{col 73}{space 3}0.000{col 81}{space 4} .0090809{col 94}{space 3} .0256324
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2}-.0072163{col 53}{space 2} .0202691{col 64}{space 1}   -0.36{col 73}{space 3}0.723{col 81}{space 4}-.0477893{col 94}{space 3} .0333568
{txt}{space 27}presidential {c |}{col 41}{res}{space 2} .0057173{col 53}{space 2} .0565644{col 64}{space 1}    0.10{col 73}{space 3}0.920{col 81}{space 4}-.1075085{col 94}{space 3} .1189432
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2} .0657978{col 53}{space 2} .0878528{col 64}{space 1}    0.75{col 73}{space 3}0.457{col 81}{space 4}-.1100586{col 94}{space 3} .2416543
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2} .0108004{col 53}{space 2}  .004088{col 64}{space 1}    2.64{col 73}{space 3}0.011{col 81}{space 4} .0026174{col 94}{space 3} .0189834
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2} .7160109{col 53}{space 2}  .234385{col 64}{space 1}    3.05{col 73}{space 3}0.003{col 81}{space 4} .2468383{col 94}{space 3} 1.185184
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0223783{col 53}{space 2} .0134105{col 64}{space 1}   -1.67{col 73}{space 3}0.101{col 81}{space 4}-.0492223{col 94}{space 3} .0044657
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2}   .04188{col 53}{space 2} .0353995{col 64}{space 1}    1.18{col 73}{space 3}0.242{col 81}{space 4}-.0289798{col 94}{space 3} .1127398
{txt}{space 24}currency_binary {c |}{col 41}{res}{space 2}-.1688697{col 53}{space 2} .0347475{col 64}{space 1}   -4.86{col 73}{space 3}0.000{col 81}{space 4}-.2384243{col 94}{space 3} -.099315
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2} .0012634{col 53}{space 2} .0054638{col 64}{space 1}    0.23{col 73}{space 3}0.818{col 81}{space 4}-.0096736{col 94}{space 3} .0122003
{txt}{space 34}_cons {c |}{col 41}{res}{space 2}-8.388671{col 53}{space 2} 3.913564{col 64}{space 1}   -2.14{col 73}{space 3}0.036{col 81}{space 4}-16.22252{col 94}{space 3}-.5548216
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                sigma_u {c |} {res}  .7879601
                                {txt}sigma_e {c |} {res} .34761974
                                    {txt}rho {c |} {res} .83708221{txt}   (fraction of variance due to u_i)
{hline 40}{c BT}{hline 64}

{com}. 
. est store tab10
{txt}
{com}. 
. xtreg log_fi_res_xgld_cd lag_log_fi_res_xgld_cd sum_polit12_binary##c.gdp_ch1_polit12   polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1521
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.8881                         {txt}Obs per group: min = {res}        3
{txt}       between = {res}0.9058                                        {txt}avg = {res}     25.4
{txt}       overall = {res}0.8900                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}59{txt})           = {res}   583.86
{txt}corr(u_i, Xb)  = {res}-0.7351                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 102:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 37}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 38}{c |}{col 50}    Robust
{col 1}                  log_fi_res_xgld_cd{col 38}{c |}      Coef.{col 50}   Std. Err.{col 62}      t{col 70}   P>|t|{col 78}     [95% Con{col 91}f. Interval]
{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 14}lag_log_fi_res_xgld_cd {c |}{col 38}{res}{space 2} .8112489{col 50}{space 2} .0363582{col 61}{space 1}   22.31{col 70}{space 3}0.000{col 78}{space 4} .7384962{col 91}{space 3} .8840016
{txt}{space 16}1.sum_polit12_binary {c |}{col 38}{res}{space 2} .0514139{col 50}{space 2} .0292531{col 61}{space 1}    1.76{col 70}{space 3}0.084{col 78}{space 4}-.0071214{col 91}{space 3} .1099493
{txt}{space 21}gdp_ch1_polit12 {c |}{col 38}{res}{space 2}-.0648915{col 50}{space 2} .1023578{col 61}{space 1}   -0.63{col 70}{space 3}0.529{col 78}{space 4} -.269709{col 91}{space 3} .1399261
{txt}{space 36} {c |}
sum_polit12_binary#c.gdp_ch1_polit12 {c |}
{space 34}1  {c |}{col 38}{res}{space 2} .0922067{col 50}{space 2} .1338983{col 61}{space 1}    0.69{col 70}{space 3}0.494{col 78}{space 4}-.1757231{col 91}{space 3} .3601366
{txt}{space 36} {c |}
{space 29}polity2 {c |}{col 38}{res}{space 2}   .00271{col 50}{space 2} .0040148{col 61}{space 1}    0.68{col 70}{space 3}0.502{col 78}{space 4}-.0053236{col 91}{space 3} .0107437
{txt}{space 23}sum_imftotal5 {c |}{col 38}{res}{space 2} -.013721{col 50}{space 2} .0474485{col 61}{space 1}   -0.29{col 70}{space 3}0.773{col 78}{space 4}-.1086653{col 91}{space 3} .0812233
{txt}{space 22}ne_imp_gnfs_zs {c |}{col 38}{res}{space 2} .0026969{col 50}{space 2} .0025511{col 61}{space 1}    1.06{col 70}{space 3}0.295{col 78}{space 4}-.0024077{col 91}{space 3} .0078016
{txt}{space 23}trade_balance {c |}{col 38}{res}{space 2}  .017297{col 50}{space 2} .0042867{col 61}{space 1}    4.04{col 70}{space 3}0.000{col 78}{space 4} .0087193{col 91}{space 3} .0258747
{txt}{space 27}cbi_irreg {c |}{col 38}{res}{space 2} .0047999{col 50}{space 2} .0214479{col 61}{space 1}    0.22{col 70}{space 3}0.824{col 78}{space 4}-.0381173{col 91}{space 3} .0477171
{txt}{space 24}presidential {c |}{col 38}{res}{space 2} .0195044{col 50}{space 2} .0568528{col 61}{space 1}    0.34{col 70}{space 3}0.733{col 78}{space 4}-.0942577{col 91}{space 3} .1332666
{txt}{space 27}log_gdppc {c |}{col 38}{res}{space 2} .0847174{col 50}{space 2} .0891909{col 61}{space 1}    0.95{col 70}{space 3}0.346{col 78}{space 4}-.0937533{col 91}{space 3}  .263188
{txt}{space 26}gdp_growth {c |}{col 38}{res}{space 2} .0095884{col 50}{space 2} .0040035{col 61}{space 1}    2.40{col 70}{space 3}0.020{col 78}{space 4} .0015774{col 91}{space 3} .0175994
{txt}{space 29}log_pop {c |}{col 38}{res}{space 2} .7256235{col 50}{space 2} .2283779{col 61}{space 1}    3.18{col 70}{space 3}0.002{col 78}{space 4} .2686403{col 91}{space 3} 1.182607
{txt}{space 30}kaopen {c |}{col 38}{res}{space 2}-.0228699{col 50}{space 2} .0128939{col 61}{space 1}   -1.77{col 70}{space 3}0.081{col 78}{space 4}-.0486705{col 91}{space 3} .0029306
{txt}{space 24}currency_peg {c |}{col 38}{res}{space 2} .0263244{col 50}{space 2} .0354789{col 61}{space 1}    0.74{col 70}{space 3}0.461{col 78}{space 4}-.0446688{col 91}{space 3} .0973175
{txt}{space 21}currency_binary {c |}{col 38}{res}{space 2}-.1669426{col 50}{space 2} .0338393{col 61}{space 1}   -4.93{col 70}{space 3}0.000{col 78}{space 4}-.2346549{col 91}{space 3}-.0992303
{txt}{space 26}time_trend {c |}{col 38}{res}{space 2}-.0005707{col 50}{space 2} .0052387{col 61}{space 1}   -0.11{col 70}{space 3}0.914{col 78}{space 4}-.0110534{col 91}{space 3}  .009912
{txt}{space 31}_cons {c |}{col 38}{res}{space 2}-8.777863{col 50}{space 2} 3.799617{col 61}{space 1}   -2.31{col 70}{space 3}0.024{col 78}{space 4}-16.38088{col 91}{space 3}-1.174846
{txt}{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                             sigma_u {c |} {res} .79264695
                             {txt}sigma_e {c |} {res} .34781153
                                 {txt}rho {c |} {res} .83854399{txt}   (fraction of variance due to u_i)
{hline 37}{c BT}{hline 64}

{com}. 
. 
. est store tab11
{txt}
{com}. 
. 
. xtreg log_fi_res_xgld_cd lag_log_fi_res_xgld_cd c.polity_frac_polit12##c.gdp_ch1_polit12   polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1521
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.8882                         {txt}Obs per group: min = {res}        3
{txt}       between = {res}0.9035                                        {txt}avg = {res}     25.4
{txt}       overall = {res}0.8884                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}59{txt})           = {res}   558.23
{txt}corr(u_i, Xb)  = {res}-0.7343                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 105:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}{col 53}    Robust
{col 1}                     log_fi_res_xgld_cd{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      t{col 73}   P>|t|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}lag_log_fi_res_xgld_cd {c |}{col 41}{res}{space 2} .8104854{col 53}{space 2} .0356004{col 64}{space 1}   22.77{col 73}{space 3}0.000{col 81}{space 4} .7392492{col 94}{space 3} .8817216
{txt}{space 20}polity_frac_polit12 {c |}{col 41}{res}{space 2} .0441227{col 53}{space 2} .0303138{col 64}{space 1}    1.46{col 73}{space 3}0.151{col 81}{space 4} -.016535{col 94}{space 3} .1047804
{txt}{space 24}gdp_ch1_polit12 {c |}{col 41}{res}{space 2}-.0814646{col 53}{space 2} .0824043{col 64}{space 1}   -0.99{col 73}{space 3}0.327{col 81}{space 4}-.2463553{col 94}{space 3} .0834261
{txt}{space 39} {c |}
c.polity_frac_polit12#c.gdp_ch1_polit12 {c |}{col 41}{res}{space 2} .2817186{col 53}{space 2} .1691256{col 64}{space 1}    1.67{col 73}{space 3}0.101{col 81}{space 4}-.0567009{col 94}{space 3} .6201381
{txt}{space 39} {c |}
{space 32}polity2 {c |}{col 41}{res}{space 2} .0025253{col 53}{space 2} .0041358{col 64}{space 1}    0.61{col 73}{space 3}0.544{col 81}{space 4}-.0057505{col 94}{space 3} .0108011
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2}-.0096445{col 53}{space 2} .0458865{col 64}{space 1}   -0.21{col 73}{space 3}0.834{col 81}{space 4}-.1014631{col 94}{space 3} .0821741
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2}  .002584{col 53}{space 2} .0025202{col 64}{space 1}    1.03{col 73}{space 3}0.309{col 81}{space 4}-.0024589{col 94}{space 3} .0076268
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} .0177724{col 53}{space 2} .0042396{col 64}{space 1}    4.19{col 73}{space 3}0.000{col 81}{space 4} .0092889{col 94}{space 3} .0262558
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2} .0019775{col 53}{space 2} .0214339{col 64}{space 1}    0.09{col 73}{space 3}0.927{col 81}{space 4}-.0409115{col 94}{space 3} .0448666
{txt}{space 27}presidential {c |}{col 41}{res}{space 2} .0352102{col 53}{space 2} .0636495{col 64}{space 1}    0.55{col 73}{space 3}0.582{col 81}{space 4}-.0921521{col 94}{space 3} .1625725
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2} .0844402{col 53}{space 2}  .087107{col 64}{space 1}    0.97{col 73}{space 3}0.336{col 81}{space 4}-.0898606{col 94}{space 3} .2587409
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2} .0097676{col 53}{space 2} .0039338{col 64}{space 1}    2.48{col 73}{space 3}0.016{col 81}{space 4} .0018961{col 94}{space 3}  .017639
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2} .7322458{col 53}{space 2} .2260476{col 64}{space 1}    3.24{col 73}{space 3}0.002{col 81}{space 4} .2799255{col 94}{space 3} 1.184566
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0231694{col 53}{space 2} .0130688{col 64}{space 1}   -1.77{col 73}{space 3}0.081{col 81}{space 4}  -.04932{col 94}{space 3} .0029812
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2}  .031691{col 53}{space 2} .0353562{col 64}{space 1}    0.90{col 73}{space 3}0.374{col 81}{space 4}-.0390566{col 94}{space 3} .1024387
{txt}{space 24}currency_binary {c |}{col 41}{res}{space 2}-.1706504{col 53}{space 2} .0338926{col 64}{space 1}   -5.04{col 73}{space 3}0.000{col 81}{space 4}-.2384693{col 94}{space 3}-.1028315
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2}-.0004818{col 53}{space 2} .0051971{col 64}{space 1}   -0.09{col 73}{space 3}0.926{col 81}{space 4}-.0108812{col 94}{space 3} .0099175
{txt}{space 34}_cons {c |}{col 41}{res}{space 2}-8.874271{col 53}{space 2} 3.765436{col 64}{space 1}   -2.36{col 73}{space 3}0.022{col 81}{space 4}-16.40889{col 94}{space 3}-1.339651
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                sigma_u {c |} {res}  .8008767
                                {txt}sigma_e {c |} {res} .34763052
                                    {txt}rho {c |} {res} .84146028{txt}   (fraction of variance due to u_i)
{hline 40}{c BT}{hline 64}

{com}. 
. est store tab12
{txt}
{com}. 
. * Table 23:
. *esttab tab9 tab10 tab11 tab12 using estim_raw_res3.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H4: reserve sales
. 
. 
. reg log_fi_res_xgld_cd l.log_fi_res_xgld_cd c.sum_polit11_binary##c.res_ch2_polit11##c.log_pre_l1_reserves polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode if res_ch2_polit11 <= 2.168937 , vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1363
                                                       {help j_robustsingular:F( 20,    59) =}       .
                                                       {txt}Prob > F      = {res}      .
                                                       {txt}R-squared     = {res} 0.9725
                                                       {txt}Root MSE      = {res} .32178

{txt}{ralign 126:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 61}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 62}{c |}{col 74}    Robust
{col 1}                                          log_fi_res_xgld_cd{col 62}{c |}      Coef.{col 74}   Std. Err.{col 86}      t{col 94}   P>|t|{col 102}     [95% Con{col 115}f. Interval]
{hline 61}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 42}log_fi_res_xgld_cd {c |}
{space 57}L1. {c |}{col 62}{res}{space 2} .8102839{col 74}{space 2} .0292161{col 85}{space 1}   27.73{col 94}{space 3}0.000{col 102}{space 4} .7518225{col 115}{space 3} .8687453
{txt}{space 60} {c |}
{space 42}sum_polit11_binary {c |}{col 62}{res}{space 2} .0448835{col 74}{space 2} .0808646{col 85}{space 1}    0.56{col 94}{space 3}0.581{col 102}{space 4}-.1169262{col 115}{space 3} .2066932
{txt}{space 45}res_ch2_polit11 {c |}{col 62}{res}{space 2}  .400719{col 74}{space 2} .1100256{col 85}{space 1}    3.64{col 94}{space 3}0.001{col 102}{space 4} .1805582{col 115}{space 3} .6208798
{txt}{space 60} {c |}
{space 22}c.sum_polit11_binary#c.res_ch2_polit11 {c |}{col 62}{res}{space 2}-.3149745{col 74}{space 2} .1424252{col 85}{space 1}   -2.21{col 94}{space 3}0.031{col 102}{space 4}-.5999667{col 115}{space 3}-.0299823
{txt}{space 60} {c |}
{space 41}log_pre_l1_reserves {c |}{col 62}{res}{space 2}-.0285946{col 74}{space 2} .0476201{col 85}{space 1}   -0.60{col 94}{space 3}0.550{col 102}{space 4}-.1238821{col 115}{space 3} .0666929
{txt}{space 60} {c |}
{space 18}c.sum_polit11_binary#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .0824993{col 74}{space 2} .0645537{col 85}{space 1}    1.28{col 94}{space 3}0.206{col 102}{space 4}-.0466725{col 115}{space 3}  .211671
{txt}{space 60} {c |}
{space 21}c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2}-.2713963{col 74}{space 2} .1061962{col 85}{space 1}   -2.56{col 94}{space 3}0.013{col 102}{space 4}-.4838944{col 115}{space 3}-.0588983
{txt}{space 60} {c |}
c.sum_polit11_binary#c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .2586782{col 74}{space 2} .1206988{col 85}{space 1}    2.14{col 94}{space 3}0.036{col 102}{space 4} .0171606{col 115}{space 3} .5001959
{txt}{space 60} {c |}
{space 53}polity2 {c |}{col 62}{res}{space 2} .0046967{col 74}{space 2} .0044822{col 85}{space 1}    1.05{col 94}{space 3}0.299{col 102}{space 4}-.0042721{col 115}{space 3} .0136655
{txt}{space 47}sum_imftotal5 {c |}{col 62}{res}{space 2} -.001949{col 74}{space 2} .0305908{col 85}{space 1}   -0.06{col 94}{space 3}0.949{col 102}{space 4}-.0631611{col 115}{space 3} .0592631
{txt}{space 46}ne_imp_gnfs_zs {c |}{col 62}{res}{space 2} .0024501{col 74}{space 2} .0025931{col 85}{space 1}    0.94{col 94}{space 3}0.349{col 102}{space 4}-.0027386{col 115}{space 3} .0076388
{txt}{space 47}trade_balance {c |}{col 62}{res}{space 2} .0187799{col 74}{space 2} .0052401{col 85}{space 1}    3.58{col 94}{space 3}0.001{col 102}{space 4} .0082944{col 115}{space 3} .0292653
{txt}{space 51}cbi_irreg {c |}{col 62}{res}{space 2} .0189459{col 74}{space 2} .0214213{col 85}{space 1}    0.88{col 94}{space 3}0.380{col 102}{space 4} -.023918{col 115}{space 3} .0618098
{txt}{space 48}presidential {c |}{col 62}{res}{space 2} .0396532{col 74}{space 2} .0695212{col 85}{space 1}    0.57{col 94}{space 3}0.571{col 102}{space 4}-.0994585{col 115}{space 3} .1787648
{txt}{space 51}log_gdppc {c |}{col 62}{res}{space 2} .0631152{col 74}{space 2} .0830113{col 85}{space 1}    0.76{col 94}{space 3}0.450{col 102}{space 4}  -.10299{col 115}{space 3} .2292203
{txt}{space 50}gdp_growth {c |}{col 62}{res}{space 2} .0097461{col 74}{space 2} .0035073{col 85}{space 1}    2.78{col 94}{space 3}0.007{col 102}{space 4} .0027279{col 115}{space 3} .0167642
{txt}{space 53}log_pop {c |}{col 62}{res}{space 2} .6658451{col 74}{space 2} .2834484{col 85}{space 1}    2.35{col 94}{space 3}0.022{col 102}{space 4} .0986661{col 115}{space 3} 1.233024
{txt}{space 54}kaopen {c |}{col 62}{res}{space 2}-.0214708{col 74}{space 2} .0161647{col 85}{space 1}   -1.33{col 94}{space 3}0.189{col 102}{space 4}-.0538163{col 115}{space 3} .0108746
{txt}{space 48}currency_peg {c |}{col 62}{res}{space 2}-.0059774{col 74}{space 2} .0449789{col 85}{space 1}   -0.13{col 94}{space 3}0.895{col 102}{space 4}-.0959799{col 115}{space 3} .0840252
{txt}{space 45}currency_binary {c |}{col 62}{res}{space 2}-.1712767{col 74}{space 2} .0354175{col 85}{space 1}   -4.84{col 94}{space 3}0.000{col 102}{space 4}-.2421471{col 115}{space 3}-.1004064
{txt}{space 50}time_trend {c |}{col 62}{res}{space 2} .0035529{col 74}{space 2} .0067817{col 85}{space 1}    0.52{col 94}{space 3}0.602{col 102}{space 4}-.0100173{col 115}{space 3} .0171231
{txt}{space 60} {c |}
{space 53}cowcode {c |}
{space 57}42  {c |}{col 62}{res}{space 2} 1.819087{col 74}{space 2} 1.098833{col 85}{space 1}    1.66{col 94}{space 3}0.103{col 102}{space 4}-.3796735{col 115}{space 3} 4.017847
{txt}{space 57}70  {c |}{col 62}{res}{space 2} .7678026{col 74}{space 2} .4009822{col 85}{space 1}    1.91{col 94}{space 3}0.060{col 102}{space 4} -.034561{col 115}{space 3} 1.570166
{txt}{space 57}90  {c |}{col 62}{res}{space 2} 1.743714{col 74}{space 2} 1.055097{col 85}{space 1}    1.65{col 94}{space 3}0.104{col 102}{space 4}-.3675308{col 115}{space 3} 3.854958
{txt}{space 57}91  {c |}{col 62}{res}{space 2} 2.201464{col 74}{space 2} 1.219737{col 85}{space 1}    1.80{col 94}{space 3}0.076{col 102}{space 4}-.2392233{col 115}{space 3} 4.642152
{txt}{space 57}92  {c |}{col 62}{res}{space 2} 2.177957{col 74}{space 2} 1.228543{col 85}{space 1}    1.77{col 94}{space 3}0.081{col 102}{space 4}-.2803527{col 115}{space 3} 4.636266
{txt}{space 57}93  {c |}{col 62}{res}{space 2} 2.487489{col 74}{space 2} 1.305433{col 85}{space 1}    1.91{col 94}{space 3}0.062{col 102}{space 4}-.1246765{col 115}{space 3} 5.099654
{txt}{space 57}94  {c |}{col 62}{res}{space 2} 2.359946{col 74}{space 2} 1.301087{col 85}{space 1}    1.81{col 94}{space 3}0.075{col 102}{space 4}-.2435225{col 115}{space 3} 4.963414
{txt}{space 56}100  {c |}{col 62}{res}{space 2}  1.08138{col 74}{space 2} .7075977{col 85}{space 1}    1.53{col 94}{space 3}0.132{col 102}{space 4}-.3345203{col 115}{space 3} 2.497279
{txt}{space 56}101  {c |}{col 62}{res}{space 2} 1.392874{col 74}{space 2} .7899128{col 85}{space 1}    1.76{col 94}{space 3}0.083{col 102}{space 4}-.1877379{col 115}{space 3} 2.973486
{txt}{space 56}130  {c |}{col 62}{res}{space 2} 1.666482{col 74}{space 2} 1.003876{col 85}{space 1}    1.66{col 94}{space 3}0.102{col 102}{space 4}-.3422688{col 115}{space 3} 3.675233
{txt}{space 56}135  {c |}{col 62}{res}{space 2} 1.495542{col 74}{space 2} .8105822{col 85}{space 1}    1.85{col 94}{space 3}0.070{col 102}{space 4} -.126429{col 115}{space 3} 3.117513
{txt}{space 56}140  {c |}{col 62}{res}{space 2} .4184784{col 74}{space 2} .2949441{col 85}{space 1}    1.42{col 94}{space 3}0.161{col 102}{space 4}-.1717035{col 115}{space 3}  1.00866
{txt}{space 56}145  {c |}{col 62}{res}{space 2}  1.71634{col 74}{space 2}  1.14424{col 85}{space 1}    1.50{col 94}{space 3}0.139{col 102}{space 4}-.5732789{col 115}{space 3}  4.00596
{txt}{space 56}150  {c |}{col 62}{res}{space 2} 2.156991{col 74}{space 2} 1.257061{col 85}{space 1}    1.72{col 94}{space 3}0.091{col 102}{space 4}-.3583816{col 115}{space 3} 4.672364
{txt}{space 56}155  {c |}{col 62}{res}{space 2} 1.572024{col 74}{space 2} .9072102{col 85}{space 1}    1.73{col 94}{space 3}0.088{col 102}{space 4}-.2432995{col 115}{space 3} 3.387347
{txt}{space 56}160  {c |}{col 62}{res}{space 2}  1.08223{col 74}{space 2} .7024856{col 85}{space 1}    1.54{col 94}{space 3}0.129{col 102}{space 4}-.3234408{col 115}{space 3}   2.4879
{txt}{space 56}165  {c |}{col 62}{res}{space 2} 2.414654{col 74}{space 2} 1.340362{col 85}{space 1}    1.80{col 94}{space 3}0.077{col 102}{space 4}-.2674045{col 115}{space 3} 5.096712
{txt}{space 56}200  {c |}{col 62}{res}{space 2} 1.032467{col 74}{space 2} .4178082{col 85}{space 1}    2.47{col 94}{space 3}0.016{col 102}{space 4} .1964351{col 115}{space 3}   1.8685
{txt}{space 56}205  {c |}{col 62}{res}{space 2} 2.129616{col 74}{space 2} 1.187105{col 85}{space 1}    1.79{col 94}{space 3}0.078{col 102}{space 4}-.2457766{col 115}{space 3} 4.505009
{txt}{space 56}210  {c |}{col 62}{res}{space 2} 1.379761{col 74}{space 2} .7797002{col 85}{space 1}    1.77{col 94}{space 3}0.082{col 102}{space 4}-.1804158{col 115}{space 3} 2.939937
{txt}{space 56}211  {c |}{col 62}{res}{space 2} 1.711915{col 74}{space 2} .9103351{col 85}{space 1}    1.88{col 94}{space 3}0.065{col 102}{space 4}-.1096612{col 115}{space 3} 3.533491
{txt}{space 56}220  {c |}{col 62}{res}{space 2} .9097508{col 74}{space 2} .4367022{col 85}{space 1}    2.08{col 94}{space 3}0.042{col 102}{space 4} .0359117{col 115}{space 3}  1.78359
{txt}{space 56}225  {c |}{col 62}{res}{space 2}  2.27339{col 74}{space 2} .9900928{col 85}{space 1}    2.30{col 94}{space 3}0.025{col 102}{space 4} .2922186{col 115}{space 3} 4.254561
{txt}{space 56}230  {c |}{col 62}{res}{space 2} 1.162657{col 74}{space 2} .5655188{col 85}{space 1}    2.06{col 94}{space 3}0.044{col 102}{space 4} .0310563{col 115}{space 3} 2.294257
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{txt}{space 56}290  {c |}{col 62}{res}{space 2} 1.349836{col 74}{space 2} .6635334{col 85}{space 1}    2.03{col 94}{space 3}0.046{col 102}{space 4} .0221086{col 115}{space 3} 2.677563
{txt}{space 56}305  {c |}{col 62}{res}{space 2} 1.957637{col 74}{space 2} .9638541{col 85}{space 1}    2.03{col 94}{space 3}0.047{col 102}{space 4} .0289694{col 115}{space 3} 3.886305
{txt}{space 56}310  {c |}{col 62}{res}{space 2} 1.966179{col 74}{space 2} .9868249{col 85}{space 1}    1.99{col 94}{space 3}0.051{col 102}{space 4}-.0084536{col 115}{space 3} 3.940811
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{txt}{space 56}800  {c |}{col 62}{res}{space 2} 1.032318{col 74}{space 2} .5439538{col 85}{space 1}    1.90{col 94}{space 3}0.063{col 102}{space 4}-.0561312{col 115}{space 3} 2.120767
{txt}{space 56}820  {c |}{col 62}{res}{space 2} 1.296052{col 74}{space 2} .7623126{col 85}{space 1}    1.70{col 94}{space 3}0.094{col 102}{space 4}-.2293322{col 115}{space 3} 2.821436
{txt}{space 56}830  {c |}{col 62}{res}{space 2} 2.158458{col 74}{space 2} 1.187917{col 85}{space 1}    1.82{col 94}{space 3}0.074{col 102}{space 4}-.2185595{col 115}{space 3} 4.535475
{txt}{space 56}840  {c |}{col 62}{res}{space 2} .8017888{col 74}{space 2} .5520435{col 85}{space 1}    1.45{col 94}{space 3}0.152{col 102}{space 4}-.3028476{col 115}{space 3} 1.906425
{txt}{space 56}850  {c |}{col 62}{res}{space 2} .1889827{col 74}{space 2} .3146505{col 85}{space 1}    0.60{col 94}{space 3}0.550{col 102}{space 4}-.4406315{col 115}{space 3} .8185969
{txt}{space 56}900  {c |}{col 62}{res}{space 2} 1.670493{col 74}{space 2} .7392892{col 85}{space 1}    2.26{col 94}{space 3}0.028{col 102}{space 4} .1911784{col 115}{space 3} 3.149807
{txt}{space 56}920  {c |}{col 62}{res}{space 2} 2.342178{col 74}{space 2} 1.191687{col 85}{space 1}    1.97{col 94}{space 3}0.054{col 102}{space 4}-.0423818{col 115}{space 3} 4.726738
{txt}{space 60} {c |}
{space 55}_cons {c |}{col 62}{res}{space 2}-9.160864{col 74}{space 2}  5.48602{col 85}{space 1}   -1.67{col 94}{space 3}0.100{col 102}{space 4}-20.13836{col 115}{space 3} 1.816636
{txt}{hline 61}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab13
{txt}
{com}. 
. reg log_fi_res_xgld_cd l.log_fi_res_xgld_cd c.sum_polit12_binary##c.res_ch2_polit12##c.log_pre_l1_reserves polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode if res_ch2_polit12 <= 2.168937, vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1363
                                                       {help j_robustsingular:F( 20,    59) =}       .
                                                       {txt}Prob > F      = {res}      .
                                                       {txt}R-squared     = {res} 0.9722
                                                       {txt}Root MSE      = {res} .32352

{txt}{ralign 126:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 61}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 62}{c |}{col 74}    Robust
{col 1}                                          log_fi_res_xgld_cd{col 62}{c |}      Coef.{col 74}   Std. Err.{col 86}      t{col 94}   P>|t|{col 102}     [95% Con{col 115}f. Interval]
{hline 61}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 42}log_fi_res_xgld_cd {c |}
{space 57}L1. {c |}{col 62}{res}{space 2} .8179956{col 74}{space 2} .0305563{col 85}{space 1}   26.77{col 94}{space 3}0.000{col 102}{space 4} .7568526{col 115}{space 3} .8791386
{txt}{space 60} {c |}
{space 42}sum_polit12_binary {c |}{col 62}{res}{space 2}-.0729949{col 74}{space 2} .0683703{col 85}{space 1}   -1.07{col 94}{space 3}0.290{col 102}{space 4}-.2098035{col 115}{space 3} .0638136
{txt}{space 45}res_ch2_polit12 {c |}{col 62}{res}{space 2} .2347514{col 74}{space 2} .0988473{col 85}{space 1}    2.37{col 94}{space 3}0.021{col 102}{space 4} .0369583{col 115}{space 3} .4325444
{txt}{space 60} {c |}
{space 22}c.sum_polit12_binary#c.res_ch2_polit12 {c |}{col 62}{res}{space 2}-.0985235{col 74}{space 2} .1118371{col 85}{space 1}   -0.88{col 94}{space 3}0.382{col 102}{space 4} -.322309{col 115}{space 3}  .125262
{txt}{space 60} {c |}
{space 41}log_pre_l1_reserves {c |}{col 62}{res}{space 2}-.0044272{col 74}{space 2} .0343533{col 85}{space 1}   -0.13{col 94}{space 3}0.898{col 102}{space 4} -.073168{col 115}{space 3} .0643136
{txt}{space 60} {c |}
{space 18}c.sum_polit12_binary#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .1230218{col 74}{space 2} .0487818{col 85}{space 1}    2.52{col 94}{space 3}0.014{col 102}{space 4} .0254097{col 115}{space 3}  .220634
{txt}{space 60} {c |}
{space 21}c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2}-.0655548{col 74}{space 2} .0511421{col 85}{space 1}   -1.28{col 94}{space 3}0.205{col 102}{space 4}-.1678898{col 115}{space 3} .0367802
{txt}{space 60} {c |}
c.sum_polit12_binary#c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2}-.0038083{col 74}{space 2} .0736152{col 85}{space 1}   -0.05{col 94}{space 3}0.959{col 102}{space 4} -.151112{col 115}{space 3} .1434955
{txt}{space 60} {c |}
{space 53}polity2 {c |}{col 62}{res}{space 2} .0058913{col 74}{space 2} .0045356{col 85}{space 1}    1.30{col 94}{space 3}0.199{col 102}{space 4}-.0031843{col 115}{space 3}  .014967
{txt}{space 47}sum_imftotal5 {c |}{col 62}{res}{space 2} .0069192{col 74}{space 2}  .033392{col 85}{space 1}    0.21{col 94}{space 3}0.837{col 102}{space 4}-.0598981{col 115}{space 3} .0737365
{txt}{space 46}ne_imp_gnfs_zs {c |}{col 62}{res}{space 2} .0024082{col 74}{space 2} .0024707{col 85}{space 1}    0.97{col 94}{space 3}0.334{col 102}{space 4}-.0025356{col 115}{space 3}  .007352
{txt}{space 47}trade_balance {c |}{col 62}{res}{space 2} .0197082{col 74}{space 2} .0048529{col 85}{space 1}    4.06{col 94}{space 3}0.000{col 102}{space 4} .0099976{col 115}{space 3} .0294188
{txt}{space 51}cbi_irreg {c |}{col 62}{res}{space 2} .0181044{col 74}{space 2} .0213121{col 85}{space 1}    0.85{col 94}{space 3}0.399{col 102}{space 4} -.024541{col 115}{space 3} .0607497
{txt}{space 48}presidential {c |}{col 62}{res}{space 2} .0432114{col 74}{space 2} .0748829{col 85}{space 1}    0.58{col 94}{space 3}0.566{col 102}{space 4}-.1066289{col 115}{space 3} .1930517
{txt}{space 51}log_gdppc {c |}{col 62}{res}{space 2}  .054133{col 74}{space 2}  .089082{col 85}{space 1}    0.61{col 94}{space 3}0.546{col 102}{space 4}-.1241196{col 115}{space 3} .2323855
{txt}{space 50}gdp_growth {c |}{col 62}{res}{space 2} .0087664{col 74}{space 2} .0035308{col 85}{space 1}    2.48{col 94}{space 3}0.016{col 102}{space 4} .0017014{col 115}{space 3} .0158315
{txt}{space 53}log_pop {c |}{col 62}{res}{space 2} .6654006{col 74}{space 2} .2789419{col 85}{space 1}    2.39{col 94}{space 3}0.020{col 102}{space 4} .1072391{col 115}{space 3} 1.223562
{txt}{space 54}kaopen {c |}{col 62}{res}{space 2}-.0213895{col 74}{space 2} .0157378{col 85}{space 1}   -1.36{col 94}{space 3}0.179{col 102}{space 4}-.0528808{col 115}{space 3} .0101017
{txt}{space 48}currency_peg {c |}{col 62}{res}{space 2}-.0024641{col 74}{space 2} .0465075{col 85}{space 1}   -0.05{col 94}{space 3}0.958{col 102}{space 4}-.0955253{col 115}{space 3} .0905971
{txt}{space 45}currency_binary {c |}{col 62}{res}{space 2}-.1806752{col 74}{space 2} .0368916{col 85}{space 1}   -4.90{col 94}{space 3}0.000{col 102}{space 4} -.254495{col 115}{space 3}-.1068553
{txt}{space 50}time_trend {c |}{col 62}{res}{space 2}  .002016{col 74}{space 2} .0067731{col 85}{space 1}    0.30{col 94}{space 3}0.767{col 102}{space 4}-.0115369{col 115}{space 3} .0155689
{txt}{space 60} {c |}
{space 53}cowcode {c |}
{space 57}42  {c |}{col 62}{res}{space 2} 1.779966{col 74}{space 2} 1.086183{col 85}{space 1}    1.64{col 94}{space 3}0.107{col 102}{space 4}-.3934815{col 115}{space 3} 3.953414
{txt}{space 57}70  {c |}{col 62}{res}{space 2} .6760931{col 74}{space 2} .4113609{col 85}{space 1}    1.64{col 94}{space 3}0.106{col 102}{space 4}-.1470382{col 115}{space 3} 1.499224
{txt}{space 57}90  {c |}{col 62}{res}{space 2} 1.704218{col 74}{space 2} 1.056214{col 85}{space 1}    1.61{col 94}{space 3}0.112{col 102}{space 4}-.4092619{col 115}{space 3} 3.817697
{txt}{space 57}91  {c |}{col 62}{res}{space 2} 2.129016{col 74}{space 2} 1.220823{col 85}{space 1}    1.74{col 94}{space 3}0.086{col 102}{space 4}-.3138457{col 115}{space 3} 4.571878
{txt}{space 57}92  {c |}{col 62}{res}{space 2} 2.222223{col 74}{space 2} 1.213376{col 85}{space 1}    1.83{col 94}{space 3}0.072{col 102}{space 4} -.205737{col 115}{space 3} 4.650182
{txt}{space 57}93  {c |}{col 62}{res}{space 2} 2.408884{col 74}{space 2} 1.317069{col 85}{space 1}    1.83{col 94}{space 3}0.072{col 102}{space 4}-.2265648{col 115}{space 3} 5.044332
{txt}{space 57}94  {c |}{col 62}{res}{space 2} 2.229098{col 74}{space 2} 1.291272{col 85}{space 1}    1.73{col 94}{space 3}0.090{col 102}{space 4}-.3547312{col 115}{space 3} 4.812927
{txt}{space 56}100  {c |}{col 62}{res}{space 2} 1.043024{col 74}{space 2}  .714309{col 85}{space 1}    1.46{col 94}{space 3}0.150{col 102}{space 4}-.3863055{col 115}{space 3} 2.472353
{txt}{space 56}101  {c |}{col 62}{res}{space 2} 1.284438{col 74}{space 2}  .804264{col 85}{space 1}    1.60{col 94}{space 3}0.116{col 102}{space 4}-.3248902{col 115}{space 3} 2.893767
{txt}{space 56}130  {c |}{col 62}{res}{space 2} 1.566398{col 74}{space 2} 1.011778{col 85}{space 1}    1.55{col 94}{space 3}0.127{col 102}{space 4}-.4581656{col 115}{space 3} 3.590963
{txt}{space 56}135  {c |}{col 62}{res}{space 2} 1.365037{col 74}{space 2} .8299202{col 85}{space 1}    1.64{col 94}{space 3}0.105{col 102}{space 4}-.2956294{col 115}{space 3} 3.025704
{txt}{space 56}140  {c |}{col 62}{res}{space 2}  .313415{col 74}{space 2} .3141206{col 85}{space 1}    1.00{col 94}{space 3}0.322{col 102}{space 4}-.3151388{col 115}{space 3} .9419688
{txt}{space 56}145  {c |}{col 62}{res}{space 2} 1.653226{col 74}{space 2} 1.148656{col 85}{space 1}    1.44{col 94}{space 3}0.155{col 102}{space 4}-.6452285{col 115}{space 3} 3.951681
{txt}{space 56}150  {c |}{col 62}{res}{space 2} 2.130283{col 74}{space 2} 1.252475{col 85}{space 1}    1.70{col 94}{space 3}0.094{col 102}{space 4} -.375913{col 115}{space 3}  4.63648
{txt}{space 56}155  {c |}{col 62}{res}{space 2} 1.561587{col 74}{space 2}   .90663{col 85}{space 1}    1.72{col 94}{space 3}0.090{col 102}{space 4} -.252575{col 115}{space 3}  3.37575
{txt}{space 56}160  {c |}{col 62}{res}{space 2} .9763999{col 74}{space 2} .7215741{col 85}{space 1}    1.35{col 94}{space 3}0.181{col 102}{space 4}-.4674665{col 115}{space 3} 2.420266
{txt}{space 56}165  {c |}{col 62}{res}{space 2} 2.473799{col 74}{space 2} 1.335275{col 85}{space 1}    1.85{col 94}{space 3}0.069{col 102}{space 4}-.1980807{col 115}{space 3} 5.145678
{txt}{space 56}200  {c |}{col 62}{res}{space 2} .9846575{col 74}{space 2} .4120008{col 85}{space 1}    2.39{col 94}{space 3}0.020{col 102}{space 4} .1602457{col 115}{space 3} 1.809069
{txt}{space 56}205  {c |}{col 62}{res}{space 2} 2.055473{col 74}{space 2} 1.164141{col 85}{space 1}    1.77{col 94}{space 3}0.083{col 102}{space 4} -.273968{col 115}{space 3} 4.384914
{txt}{space 56}210  {c |}{col 62}{res}{space 2} 1.267734{col 74}{space 2} .7769956{col 85}{space 1}    1.63{col 94}{space 3}0.108{col 102}{space 4}-.2870306{col 115}{space 3} 2.822499
{txt}{space 56}211  {c |}{col 62}{res}{space 2} 1.707205{col 74}{space 2} .8806808{col 85}{space 1}    1.94{col 94}{space 3}0.057{col 102}{space 4}-.0550337{col 115}{space 3} 3.469443
{txt}{space 56}220  {c |}{col 62}{res}{space 2} .9414974{col 74}{space 2} .4236278{col 85}{space 1}    2.22{col 94}{space 3}0.030{col 102}{space 4} .0938202{col 115}{space 3} 1.789175
{txt}{space 56}225  {c |}{col 62}{res}{space 2}  2.14029{col 74}{space 2} .9711972{col 85}{space 1}    2.20{col 94}{space 3}0.031{col 102}{space 4} .1969287{col 115}{space 3} 4.083651
{txt}{space 56}230  {c |}{col 62}{res}{space 2} 1.115879{col 74}{space 2} .5630306{col 85}{space 1}    1.98{col 94}{space 3}0.052{col 102}{space 4}-.0107425{col 115}{space 3} 2.242501
{txt}{space 56}235  {c |}{col 62}{res}{space 2} 1.656063{col 74}{space 2} .9664139{col 85}{space 1}    1.71{col 94}{space 3}0.092{col 102}{space 4}-.2777263{col 115}{space 3} 3.589853
{txt}{space 56}290  {c |}{col 62}{res}{space 2} 1.258826{col 74}{space 2} .6677519{col 85}{space 1}    1.89{col 94}{space 3}0.064{col 102}{space 4}-.0773423{col 115}{space 3} 2.594995
{txt}{space 56}305  {c |}{col 62}{res}{space 2} 1.855937{col 74}{space 2} .9534252{col 85}{space 1}    1.95{col 94}{space 3}0.056{col 102}{space 4}-.0518628{col 115}{space 3} 3.763736
{txt}{space 56}310  {c |}{col 62}{res}{space 2} 1.852105{col 74}{space 2} .9740692{col 85}{space 1}    1.90{col 94}{space 3}0.062{col 102}{space 4}-.0970027{col 115}{space 3} 3.801213
{txt}{space 56}325  {c |}{col 62}{res}{space 2} .8208127{col 74}{space 2} .4389782{col 85}{space 1}    1.87{col 94}{space 3}0.066{col 102}{space 4}-.0575806{col 115}{space 3} 1.699206
{txt}{space 56}350  {c |}{col 62}{res}{space 2} 1.868919{col 74}{space 2} .9117574{col 85}{space 1}    2.05{col 94}{space 3}0.045{col 102}{space 4} .0444961{col 115}{space 3} 3.693341
{txt}{space 56}360  {c |}{col 62}{res}{space 2} 1.518739{col 74}{space 2} .8153653{col 85}{space 1}    1.86{col 94}{space 3}0.067{col 102}{space 4}-.1128033{col 115}{space 3} 3.150281
{txt}{space 56}365  {c |}{col 62}{res}{space 2} .5280557{col 74}{space 2} .3831045{col 85}{space 1}    1.38{col 94}{space 3}0.173{col 102}{space 4}-.2385346{col 115}{space 3} 1.294646
{txt}{space 56}375  {c |}{col 62}{res}{space 2} 2.121493{col 74}{space 2} 1.077153{col 85}{space 1}    1.97{col 94}{space 3}0.054{col 102}{space 4}-.0338842{col 115}{space 3} 4.276871
{txt}{space 56}380  {c |}{col 62}{res}{space 2} 1.881923{col 74}{space 2} .8995697{col 85}{space 1}    2.09{col 94}{space 3}0.041{col 102}{space 4} .0818884{col 115}{space 3} 3.681958
{txt}{space 56}385  {c |}{col 62}{res}{space 2} 2.237873{col 74}{space 2} 1.094917{col 85}{space 1}    2.04{col 94}{space 3}0.045{col 102}{space 4} .0469493{col 115}{space 3} 4.428797
{txt}{space 56}452  {c |}{col 62}{res}{space 2} 1.363795{col 74}{space 2} .9903071{col 85}{space 1}    1.38{col 94}{space 3}0.174{col 102}{space 4}-.6178052{col 115}{space 3} 3.345395
{txt}{space 56}475  {c |}{col 62}{res}{space 2} .2622541{col 74}{space 2} .5203375{col 85}{space 1}    0.50{col 94}{space 3}0.616{col 102}{space 4}-.7789388{col 115}{space 3} 1.303447
{txt}{space 56}501  {c |}{col 62}{res}{space 2} 1.125465{col 74}{space 2} .8633268{col 85}{space 1}    1.30{col 94}{space 3}0.197{col 102}{space 4}-.6020483{col 115}{space 3} 2.852978
{txt}{space 56}551  {c |}{col 62}{res}{space 2} 1.556974{col 74}{space 2} 1.118002{col 85}{space 1}    1.39{col 94}{space 3}0.169{col 102}{space 4}-.6801439{col 115}{space 3} 3.794092
{txt}{space 56}552  {c |}{col 62}{res}{space 2} 1.550341{col 74}{space 2} 1.007876{col 85}{space 1}    1.54{col 94}{space 3}0.129{col 102}{space 4}-.4664144{col 115}{space 3} 3.567096
{txt}{space 56}560  {c |}{col 62}{res}{space 2} .8239625{col 74}{space 2}   .60163{col 85}{space 1}    1.37{col 94}{space 3}0.176{col 102}{space 4}-.3798964{col 115}{space 3} 2.027821
{txt}{space 56}590  {c |}{col 62}{res}{space 2} 2.927029{col 74}{space 2} 1.563367{col 85}{space 1}    1.87{col 94}{space 3}0.066{col 102}{space 4}-.2012598{col 115}{space 3} 6.055319
{txt}{space 56}600  {c |}{col 62}{res}{space 2} 1.034711{col 74}{space 2} .8103419{col 85}{space 1}    1.28{col 94}{space 3}0.207{col 102}{space 4}-.5867793{col 115}{space 3} 2.656201
{txt}{space 56}615  {c |}{col 62}{res}{space 2} 1.266386{col 74}{space 2} .7332825{col 85}{space 1}    1.73{col 94}{space 3}0.089{col 102}{space 4}-.2009092{col 115}{space 3} 2.733681
{txt}{space 56}616  {c |}{col 62}{res}{space 2} 1.714827{col 74}{space 2} 1.061125{col 85}{space 1}    1.62{col 94}{space 3}0.111{col 102}{space 4}-.4084797{col 115}{space 3} 3.838134
{txt}{space 56}640  {c |}{col 62}{res}{space 2}  .828913{col 74}{space 2} .5296158{col 85}{space 1}    1.57{col 94}{space 3}0.123{col 102}{space 4}-.2308457{col 115}{space 3} 1.888672
{txt}{space 56}651  {c |}{col 62}{res}{space 2}  .973799{col 74}{space 2} .5919684{col 85}{space 1}    1.65{col 94}{space 3}0.105{col 102}{space 4}-.2107269{col 115}{space 3} 2.158325
{txt}{space 56}710  {c |}{col 62}{res}{space 2}-.8053784{col 74}{space 2}  .381827{col 85}{space 1}   -2.11{col 94}{space 3}0.039{col 102}{space 4}-1.569412{col 115}{space 3}-.0413444
{txt}{space 56}732  {c |}{col 62}{res}{space 2} 1.081801{col 74}{space 2} .5703953{col 85}{space 1}    1.90{col 94}{space 3}0.063{col 102}{space 4}-.0595572{col 115}{space 3} 2.223159
{txt}{space 56}740  {c |}{col 62}{res}{space 2} .7593419{col 74}{space 2} .2155697{col 85}{space 1}    3.52{col 94}{space 3}0.001{col 102}{space 4}  .327988{col 115}{space 3} 1.190696
{txt}{space 56}750  {c |}{col 62}{res}{space 2}-.8319444{col 74}{space 2} .3312442{col 85}{space 1}   -2.51{col 94}{space 3}0.015{col 102}{space 4}-1.494763{col 115}{space 3}-.1691264
{txt}{space 56}780  {c |}{col 62}{res}{space 2} 1.378955{col 74}{space 2}  .944924{col 85}{space 1}    1.46{col 94}{space 3}0.150{col 102}{space 4}-.5118338{col 115}{space 3} 3.269743
{txt}{space 56}800  {c |}{col 62}{res}{space 2} .8875806{col 74}{space 2}  .562215{col 85}{space 1}    1.58{col 94}{space 3}0.120{col 102}{space 4}-.2374091{col 115}{space 3}  2.01257
{txt}{space 56}820  {c |}{col 62}{res}{space 2} 1.166713{col 74}{space 2} .7809724{col 85}{space 1}    1.49{col 94}{space 3}0.141{col 102}{space 4}-.3960089{col 115}{space 3} 2.729435
{txt}{space 56}830  {c |}{col 62}{res}{space 2}  2.02964{col 74}{space 2}  1.16782{col 85}{space 1}    1.74{col 94}{space 3}0.087{col 102}{space 4}-.3071612{col 115}{space 3} 4.366442
{txt}{space 56}840  {c |}{col 62}{res}{space 2} .6942438{col 74}{space 2} .5753334{col 85}{space 1}    1.21{col 94}{space 3}0.232{col 102}{space 4}-.4569957{col 115}{space 3} 1.845483
{txt}{space 56}850  {c |}{col 62}{res}{space 2} .1589266{col 74}{space 2} .3371702{col 85}{space 1}    0.47{col 94}{space 3}0.639{col 102}{space 4}-.5157495{col 115}{space 3} .8336026
{txt}{space 56}900  {c |}{col 62}{res}{space 2} 1.549882{col 74}{space 2} .7335881{col 85}{space 1}    2.11{col 94}{space 3}0.039{col 102}{space 4} .0819752{col 115}{space 3} 3.017788
{txt}{space 56}920  {c |}{col 62}{res}{space 2} 2.307347{col 74}{space 2} 1.170647{col 85}{space 1}    1.97{col 94}{space 3}0.053{col 102}{space 4}-.0351115{col 115}{space 3} 4.649805
{txt}{space 60} {c |}
{space 55}_cons {c |}{col 62}{res}{space 2}-9.107338{col 74}{space 2} 5.426562{col 85}{space 1}   -1.68{col 94}{space 3}0.099{col 102}{space 4}-19.96586{col 115}{space 3} 1.751188
{txt}{hline 61}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab14
{txt}
{com}. 
. 
. reg log_fi_res_xgld_cd l.log_fi_res_xgld_cd c.polity_frac_polit11##c.res_ch2_polit11##c.log_pre_l1_reserves polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode if res_ch2_polit11 <= 2.168937, vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1363
                                                       {help j_robustsingular:F( 20,    59) =}       .
                                                       {txt}Prob > F      = {res}      .
                                                       {txt}R-squared     = {res} 0.9723
                                                       {txt}Root MSE      = {res} .32295

{txt}{ralign 127:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 62}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 63}{c |}{col 75}    Robust
{col 1}                                           log_fi_res_xgld_cd{col 63}{c |}      Coef.{col 75}   Std. Err.{col 87}      t{col 95}   P>|t|{col 103}     [95% Con{col 116}f. Interval]
{hline 62}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 43}log_fi_res_xgld_cd {c |}
{space 58}L1. {c |}{col 63}{res}{space 2} .8093824{col 75}{space 2} .0317889{col 86}{space 1}   25.46{col 95}{space 3}0.000{col 103}{space 4}  .745773{col 116}{space 3} .8729919
{txt}{space 61} {c |}
{space 42}polity_frac_polit11 {c |}{col 63}{res}{space 2} .1239645{col 75}{space 2} .0647297{col 86}{space 1}    1.92{col 95}{space 3}0.060{col 103}{space 4}-.0055593{col 116}{space 3} .2534883
{txt}{space 46}res_ch2_polit11 {c |}{col 63}{res}{space 2} .2599228{col 75}{space 2} .0795108{col 86}{space 1}    3.27{col 95}{space 3}0.002{col 103}{space 4}  .100822{col 116}{space 3} .4190236
{txt}{space 61} {c |}
{space 22}c.polity_frac_polit11#c.res_ch2_polit11 {c |}{col 63}{res}{space 2}-.1566241{col 75}{space 2} .0898681{col 86}{space 1}   -1.74{col 95}{space 3}0.087{col 103}{space 4}-.3364497{col 116}{space 3} .0232015
{txt}{space 61} {c |}
{space 42}log_pre_l1_reserves {c |}{col 63}{res}{space 2} .0185825{col 75}{space 2} .0417562{col 86}{space 1}    0.45{col 95}{space 3}0.658{col 103}{space 4}-.0649714{col 116}{space 3} .1021364
{txt}{space 61} {c |}
{space 18}c.polity_frac_polit11#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.0094478{col 75}{space 2} .0474421{col 86}{space 1}   -0.20{col 95}{space 3}0.843{col 103}{space 4}-.1043792{col 116}{space 3} .0854836
{txt}{space 61} {c |}
{space 22}c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.2037875{col 75}{space 2} .0810339{col 86}{space 1}   -2.51{col 95}{space 3}0.015{col 103}{space 4}-.3659359{col 116}{space 3}-.0416392
{txt}{space 61} {c |}
c.polity_frac_polit11#c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2} .1946449{col 75}{space 2} .0862981{col 86}{space 1}    2.26{col 95}{space 3}0.028{col 103}{space 4} .0219627{col 116}{space 3} .3673271
{txt}{space 61} {c |}
{space 54}polity2 {c |}{col 63}{res}{space 2}  .006036{col 75}{space 2} .0047684{col 86}{space 1}    1.27{col 95}{space 3}0.211{col 103}{space 4}-.0035056{col 116}{space 3} .0155775
{txt}{space 48}sum_imftotal5 {c |}{col 63}{res}{space 2} .0177269{col 75}{space 2} .0333501{col 86}{space 1}    0.53{col 95}{space 3}0.597{col 103}{space 4}-.0490065{col 116}{space 3} .0844602
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{txt}{space 48}trade_balance {c |}{col 63}{res}{space 2} .0189719{col 75}{space 2} .0053095{col 86}{space 1}    3.57{col 95}{space 3}0.001{col 103}{space 4} .0083477{col 116}{space 3} .0295961
{txt}{space 52}cbi_irreg {c |}{col 63}{res}{space 2} .0198591{col 75}{space 2} .0230348{col 86}{space 1}    0.86{col 95}{space 3}0.392{col 103}{space 4}-.0262334{col 116}{space 3} .0659516
{txt}{space 49}presidential {c |}{col 63}{res}{space 2}  .056637{col 75}{space 2}  .070054{col 86}{space 1}    0.81{col 95}{space 3}0.422{col 103}{space 4}-.0835407{col 116}{space 3} .1968148
{txt}{space 52}log_gdppc {c |}{col 63}{res}{space 2} .0657632{col 75}{space 2} .0890464{col 86}{space 1}    0.74{col 95}{space 3}0.463{col 103}{space 4}-.1124182{col 116}{space 3} .2439446
{txt}{space 51}gdp_growth {c |}{col 63}{res}{space 2} .0086039{col 75}{space 2} .0036173{col 86}{space 1}    2.38{col 95}{space 3}0.021{col 103}{space 4} .0013657{col 116}{space 3} .0158421
{txt}{space 54}log_pop {c |}{col 63}{res}{space 2}  .686235{col 75}{space 2} .2827724{col 86}{space 1}    2.43{col 95}{space 3}0.018{col 103}{space 4} .1204087{col 116}{space 3} 1.252061
{txt}{space 55}kaopen {c |}{col 63}{res}{space 2} -.023493{col 75}{space 2} .0163106{col 86}{space 1}   -1.44{col 95}{space 3}0.155{col 103}{space 4}-.0561304{col 116}{space 3} .0091444
{txt}{space 49}currency_peg {c |}{col 63}{res}{space 2} .0221234{col 75}{space 2} .0434727{col 86}{space 1}    0.51{col 95}{space 3}0.613{col 103}{space 4}-.0648653{col 116}{space 3} .1091121
{txt}{space 46}currency_binary {c |}{col 63}{res}{space 2}-.1831899{col 75}{space 2} .0351813{col 86}{space 1}   -5.21{col 95}{space 3}0.000{col 103}{space 4}-.2535874{col 116}{space 3}-.1127923
{txt}{space 51}time_trend {c |}{col 63}{res}{space 2} .0033335{col 75}{space 2} .0067696{col 86}{space 1}    0.49{col 95}{space 3}0.624{col 103}{space 4}-.0102123{col 116}{space 3} .0168794
{txt}{space 61} {c |}
{space 54}cowcode {c |}
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{txt}{space 58}91  {c |}{col 63}{res}{space 2} 2.196334{col 75}{space 2}  1.21351{col 86}{space 1}    1.81{col 95}{space 3}0.075{col 103}{space 4}-.2318942{col 116}{space 3} 4.624562
{txt}{space 58}92  {c |}{col 63}{res}{space 2} 2.265239{col 75}{space 2} 1.215288{col 86}{space 1}    1.86{col 95}{space 3}0.067{col 103}{space 4}-.1665469{col 116}{space 3} 4.697024
{txt}{space 58}93  {c |}{col 63}{res}{space 2}  2.43815{col 75}{space 2} 1.306673{col 86}{space 1}    1.87{col 95}{space 3}0.067{col 103}{space 4}-.1764961{col 116}{space 3} 5.052797
{txt}{space 58}94  {c |}{col 63}{res}{space 2} 2.394928{col 75}{space 2} 1.293754{col 86}{space 1}    1.85{col 95}{space 3}0.069{col 103}{space 4} -.193868{col 116}{space 3} 4.983724
{txt}{space 57}100  {c |}{col 63}{res}{space 2} 1.136635{col 75}{space 2} .7059112{col 86}{space 1}    1.61{col 95}{space 3}0.113{col 103}{space 4}-.2758905{col 116}{space 3}  2.54916
{txt}{space 57}101  {c |}{col 63}{res}{space 2} 1.406309{col 75}{space 2} .7854753{col 86}{space 1}    1.79{col 95}{space 3}0.079{col 103}{space 4}-.1654234{col 116}{space 3} 2.978042
{txt}{space 57}130  {c |}{col 63}{res}{space 2} 1.704361{col 75}{space 2}  .999498{col 86}{space 1}    1.71{col 95}{space 3}0.093{col 103}{space 4}  -.29563{col 116}{space 3} 3.704352
{txt}{space 57}135  {c |}{col 63}{res}{space 2} 1.487426{col 75}{space 2} .8105299{col 86}{space 1}    1.84{col 95}{space 3}0.072{col 103}{space 4}-.1344407{col 116}{space 3} 3.109292
{txt}{space 57}140  {c |}{col 63}{res}{space 2} .4718349{col 75}{space 2} .2949194{col 86}{space 1}    1.60{col 95}{space 3}0.115{col 103}{space 4}-.1182975{col 116}{space 3} 1.061967
{txt}{space 57}145  {c |}{col 63}{res}{space 2} 1.768805{col 75}{space 2} 1.141821{col 86}{space 1}    1.55{col 95}{space 3}0.127{col 103}{space 4}-.5159738{col 116}{space 3} 4.053584
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{txt}{space 61} {c |}
{space 56}_cons {c |}{col 63}{res}{space 2}-9.601102{col 75}{space 2} 5.490187{col 86}{space 1}   -1.75{col 95}{space 3}0.086{col 103}{space 4}-20.58694{col 116}{space 3} 1.384737
{txt}{hline 62}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab15
{txt}
{com}. 
. reg log_fi_res_xgld_cd l.log_fi_res_xgld_cd c.polity_frac_polit12##c.res_ch2_polit12##c.log_pre_l1_reserves polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode if res_ch2_polit12 <= 2.168937, vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1363
                                                       {help j_robustsingular:F( 20,    59) =}       .
                                                       {txt}Prob > F      = {res}      .
                                                       {txt}R-squared     = {res} 0.9720
                                                       {txt}Root MSE      = {res} .32491

{txt}{ralign 127:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 62}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 63}{c |}{col 75}    Robust
{col 1}                                           log_fi_res_xgld_cd{col 63}{c |}      Coef.{col 75}   Std. Err.{col 87}      t{col 95}   P>|t|{col 103}     [95% Con{col 116}f. Interval]
{hline 62}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 43}log_fi_res_xgld_cd {c |}
{space 58}L1. {c |}{col 63}{res}{space 2} .8209231{col 75}{space 2} .0317118{col 86}{space 1}   25.89{col 95}{space 3}0.000{col 103}{space 4} .7574679{col 116}{space 3} .8843782
{txt}{space 61} {c |}
{space 42}polity_frac_polit12 {c |}{col 63}{res}{space 2} .0018547{col 75}{space 2} .0827165{col 86}{space 1}    0.02{col 95}{space 3}0.982{col 103}{space 4}-.1636606{col 116}{space 3}   .16737
{txt}{space 46}res_ch2_polit12 {c |}{col 63}{res}{space 2} .1792231{col 75}{space 2} .0712639{col 86}{space 1}    2.51{col 95}{space 3}0.015{col 103}{space 4} .0366242{col 116}{space 3} .3218219
{txt}{space 61} {c |}
{space 22}c.polity_frac_polit12#c.res_ch2_polit12 {c |}{col 63}{res}{space 2}-.0562032{col 75}{space 2} .0870491{col 86}{space 1}   -0.65{col 95}{space 3}0.521{col 103}{space 4}-.2303882{col 116}{space 3} .1179817
{txt}{space 61} {c |}
{space 42}log_pre_l1_reserves {c |}{col 63}{res}{space 2} .0107246{col 75}{space 2} .0350126{col 86}{space 1}    0.31{col 95}{space 3}0.760{col 103}{space 4}-.0593355{col 116}{space 3} .0807847
{txt}{space 61} {c |}
{space 18}c.polity_frac_polit12#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2} .0611718{col 75}{space 2} .0551543{col 86}{space 1}    1.11{col 95}{space 3}0.272{col 103}{space 4}-.0491917{col 116}{space 3} .1715353
{txt}{space 61} {c |}
{space 22}c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.0775475{col 75}{space 2} .0455725{col 86}{space 1}   -1.70{col 95}{space 3}0.094{col 103}{space 4} -.168738{col 116}{space 3} .0136429
{txt}{space 61} {c |}
c.polity_frac_polit12#c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2} .0490359{col 75}{space 2} .0643119{col 86}{space 1}    0.76{col 95}{space 3}0.449{col 103}{space 4}-.0796519{col 116}{space 3} .1777237
{txt}{space 61} {c |}
{space 54}polity2 {c |}{col 63}{res}{space 2} .0055311{col 75}{space 2} .0045185{col 86}{space 1}    1.22{col 95}{space 3}0.226{col 103}{space 4}-.0035103{col 116}{space 3} .0145726
{txt}{space 48}sum_imftotal5 {c |}{col 63}{res}{space 2}  .011241{col 75}{space 2} .0370729{col 86}{space 1}    0.30{col 95}{space 3}0.763{col 103}{space 4}-.0629417{col 116}{space 3} .0854237
{txt}{space 47}ne_imp_gnfs_zs {c |}{col 63}{res}{space 2} .0028172{col 75}{space 2} .0026056{col 86}{space 1}    1.08{col 95}{space 3}0.284{col 103}{space 4}-.0023966{col 116}{space 3} .0080311
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{txt}{space 49}presidential {c |}{col 63}{res}{space 2} .0525867{col 75}{space 2} .0742342{col 86}{space 1}    0.71{col 95}{space 3}0.481{col 103}{space 4}-.0959557{col 116}{space 3}  .201129
{txt}{space 52}log_gdppc {c |}{col 63}{res}{space 2}  .056396{col 75}{space 2} .0924521{col 86}{space 1}    0.61{col 95}{space 3}0.544{col 103}{space 4}-.1286003{col 116}{space 3} .2413922
{txt}{space 51}gdp_growth {c |}{col 63}{res}{space 2} .0087076{col 75}{space 2}  .003678{col 86}{space 1}    2.37{col 95}{space 3}0.021{col 103}{space 4} .0013479{col 116}{space 3} .0160673
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{txt}{space 55}kaopen {c |}{col 63}{res}{space 2}-.0233759{col 75}{space 2} .0160227{col 86}{space 1}   -1.46{col 95}{space 3}0.150{col 103}{space 4}-.0554373{col 116}{space 3} .0086854
{txt}{space 49}currency_peg {c |}{col 63}{res}{space 2} .0185169{col 75}{space 2}    .0447{col 86}{space 1}    0.41{col 95}{space 3}0.680{col 103}{space 4}-.0709275{col 116}{space 3} .1079614
{txt}{space 46}currency_binary {c |}{col 63}{res}{space 2}-.1812876{col 75}{space 2} .0364608{col 86}{space 1}   -4.97{col 95}{space 3}0.000{col 103}{space 4}-.2542455{col 116}{space 3}-.1083297
{txt}{space 51}time_trend {c |}{col 63}{res}{space 2} .0021374{col 75}{space 2}  .006698{col 86}{space 1}    0.32{col 95}{space 3}0.751{col 103}{space 4}-.0112651{col 116}{space 3}   .01554
{txt}{space 61} {c |}
{space 54}cowcode {c |}
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{txt}{space 58}70  {c |}{col 63}{res}{space 2} .6560514{col 75}{space 2} .4102882{col 86}{space 1}    1.60{col 95}{space 3}0.115{col 103}{space 4}-.1649334{col 116}{space 3} 1.477036
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{txt}{space 58}91  {c |}{col 63}{res}{space 2}  2.07403{col 75}{space 2} 1.238637{col 86}{space 1}    1.67{col 95}{space 3}0.099{col 103}{space 4}-.4044769{col 116}{space 3} 4.552538
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{txt}{space 57}100  {c |}{col 63}{res}{space 2} 1.089217{col 75}{space 2}  .723174{col 86}{space 1}    1.51{col 95}{space 3}0.137{col 103}{space 4}-.3578506{col 116}{space 3} 2.536285
{txt}{space 57}101  {c |}{col 63}{res}{space 2}  1.25402{col 75}{space 2} .8153358{col 86}{space 1}    1.54{col 95}{space 3}0.129{col 103}{space 4}-.3774633{col 116}{space 3} 2.885503
{txt}{space 57}130  {c |}{col 63}{res}{space 2} 1.557533{col 75}{space 2} 1.024184{col 86}{space 1}    1.52{col 95}{space 3}0.134{col 103}{space 4}-.4918547{col 116}{space 3} 3.606922
{txt}{space 57}135  {c |}{col 63}{res}{space 2} 1.370519{col 75}{space 2} .8381393{col 86}{space 1}    1.64{col 95}{space 3}0.107{col 103}{space 4}-.3065939{col 116}{space 3} 3.047632
{txt}{space 57}140  {c |}{col 63}{res}{space 2} .3559923{col 75}{space 2} .3096202{col 86}{space 1}    1.15{col 95}{space 3}0.255{col 103}{space 4}-.2635564{col 116}{space 3}  .975541
{txt}{space 57}145  {c |}{col 63}{res}{space 2} 1.610834{col 75}{space 2} 1.173748{col 86}{space 1}    1.37{col 95}{space 3}0.175{col 103}{space 4}-.7378306{col 116}{space 3} 3.959498
{txt}{space 57}150  {c |}{col 63}{res}{space 2} 2.084233{col 75}{space 2} 1.272998{col 86}{space 1}    1.64{col 95}{space 3}0.107{col 103}{space 4}-.4630308{col 116}{space 3} 4.631497
{txt}{space 57}155  {c |}{col 63}{res}{space 2} 1.527495{col 75}{space 2} .9197397{col 86}{space 1}    1.66{col 95}{space 3}0.102{col 103}{space 4}-.3129003{col 116}{space 3} 3.367889
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{txt}{space 57}165  {c |}{col 63}{res}{space 2} 2.381885{col 75}{space 2}  1.36277{col 86}{space 1}    1.75{col 95}{space 3}0.086{col 103}{space 4}-.3450107{col 116}{space 3}  5.10878
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{txt}{space 57}205  {c |}{col 63}{res}{space 2} 1.998265{col 75}{space 2} 1.192495{col 86}{space 1}    1.68{col 95}{space 3}0.099{col 103}{space 4}-.3879111{col 116}{space 3} 4.384442
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{txt}{space 57}360  {c |}{col 63}{res}{space 2} 1.543027{col 75}{space 2} .8226655{col 86}{space 1}    1.88{col 95}{space 3}0.066{col 103}{space 4}-.1031229{col 116}{space 3} 3.189177
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{txt}{space 57}375  {c |}{col 63}{res}{space 2} 2.054508{col 75}{space 2} 1.102225{col 86}{space 1}    1.86{col 95}{space 3}0.067{col 103}{space 4}-.1510379{col 116}{space 3} 4.260055
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{txt}{space 57}452  {c |}{col 63}{res}{space 2} 1.344336{col 75}{space 2} 1.002646{col 86}{space 1}    1.34{col 95}{space 3}0.185{col 103}{space 4}-.6619551{col 116}{space 3} 3.350627
{txt}{space 57}475  {c |}{col 63}{res}{space 2}  .229423{col 75}{space 2} .5211771{col 86}{space 1}    0.44{col 95}{space 3}0.661{col 103}{space 4}-.8134499{col 116}{space 3} 1.272296
{txt}{space 57}501  {c |}{col 63}{res}{space 2} 1.098328{col 75}{space 2} .8744178{col 86}{space 1}    1.26{col 95}{space 3}0.214{col 103}{space 4}-.6513776{col 116}{space 3} 2.848034
{txt}{space 57}551  {c |}{col 63}{res}{space 2} 1.529781{col 75}{space 2} 1.134856{col 86}{space 1}    1.35{col 95}{space 3}0.183{col 103}{space 4}-.7410604{col 116}{space 3} 3.800623
{txt}{space 57}552  {c |}{col 63}{res}{space 2} 1.511646{col 75}{space 2} 1.020634{col 86}{space 1}    1.48{col 95}{space 3}0.144{col 103}{space 4}-.5306389{col 116}{space 3} 3.553931
{txt}{space 57}560  {c |}{col 63}{res}{space 2} .8155364{col 75}{space 2} .6097458{col 86}{space 1}    1.34{col 95}{space 3}0.186{col 103}{space 4}-.4045622{col 116}{space 3} 2.035635
{txt}{space 57}590  {c |}{col 63}{res}{space 2}  2.86076{col 75}{space 2} 1.597475{col 86}{space 1}    1.79{col 95}{space 3}0.078{col 103}{space 4}-.3357794{col 116}{space 3}   6.0573
{txt}{space 57}600  {c |}{col 63}{res}{space 2} 1.077488{col 75}{space 2} .8227824{col 86}{space 1}    1.31{col 95}{space 3}0.195{col 103}{space 4}-.5688955{col 116}{space 3} 2.723872
{txt}{space 57}615  {c |}{col 63}{res}{space 2} 1.190522{col 75}{space 2} .7377113{col 86}{space 1}    1.61{col 95}{space 3}0.112{col 103}{space 4}-.2856354{col 116}{space 3} 2.666678
{txt}{space 57}616  {c |}{col 63}{res}{space 2} 1.691123{col 75}{space 2} 1.078769{col 86}{space 1}    1.57{col 95}{space 3}0.122{col 103}{space 4}-.4674885{col 116}{space 3} 3.849735
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{txt}{space 57}651  {c |}{col 63}{res}{space 2} .9597302{col 75}{space 2}  .596658{col 86}{space 1}    1.61{col 95}{space 3}0.113{col 103}{space 4}-.2341798{col 116}{space 3}  2.15364
{txt}{space 57}710  {c |}{col 63}{res}{space 2}-.7595143{col 75}{space 2}  .402996{col 86}{space 1}   -1.88{col 95}{space 3}0.064{col 103}{space 4}-1.565907{col 116}{space 3} .0468788
{txt}{space 57}732  {c |}{col 63}{res}{space 2} 1.035997{col 75}{space 2} .5704778{col 86}{space 1}    1.82{col 95}{space 3}0.074{col 103}{space 4}-.1055268{col 116}{space 3}  2.17752
{txt}{space 57}740  {c |}{col 63}{res}{space 2} .7218833{col 75}{space 2} .2210723{col 86}{space 1}    3.27{col 95}{space 3}0.002{col 103}{space 4} .2795187{col 116}{space 3} 1.164248
{txt}{space 57}750  {c |}{col 63}{res}{space 2}-.8129129{col 75}{space 2}  .348402{col 86}{space 1}   -2.33{col 95}{space 3}0.023{col 103}{space 4}-1.510064{col 116}{space 3} -.115762
{txt}{space 57}780  {c |}{col 63}{res}{space 2} 1.341109{col 75}{space 2} .9608369{col 86}{space 1}    1.40{col 95}{space 3}0.168{col 103}{space 4}-.5815214{col 116}{space 3} 3.263739
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{txt}{space 57}850  {c |}{col 63}{res}{space 2} .1585992{col 75}{space 2} .3420429{col 86}{space 1}    0.46{col 95}{space 3}0.645{col 103}{space 4}-.5258269{col 116}{space 3} .8430254
{txt}{space 57}900  {c |}{col 63}{res}{space 2} 1.528337{col 75}{space 2}  .750261{col 86}{space 1}    2.04{col 95}{space 3}0.046{col 103}{space 4} .0270678{col 116}{space 3} 3.029605
{txt}{space 57}920  {c |}{col 63}{res}{space 2} 2.275585{col 75}{space 2} 1.199547{col 86}{space 1}    1.90{col 95}{space 3}0.063{col 103}{space 4}-.1247024{col 116}{space 3} 4.675873
{txt}{space 61} {c |}
{space 56}_cons {c |}{col 63}{res}{space 2}-9.105939{col 75}{space 2} 5.566608{col 86}{space 1}   -1.64{col 95}{space 3}0.107{col 103}{space 4} -20.2447{col 116}{space 3} 2.032817
{txt}{hline 62}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab16
{txt}
{com}. 
. * Table 24:
. *esttab tab13 tab14 tab15 tab16 using estim_raw_res4.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H5: interest rates
. 
. 
. xtreg log_fi_res_xgld_cd l.log_fi_res_xgld_cd sum_polit11_binary##c.ir_diff  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1298
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       57

{txt}R-sq:  within  = {res}0.8911                         {txt}Obs per group: min = {res}        3
{txt}       between = {res}0.9253                                        {txt}avg = {res}     22.8
{txt}       overall = {res}0.9026                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}56{txt})           = {res}   918.15
{txt}corr(u_i, Xb)  = {res}-0.6954                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 94:(Std. Err. adjusted for {res:57} clusters in cowcode)}
{hline 29}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 30}{c |}{col 42}    Robust
{col 1}          log_fi_res_xgld_cd{col 30}{c |}      Coef.{col 42}   Std. Err.{col 54}      t{col 62}   P>|t|{col 70}     [95% Con{col 83}f. Interval]
{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}log_fi_res_xgld_cd {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}  .794707{col 42}{space 2}  .041202{col 53}{space 1}   19.29{col 62}{space 3}0.000{col 70}{space 4} .7121694{col 83}{space 3} .8772445
{txt}{space 28} {c |}
{space 8}1.sum_polit11_binary {c |}{col 30}{res}{space 2} .0711901{col 42}{space 2} .0421363{col 53}{space 1}    1.69{col 62}{space 3}0.097{col 70}{space 4}-.0132189{col 83}{space 3} .1555992
{txt}{space 21}ir_diff {c |}{col 30}{res}{space 2}-.4475191{col 42}{space 2} .2831838{col 53}{space 1}   -1.58{col 62}{space 3}0.120{col 70}{space 4}-1.014804{col 83}{space 3} .1197663
{txt}{space 28} {c |}
sum_polit11_binary#c.ir_diff {c |}
{space 26}1  {c |}{col 30}{res}{space 2} .3195276{col 42}{space 2} .2975298{col 53}{space 1}    1.07{col 62}{space 3}0.287{col 70}{space 4}-.2764962{col 83}{space 3} .9155513
{txt}{space 28} {c |}
{space 21}polity2 {c |}{col 30}{res}{space 2} .0052112{col 42}{space 2} .0038743{col 53}{space 1}    1.35{col 62}{space 3}0.184{col 70}{space 4}-.0025499{col 83}{space 3} .0129723
{txt}{space 15}sum_imftotal5 {c |}{col 30}{res}{space 2}-.0106422{col 42}{space 2} .0421469{col 53}{space 1}   -0.25{col 62}{space 3}0.802{col 70}{space 4}-.0950726{col 83}{space 3} .0737883
{txt}{space 14}ne_imp_gnfs_zs {c |}{col 30}{res}{space 2} .0014948{col 42}{space 2} .0027307{col 53}{space 1}    0.55{col 62}{space 3}0.586{col 70}{space 4}-.0039754{col 83}{space 3} .0069651
{txt}{space 15}trade_balance {c |}{col 30}{res}{space 2} .0150783{col 42}{space 2}   .00479{col 53}{space 1}    3.15{col 62}{space 3}0.003{col 70}{space 4} .0054828{col 83}{space 3} .0246737
{txt}{space 19}cbi_irreg {c |}{col 30}{res}{space 2} .0001448{col 42}{space 2} .0225371{col 53}{space 1}    0.01{col 62}{space 3}0.995{col 70}{space 4}-.0450024{col 83}{space 3}  .045292
{txt}{space 16}presidential {c |}{col 30}{res}{space 2}-.0113441{col 42}{space 2} .0583149{col 53}{space 1}   -0.19{col 62}{space 3}0.846{col 70}{space 4}-.1281629{col 83}{space 3} .1054748
{txt}{space 19}log_gdppc {c |}{col 30}{res}{space 2} .1316561{col 42}{space 2} .1013481{col 53}{space 1}    1.30{col 62}{space 3}0.199{col 70}{space 4}-.0713686{col 83}{space 3} .3346808
{txt}{space 18}gdp_growth {c |}{col 30}{res}{space 2} .0123534{col 42}{space 2} .0036722{col 53}{space 1}    3.36{col 62}{space 3}0.001{col 70}{space 4}  .004997{col 83}{space 3} .0197097
{txt}{space 21}log_pop {c |}{col 30}{res}{space 2} .6876376{col 42}{space 2} .2416662{col 53}{space 1}    2.85{col 62}{space 3}0.006{col 70}{space 4}  .203522{col 83}{space 3} 1.171753
{txt}{space 22}kaopen {c |}{col 30}{res}{space 2}-.0261468{col 42}{space 2} .0148999{col 53}{space 1}   -1.75{col 62}{space 3}0.085{col 70}{space 4} -.055995{col 83}{space 3} .0037013
{txt}{space 16}currency_peg {c |}{col 30}{res}{space 2} .0294705{col 42}{space 2} .0428455{col 53}{space 1}    0.69{col 62}{space 3}0.494{col 70}{space 4}-.0563593{col 83}{space 3} .1153003
{txt}{space 13}currency_binary {c |}{col 30}{res}{space 2}-.1755476{col 42}{space 2} .0378129{col 53}{space 1}   -4.64{col 62}{space 3}0.000{col 70}{space 4}-.2512959{col 83}{space 3}-.0997993
{txt}{space 18}time_trend {c |}{col 30}{res}{space 2} .0015084{col 42}{space 2} .0052851{col 53}{space 1}    0.29{col 62}{space 3}0.776{col 70}{space 4}-.0090788{col 83}{space 3} .0120957
{txt}{space 23}_cons {c |}{col 30}{res}{space 2}-8.225504{col 42}{space 2} 3.985021{col 53}{space 1}   -2.06{col 62}{space 3}0.044{col 70}{space 4}-16.20846{col 83}{space 3}-.2425487
{txt}{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                     sigma_u {c |} {res} .65983418
                     {txt}sigma_e {c |} {res} .33954555
                         {txt}rho {c |} {res}  .7906356{txt}   (fraction of variance due to u_i)
{hline 29}{c BT}{hline 64}

{com}. 
. est store tab17
{txt}
{com}. 
. xtreg log_fi_res_xgld_cd l.log_fi_res_xgld_cd c.polity_frac_polit11##c.ir_diff  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1296
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       57

{txt}R-sq:  within  = {res}0.8911                         {txt}Obs per group: min = {res}        3
{txt}       between = {res}0.9291                                        {txt}avg = {res}     22.7
{txt}       overall = {res}0.9050                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}56{txt})           = {res}   805.58
{txt}corr(u_i, Xb)  = {res}-0.6999                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 97:(Std. Err. adjusted for {res:57} clusters in cowcode)}
{hline 32}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 33}{c |}{col 45}    Robust
{col 1}             log_fi_res_xgld_cd{col 33}{c |}      Coef.{col 45}   Std. Err.{col 57}      t{col 65}   P>|t|{col 73}     [95% Con{col 86}f. Interval]
{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}log_fi_res_xgld_cd {c |}
{space 28}L1. {c |}{col 33}{res}{space 2} .7928454{col 45}{space 2}   .04064{col 56}{space 1}   19.51{col 65}{space 3}0.000{col 73}{space 4} .7114336{col 86}{space 3} .8742572
{txt}{space 31} {c |}
{space 12}polity_frac_polit11 {c |}{col 33}{res}{space 2} .0476849{col 45}{space 2} .0316294{col 56}{space 1}    1.51{col 65}{space 3}0.137{col 73}{space 4}-.0156763{col 86}{space 3} .1110462
{txt}{space 24}ir_diff {c |}{col 33}{res}{space 2}-.0605092{col 45}{space 2} .0766604{col 56}{space 1}   -0.79{col 65}{space 3}0.433{col 73}{space 4}-.2140785{col 86}{space 3} .0930601
{txt}{space 31} {c |}
c.polity_frac_polit11#c.ir_diff {c |}{col 33}{res}{space 2}-.1809985{col 45}{space 2} .1754796{col 56}{space 1}   -1.03{col 65}{space 3}0.307{col 73}{space 4}-.5325264{col 86}{space 3} .1705294
{txt}{space 31} {c |}
{space 24}polity2 {c |}{col 33}{res}{space 2} .0053247{col 45}{space 2} .0040992{col 56}{space 1}    1.30{col 65}{space 3}0.199{col 73}{space 4}-.0028869{col 86}{space 3} .0135364
{txt}{space 18}sum_imftotal5 {c |}{col 33}{res}{space 2}  -.00145{col 45}{space 2} .0426387{col 56}{space 1}   -0.03{col 65}{space 3}0.973{col 73}{space 4}-.0868656{col 86}{space 3} .0839656
{txt}{space 17}ne_imp_gnfs_zs {c |}{col 33}{res}{space 2} .0015888{col 45}{space 2} .0026943{col 56}{space 1}    0.59{col 65}{space 3}0.558{col 73}{space 4}-.0038085{col 86}{space 3} .0069861
{txt}{space 18}trade_balance {c |}{col 33}{res}{space 2} .0148723{col 45}{space 2} .0047543{col 56}{space 1}    3.13{col 65}{space 3}0.003{col 73}{space 4} .0053483{col 86}{space 3} .0243963
{txt}{space 22}cbi_irreg {c |}{col 33}{res}{space 2}-.0005672{col 45}{space 2} .0224421{col 56}{space 1}   -0.03{col 65}{space 3}0.980{col 73}{space 4}-.0455241{col 86}{space 3} .0443897
{txt}{space 19}presidential {c |}{col 33}{res}{space 2}  -.01484{col 45}{space 2} .0639335{col 56}{space 1}   -0.23{col 65}{space 3}0.817{col 73}{space 4}-.1429142{col 86}{space 3} .1132341
{txt}{space 22}log_gdppc {c |}{col 33}{res}{space 2}  .139938{col 45}{space 2} .1014349{col 56}{space 1}    1.38{col 65}{space 3}0.173{col 73}{space 4}-.0632605{col 86}{space 3} .3431365
{txt}{space 21}gdp_growth {c |}{col 33}{res}{space 2} .0116196{col 45}{space 2} .0034905{col 56}{space 1}    3.33{col 65}{space 3}0.002{col 73}{space 4} .0046274{col 86}{space 3} .0186119
{txt}{space 24}log_pop {c |}{col 33}{res}{space 2} .6871148{col 45}{space 2} .2419625{col 56}{space 1}    2.84{col 65}{space 3}0.006{col 73}{space 4} .2024057{col 86}{space 3} 1.171824
{txt}{space 25}kaopen {c |}{col 33}{res}{space 2}-.0231603{col 45}{space 2} .0151137{col 56}{space 1}   -1.53{col 65}{space 3}0.131{col 73}{space 4}-.0534367{col 86}{space 3}  .007116
{txt}{space 19}currency_peg {c |}{col 33}{res}{space 2} .0259054{col 45}{space 2} .0421036{col 56}{space 1}    0.62{col 65}{space 3}0.541{col 73}{space 4}-.0584382{col 86}{space 3}  .110249
{txt}{space 16}currency_binary {c |}{col 33}{res}{space 2}-.1822161{col 45}{space 2} .0378435{col 56}{space 1}   -4.81{col 65}{space 3}0.000{col 73}{space 4}-.2580256{col 86}{space 3}-.1064065
{txt}{space 21}time_trend {c |}{col 33}{res}{space 2} .0005753{col 45}{space 2} .0054239{col 56}{space 1}    0.11{col 65}{space 3}0.916{col 73}{space 4}-.0102901{col 86}{space 3} .0114406
{txt}{space 26}_cons {c |}{col 33}{res}{space 2}-8.178862{col 45}{space 2} 3.990619{col 56}{space 1}   -2.05{col 65}{space 3}0.045{col 73}{space 4}-16.17303{col 86}{space 3}-.1846917
{txt}{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                        sigma_u {c |} {res} .65203366
                        {txt}sigma_e {c |} {res} .33932628
                            {txt}rho {c |} {res} .78688801{txt}   (fraction of variance due to u_i)
{hline 32}{c BT}{hline 64}

{com}. 
. est store tab18
{txt}
{com}. 
. xtreg log_fi_res_xgld_cd l.log_fi_res_xgld_cd sum_polit12_binary##c.ir_diff polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1298
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       57

{txt}R-sq:  within  = {res}0.8914                         {txt}Obs per group: min = {res}        3
{txt}       between = {res}0.9271                                        {txt}avg = {res}     22.8
{txt}       overall = {res}0.9037                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}56{txt})           = {res}   779.22
{txt}corr(u_i, Xb)  = {res}-0.6986                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 94:(Std. Err. adjusted for {res:57} clusters in cowcode)}
{hline 29}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 30}{c |}{col 42}    Robust
{col 1}          log_fi_res_xgld_cd{col 30}{c |}      Coef.{col 42}   Std. Err.{col 54}      t{col 62}   P>|t|{col 70}     [95% Con{col 83}f. Interval]
{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}log_fi_res_xgld_cd {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .7927331{col 42}{space 2} .0406548{col 53}{space 1}   19.50{col 62}{space 3}0.000{col 70}{space 4} .7112917{col 83}{space 3} .8741744
{txt}{space 28} {c |}
{space 8}1.sum_polit12_binary {c |}{col 30}{res}{space 2} .0816345{col 42}{space 2} .0456696{col 53}{space 1}    1.79{col 62}{space 3}0.079{col 70}{space 4}-.0098528{col 83}{space 3} .1731218
{txt}{space 21}ir_diff {c |}{col 30}{res}{space 2} -.380095{col 42}{space 2}  .339524{col 53}{space 1}   -1.12{col 62}{space 3}0.268{col 70}{space 4}-1.060243{col 83}{space 3} .3000532
{txt}{space 28} {c |}
sum_polit12_binary#c.ir_diff {c |}
{space 26}1  {c |}{col 30}{res}{space 2} .2608068{col 42}{space 2} .3461427{col 53}{space 1}    0.75{col 62}{space 3}0.454{col 70}{space 4}-.4326005{col 83}{space 3}  .954214
{txt}{space 28} {c |}
{space 21}polity2 {c |}{col 30}{res}{space 2} .0054218{col 42}{space 2} .0037954{col 53}{space 1}    1.43{col 62}{space 3}0.159{col 70}{space 4}-.0021814{col 83}{space 3}  .013025
{txt}{space 15}sum_imftotal5 {c |}{col 30}{res}{space 2}-.0188382{col 42}{space 2} .0435595{col 53}{space 1}   -0.43{col 62}{space 3}0.667{col 70}{space 4}-.1060983{col 83}{space 3} .0684219
{txt}{space 14}ne_imp_gnfs_zs {c |}{col 30}{res}{space 2} .0015534{col 42}{space 2} .0027464{col 53}{space 1}    0.57{col 62}{space 3}0.574{col 70}{space 4}-.0039483{col 83}{space 3} .0070551
{txt}{space 15}trade_balance {c |}{col 30}{res}{space 2} .0148686{col 42}{space 2} .0047977{col 53}{space 1}    3.10{col 62}{space 3}0.003{col 70}{space 4} .0052577{col 83}{space 3} .0244796
{txt}{space 19}cbi_irreg {c |}{col 30}{res}{space 2} -.000023{col 42}{space 2} .0223667{col 53}{space 1}   -0.00{col 62}{space 3}0.999{col 70}{space 4} -.044829{col 83}{space 3} .0447829
{txt}{space 16}presidential {c |}{col 30}{res}{space 2}-.0049365{col 42}{space 2} .0588304{col 53}{space 1}   -0.08{col 62}{space 3}0.933{col 70}{space 4}-.1227879{col 83}{space 3} .1129149
{txt}{space 19}log_gdppc {c |}{col 30}{res}{space 2} .1366986{col 42}{space 2} .1019759{col 53}{space 1}    1.34{col 62}{space 3}0.185{col 70}{space 4}-.0675836{col 83}{space 3} .3409809
{txt}{space 18}gdp_growth {c |}{col 30}{res}{space 2} .0119875{col 42}{space 2} .0035575{col 53}{space 1}    3.37{col 62}{space 3}0.001{col 70}{space 4} .0048609{col 83}{space 3}  .019114
{txt}{space 21}log_pop {c |}{col 30}{res}{space 2}  .687784{col 42}{space 2} .2458516{col 53}{space 1}    2.80{col 62}{space 3}0.007{col 70}{space 4}  .195284{col 83}{space 3} 1.180284
{txt}{space 22}kaopen {c |}{col 30}{res}{space 2}-.0248935{col 42}{space 2} .0150884{col 53}{space 1}   -1.65{col 62}{space 3}0.105{col 70}{space 4}-.0551192{col 83}{space 3} .0053322
{txt}{space 16}currency_peg {c |}{col 30}{res}{space 2} .0226328{col 42}{space 2} .0424968{col 53}{space 1}    0.53{col 62}{space 3}0.596{col 70}{space 4}-.0624986{col 83}{space 3} .1077642
{txt}{space 13}currency_binary {c |}{col 30}{res}{space 2}-.1736239{col 42}{space 2} .0380463{col 53}{space 1}   -4.56{col 62}{space 3}0.000{col 70}{space 4}-.2498399{col 83}{space 3} -.097408
{txt}{space 18}time_trend {c |}{col 30}{res}{space 2} .0017668{col 42}{space 2} .0053167{col 53}{space 1}    0.33{col 62}{space 3}0.741{col 70}{space 4}-.0088838{col 83}{space 3} .0124174
{txt}{space 23}_cons {c |}{col 30}{res}{space 2}-8.220409{col 42}{space 2} 4.051623{col 53}{space 1}   -2.03{col 62}{space 3}0.047{col 70}{space 4}-16.33679{col 83}{space 3} -.104033
{txt}{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                     sigma_u {c |} {res} .65678581
                     {txt}sigma_e {c |} {res}  .3391785
                         {txt}rho {c |} {res} .78945823{txt}   (fraction of variance due to u_i)
{hline 29}{c BT}{hline 64}

{com}. 
. est store tab19
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_xgld_cd l.log_fi_res_xgld_cd c.polity_frac_polit12##c.ir_diff polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1296
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       57

{txt}R-sq:  within  = {res}0.8910                         {txt}Obs per group: min = {res}        3
{txt}       between = {res}0.9319                                        {txt}avg = {res}     22.7
{txt}       overall = {res}0.9070                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}56{txt})           = {res}   748.11
{txt}corr(u_i, Xb)  = {res}-0.6989                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 97:(Std. Err. adjusted for {res:57} clusters in cowcode)}
{hline 32}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 33}{c |}{col 45}    Robust
{col 1}             log_fi_res_xgld_cd{col 33}{c |}      Coef.{col 45}   Std. Err.{col 57}      t{col 65}   P>|t|{col 73}     [95% Con{col 86}f. Interval]
{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}log_fi_res_xgld_cd {c |}
{space 28}L1. {c |}{col 33}{res}{space 2} .7887467{col 45}{space 2} .0411134{col 56}{space 1}   19.18{col 65}{space 3}0.000{col 73}{space 4} .7063867{col 86}{space 3} .8711068
{txt}{space 31} {c |}
{space 12}polity_frac_polit12 {c |}{col 33}{res}{space 2} .0627174{col 45}{space 2} .0417768{col 56}{space 1}    1.50{col 65}{space 3}0.139{col 73}{space 4}-.0209715{col 86}{space 3} .1464063
{txt}{space 24}ir_diff {c |}{col 33}{res}{space 2}-.0936977{col 45}{space 2} .1080558{col 56}{space 1}   -0.87{col 65}{space 3}0.390{col 73}{space 4}-.3101595{col 86}{space 3} .1227642
{txt}{space 31} {c |}
c.polity_frac_polit12#c.ir_diff {c |}{col 33}{res}{space 2}-.1023195{col 45}{space 2} .2086147{col 56}{space 1}   -0.49{col 65}{space 3}0.626{col 73}{space 4} -.520225{col 86}{space 3}  .315586
{txt}{space 31} {c |}
{space 24}polity2 {c |}{col 33}{res}{space 2}  .004713{col 45}{space 2} .0039137{col 56}{space 1}    1.20{col 65}{space 3}0.234{col 73}{space 4}-.0031272{col 86}{space 3} .0125532
{txt}{space 18}sum_imftotal5 {c |}{col 33}{res}{space 2}-.0098445{col 45}{space 2} .0447407{col 56}{space 1}   -0.22{col 65}{space 3}0.827{col 73}{space 4}-.0994708{col 86}{space 3} .0797819
{txt}{space 17}ne_imp_gnfs_zs {c |}{col 33}{res}{space 2} .0018586{col 45}{space 2} .0027275{col 56}{space 1}    0.68{col 65}{space 3}0.498{col 73}{space 4}-.0036051{col 86}{space 3} .0073224
{txt}{space 18}trade_balance {c |}{col 33}{res}{space 2} .0149232{col 45}{space 2} .0047382{col 56}{space 1}    3.15{col 65}{space 3}0.003{col 73}{space 4} .0054314{col 86}{space 3}  .024415
{txt}{space 22}cbi_irreg {c |}{col 33}{res}{space 2}-.0009696{col 45}{space 2} .0225931{col 56}{space 1}   -0.04{col 65}{space 3}0.966{col 73}{space 4}-.0462291{col 86}{space 3} .0442899
{txt}{space 19}presidential {c |}{col 33}{res}{space 2}-.0039881{col 45}{space 2} .0645671{col 56}{space 1}   -0.06{col 65}{space 3}0.951{col 73}{space 4}-.1333316{col 86}{space 3} .1253554
{txt}{space 22}log_gdppc {c |}{col 33}{res}{space 2} .1481612{col 45}{space 2} .1024443{col 56}{space 1}    1.45{col 65}{space 3}0.154{col 73}{space 4}-.0570595{col 86}{space 3} .3533818
{txt}{space 21}gdp_growth {c |}{col 33}{res}{space 2} .0116229{col 45}{space 2} .0035581{col 56}{space 1}    3.27{col 65}{space 3}0.002{col 73}{space 4} .0044952{col 86}{space 3} .0187506
{txt}{space 24}log_pop {c |}{col 33}{res}{space 2} .6837853{col 45}{space 2} .2390059{col 56}{space 1}    2.86{col 65}{space 3}0.006{col 73}{space 4}  .204999{col 86}{space 3} 1.162572
{txt}{space 25}kaopen {c |}{col 33}{res}{space 2}-.0247411{col 45}{space 2}  .014674{col 56}{space 1}   -1.69{col 65}{space 3}0.097{col 73}{space 4}-.0541366{col 86}{space 3} .0046545
{txt}{space 19}currency_peg {c |}{col 33}{res}{space 2} .0269341{col 45}{space 2} .0421932{col 56}{space 1}    0.64{col 65}{space 3}0.526{col 73}{space 4}-.0575889{col 86}{space 3} .1114572
{txt}{space 16}currency_binary {c |}{col 33}{res}{space 2} -.181071{col 45}{space 2} .0378416{col 56}{space 1}   -4.78{col 65}{space 3}0.000{col 73}{space 4}-.2568769{col 86}{space 3}-.1052652
{txt}{space 21}time_trend {c |}{col 33}{res}{space 2} .0008353{col 45}{space 2} .0053664{col 56}{space 1}    0.16{col 65}{space 3}0.877{col 73}{space 4}-.0099148{col 86}{space 3} .0115854
{txt}{space 26}_cons {c |}{col 33}{res}{space 2}-8.101188{col 45}{space 2}  3.94792{col 56}{space 1}   -2.05{col 65}{space 3}0.045{col 73}{space 4}-16.00982{col 86}{space 3}-.1925545
{txt}{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                        sigma_u {c |} {res} .64027693
                        {txt}sigma_e {c |} {res} .33945207
                            {txt}rho {c |} {res} .78059482{txt}   (fraction of variance due to u_i)
{hline 32}{c BT}{hline 64}

{com}. 
. est store tab20
{txt}
{com}. 
. * Table 25:
. *esttab tab17 tab18 tab19 tab20 using estim_raw_res5.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H6: central bank independence
. 
. xtreg log_fi_res_xgld_cd l.log_fi_res_xgld_cd sum_polit11_binary##c.cbi_irreg polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1547
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.8884                         {txt}Obs per group: min = {res}        3
{txt}       between = {res}0.9323                                        {txt}avg = {res}     25.8
{txt}       overall = {res}0.9136                                        {txt}max = {res}       33

                                                {txt}F({res}16{txt},{res}59{txt})           = {res}   824.42
{txt}corr(u_i, Xb)  = {res}-0.6822                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 96:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}            log_fi_res_xgld_cd{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      t{col 64}   P>|t|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}log_fi_res_xgld_cd {c |}
{space 27}L1. {c |}{col 32}{res}{space 2}  .812211{col 44}{space 2} .0354918{col 55}{space 1}   22.88{col 64}{space 3}0.000{col 72}{space 4}  .741192{col 85}{space 3}   .88323
{txt}{space 30} {c |}
{space 10}1.sum_polit11_binary {c |}{col 32}{res}{space 2} .0586567{col 44}{space 2} .0348844{col 55}{space 1}    1.68{col 64}{space 3}0.098{col 72}{space 4}-.0111469{col 85}{space 3} .1284603
{txt}{space 21}cbi_irreg {c |}{col 32}{res}{space 2} .0371464{col 44}{space 2} .0306334{col 55}{space 1}    1.21{col 64}{space 3}0.230{col 72}{space 4}-.0241509{col 85}{space 3} .0984436
{txt}{space 30} {c |}
sum_polit11_binary#c.cbi_irreg {c |}
{space 28}1  {c |}{col 32}{res}{space 2}-.0323553{col 44}{space 2} .0349933{col 55}{space 1}   -0.92{col 64}{space 3}0.359{col 72}{space 4}-.1023767{col 85}{space 3} .0376662
{txt}{space 30} {c |}
{space 23}polity2 {c |}{col 32}{res}{space 2} .0044734{col 44}{space 2} .0039881{col 55}{space 1}    1.12{col 64}{space 3}0.267{col 72}{space 4}-.0035068{col 85}{space 3} .0124536
{txt}{space 17}sum_imftotal5 {c |}{col 32}{res}{space 2}-.0003649{col 44}{space 2} .0404433{col 55}{space 1}   -0.01{col 64}{space 3}0.993{col 72}{space 4}-.0812918{col 85}{space 3} .0805621
{txt}{space 16}ne_imp_gnfs_zs {c |}{col 32}{res}{space 2} .0031868{col 44}{space 2} .0025918{col 55}{space 1}    1.23{col 64}{space 3}0.224{col 72}{space 4}-.0019994{col 85}{space 3} .0083731
{txt}{space 17}trade_balance {c |}{col 32}{res}{space 2} .0174763{col 44}{space 2} .0042408{col 55}{space 1}    4.12{col 64}{space 3}0.000{col 72}{space 4} .0089905{col 85}{space 3} .0259621
{txt}{space 18}presidential {c |}{col 32}{res}{space 2} .0116294{col 44}{space 2}  .057081{col 55}{space 1}    0.20{col 64}{space 3}0.839{col 72}{space 4}-.1025895{col 85}{space 3} .1258483
{txt}{space 21}log_gdppc {c |}{col 32}{res}{space 2} .0716934{col 44}{space 2} .0855437{col 55}{space 1}    0.84{col 64}{space 3}0.405{col 72}{space 4}-.0994791{col 85}{space 3}  .242866
{txt}{space 20}gdp_growth {c |}{col 32}{res}{space 2} .0112408{col 44}{space 2} .0037536{col 55}{space 1}    2.99{col 64}{space 3}0.004{col 72}{space 4} .0037298{col 85}{space 3} .0187518
{txt}{space 23}log_pop {c |}{col 32}{res}{space 2} .5946539{col 44}{space 2} .2253613{col 55}{space 1}    2.64{col 64}{space 3}0.011{col 72}{space 4} .1437071{col 85}{space 3} 1.045601
{txt}{space 24}kaopen {c |}{col 32}{res}{space 2}-.0210743{col 44}{space 2} .0136408{col 55}{space 1}   -1.54{col 64}{space 3}0.128{col 72}{space 4}-.0483695{col 85}{space 3} .0062209
{txt}{space 18}currency_peg {c |}{col 32}{res}{space 2} .0258136{col 44}{space 2} .0357805{col 55}{space 1}    0.72{col 64}{space 3}0.473{col 72}{space 4}-.0457831{col 85}{space 3} .0974102
{txt}{space 15}currency_binary {c |}{col 32}{res}{space 2}-.1662334{col 44}{space 2} .0333009{col 55}{space 1}   -4.99{col 64}{space 3}0.000{col 72}{space 4}-.2328683{col 85}{space 3}-.0995985
{txt}{space 20}time_trend {c |}{col 32}{res}{space 2} .0010692{col 44}{space 2}  .004967{col 55}{space 1}    0.22{col 64}{space 3}0.830{col 72}{space 4}-.0088698{col 85}{space 3} .0110082
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-6.600929{col 44}{space 2} 3.756088{col 55}{space 1}   -1.76{col 64}{space 3}0.084{col 72}{space 4}-14.11684{col 85}{space 3} .9149865
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                       sigma_u {c |} {res} .61781605
                       {txt}sigma_e {c |} {res} .34966538
                           {txt}rho {c |} {res} .75739095{txt}   (fraction of variance due to u_i)
{hline 31}{c BT}{hline 64}

{com}. 
. est store tab21
{txt}
{com}. 
. xtreg log_fi_res_xgld_cd l.log_fi_res_xgld_cd c.polity_frac_polit11##c.cbi_irreg  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1545
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.8879                         {txt}Obs per group: min = {res}        3
{txt}       between = {res}0.9243                                        {txt}avg = {res}     25.8
{txt}       overall = {res}0.9059                                        {txt}max = {res}       33

                                                {txt}F({res}16{txt},{res}59{txt})           = {res}   665.06
{txt}corr(u_i, Xb)  = {res}-0.7111                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 99:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 34}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 35}{c |}{col 47}    Robust
{col 1}               log_fi_res_xgld_cd{col 35}{c |}      Coef.{col 47}   Std. Err.{col 59}      t{col 67}   P>|t|{col 75}     [95% Con{col 88}f. Interval]
{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 15}log_fi_res_xgld_cd {c |}
{space 30}L1. {c |}{col 35}{res}{space 2} .8117183{col 47}{space 2} .0357937{col 58}{space 1}   22.68{col 67}{space 3}0.000{col 75}{space 4} .7400952{col 88}{space 3} .8833414
{txt}{space 33} {c |}
{space 14}polity_frac_polit11 {c |}{col 35}{res}{space 2} .0510173{col 47}{space 2} .0402845{col 58}{space 1}    1.27{col 67}{space 3}0.210{col 75}{space 4}-.0295919{col 88}{space 3} .1316265
{txt}{space 24}cbi_irreg {c |}{col 35}{res}{space 2} .0224697{col 47}{space 2} .0283246{col 58}{space 1}    0.79{col 67}{space 3}0.431{col 75}{space 4}-.0342076{col 88}{space 3} .0791471
{txt}{space 33} {c |}
c.polity_frac_polit11#c.cbi_irreg {c |}{col 35}{res}{space 2}-.0227214{col 47}{space 2} .0441055{col 58}{space 1}   -0.52{col 67}{space 3}0.608{col 75}{space 4}-.1109762{col 88}{space 3} .0655334
{txt}{space 33} {c |}
{space 26}polity2 {c |}{col 35}{res}{space 2} .0042173{col 47}{space 2} .0042596{col 58}{space 1}    0.99{col 67}{space 3}0.326{col 75}{space 4}-.0043061{col 88}{space 3} .0127407
{txt}{space 20}sum_imftotal5 {c |}{col 35}{res}{space 2}-.0018123{col 47}{space 2} .0410057{col 58}{space 1}   -0.04{col 67}{space 3}0.965{col 75}{space 4}-.0838646{col 88}{space 3}   .08024
{txt}{space 19}ne_imp_gnfs_zs {c |}{col 35}{res}{space 2} .0028113{col 47}{space 2} .0025449{col 58}{space 1}    1.10{col 67}{space 3}0.274{col 75}{space 4} -.002281{col 88}{space 3} .0079037
{txt}{space 20}trade_balance {c |}{col 35}{res}{space 2} .0174178{col 47}{space 2} .0043096{col 58}{space 1}    4.04{col 67}{space 3}0.000{col 75}{space 4} .0087942{col 88}{space 3} .0260413
{txt}{space 21}presidential {c |}{col 35}{res}{space 2} .0155712{col 47}{space 2} .0596977{col 58}{space 1}    0.26{col 67}{space 3}0.795{col 75}{space 4}-.1038836{col 88}{space 3}  .135026
{txt}{space 24}log_gdppc {c |}{col 35}{res}{space 2} .0825455{col 47}{space 2} .0845587{col 58}{space 1}    0.98{col 67}{space 3}0.333{col 75}{space 4} -.086656{col 88}{space 3} .2517471
{txt}{space 23}gdp_growth {c |}{col 35}{res}{space 2} .0110083{col 47}{space 2} .0037583{col 58}{space 1}    2.93{col 67}{space 3}0.005{col 75}{space 4} .0034879{col 88}{space 3} .0185286
{txt}{space 26}log_pop {c |}{col 35}{res}{space 2} .6461752{col 47}{space 2} .2241978{col 58}{space 1}    2.88{col 67}{space 3}0.006{col 75}{space 4} .1975565{col 88}{space 3} 1.094794
{txt}{space 27}kaopen {c |}{col 35}{res}{space 2}-.0196076{col 47}{space 2} .0136121{col 58}{space 1}   -1.44{col 67}{space 3}0.155{col 75}{space 4}-.0468454{col 88}{space 3} .0076302
{txt}{space 21}currency_peg {c |}{col 35}{res}{space 2} .0254138{col 47}{space 2} .0351823{col 58}{space 1}    0.72{col 67}{space 3}0.473{col 75}{space 4}-.0449858{col 88}{space 3} .0958135
{txt}{space 18}currency_binary {c |}{col 35}{res}{space 2} -.171006{col 47}{space 2} .0333722{col 58}{space 1}   -5.12{col 67}{space 3}0.000{col 75}{space 4}-.2377837{col 88}{space 3}-.1042283
{txt}{space 23}time_trend {c |}{col 35}{res}{space 2} .0000701{col 47}{space 2} .0049935{col 58}{space 1}    0.01{col 67}{space 3}0.989{col 75}{space 4}-.0099219{col 88}{space 3} .0100622
{txt}{space 28}_cons {c |}{col 35}{res}{space 2}-7.483172{col 47}{space 2}  3.75345{col 58}{space 1}   -1.99{col 67}{space 3}0.051{col 75}{space 4}-14.99381{col 88}{space 3} .0274638
{txt}{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                          sigma_u {c |} {res} .68440003
                          {txt}sigma_e {c |} {res} .35011782
                              {txt}rho {c |} {res} .79257967{txt}   (fraction of variance due to u_i)
{hline 34}{c BT}{hline 64}

{com}. 
. est store tab22
{txt}
{com}. 
. xtreg log_fi_res_xgld_cd l.log_fi_res_xgld_cd sum_polit12_binary##c.cbi_irreg polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1547
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.8881                         {txt}Obs per group: min = {res}        3
{txt}       between = {res}0.9323                                        {txt}avg = {res}     25.8
{txt}       overall = {res}0.9128                                        {txt}max = {res}       33

                                                {txt}F({res}16{txt},{res}59{txt})           = {res}   734.17
{txt}corr(u_i, Xb)  = {res}-0.6917                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 96:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}            log_fi_res_xgld_cd{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      t{col 64}   P>|t|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}log_fi_res_xgld_cd {c |}
{space 27}L1. {c |}{col 32}{res}{space 2} .8117846{col 44}{space 2} .0359968{col 55}{space 1}   22.55{col 64}{space 3}0.000{col 72}{space 4} .7397551{col 85}{space 3} .8838141
{txt}{space 30} {c |}
{space 10}1.sum_polit12_binary {c |}{col 32}{res}{space 2} .0679854{col 44}{space 2} .0390699{col 55}{space 1}    1.74{col 64}{space 3}0.087{col 72}{space 4}-.0101932{col 85}{space 3} .1461641
{txt}{space 21}cbi_irreg {c |}{col 32}{res}{space 2}  .016072{col 44}{space 2} .0217519{col 55}{space 1}    0.74{col 64}{space 3}0.463{col 72}{space 4}-.0274534{col 85}{space 3} .0595974
{txt}{space 30} {c |}
sum_polit12_binary#c.cbi_irreg {c |}
{space 28}1  {c |}{col 32}{res}{space 2}-.0058314{col 44}{space 2} .0362728{col 55}{space 1}   -0.16{col 64}{space 3}0.873{col 72}{space 4} -.078413{col 85}{space 3} .0667503
{txt}{space 30} {c |}
{space 23}polity2 {c |}{col 32}{res}{space 2} .0042028{col 44}{space 2} .0039456{col 55}{space 1}    1.07{col 64}{space 3}0.291{col 72}{space 4}-.0036924{col 85}{space 3} .0120979
{txt}{space 17}sum_imftotal5 {c |}{col 32}{res}{space 2}-.0129594{col 44}{space 2} .0454044{col 55}{space 1}   -0.29{col 64}{space 3}0.776{col 72}{space 4}-.1038134{col 85}{space 3} .0778947
{txt}{space 16}ne_imp_gnfs_zs {c |}{col 32}{res}{space 2}  .003106{col 44}{space 2} .0025569{col 55}{space 1}    1.21{col 64}{space 3}0.229{col 72}{space 4}-.0020104{col 85}{space 3} .0082224
{txt}{space 17}trade_balance {c |}{col 32}{res}{space 2} .0174322{col 44}{space 2} .0043117{col 55}{space 1}    4.04{col 64}{space 3}0.000{col 72}{space 4} .0088045{col 85}{space 3} .0260599
{txt}{space 18}presidential {c |}{col 32}{res}{space 2} .0230127{col 44}{space 2} .0568838{col 55}{space 1}    0.40{col 64}{space 3}0.687{col 72}{space 4}-.0908116{col 85}{space 3}  .136837
{txt}{space 21}log_gdppc {c |}{col 32}{res}{space 2} .0761461{col 44}{space 2} .0863908{col 55}{space 1}    0.88{col 64}{space 3}0.382{col 72}{space 4}-.0967215{col 85}{space 3} .2490136
{txt}{space 20}gdp_growth {c |}{col 32}{res}{space 2}  .011075{col 44}{space 2} .0038433{col 55}{space 1}    2.88{col 64}{space 3}0.006{col 72}{space 4} .0033846{col 85}{space 3} .0187653
{txt}{space 23}log_pop {c |}{col 32}{res}{space 2} .6057173{col 44}{space 2} .2234898{col 55}{space 1}    2.71{col 64}{space 3}0.009{col 72}{space 4} .1585151{col 85}{space 3} 1.052919
{txt}{space 24}kaopen {c |}{col 32}{res}{space 2}-.0211837{col 44}{space 2}  .013171{col 55}{space 1}   -1.61{col 64}{space 3}0.113{col 72}{space 4}-.0475389{col 85}{space 3} .0051715
{txt}{space 18}currency_peg {c |}{col 32}{res}{space 2} .0238158{col 44}{space 2} .0357125{col 55}{space 1}    0.67{col 64}{space 3}0.507{col 72}{space 4}-.0476448{col 85}{space 3} .0952764
{txt}{space 15}currency_binary {c |}{col 32}{res}{space 2}-.1681344{col 44}{space 2} .0337527{col 55}{space 1}   -4.98{col 64}{space 3}0.000{col 72}{space 4}-.2356733{col 85}{space 3}-.1005954
{txt}{space 20}time_trend {c |}{col 32}{res}{space 2} .0011114{col 44}{space 2}  .005029{col 55}{space 1}    0.22{col 64}{space 3}0.826{col 72}{space 4}-.0089517{col 85}{space 3} .0111745
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-6.793672{col 44}{space 2} 3.733589{col 55}{space 1}   -1.82{col 64}{space 3}0.074{col 72}{space 4}-14.26457{col 85}{space 3} .6772229
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                       sigma_u {c |} {res} .62845616
                       {txt}sigma_e {c |} {res} .35006252
                           {txt}rho {c |} {res} .76320086{txt}   (fraction of variance due to u_i)
{hline 31}{c BT}{hline 64}

{com}. 
. est store tab23
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_xgld_cd l.log_fi_res_xgld_cd c.polity_frac_polit12##c.cbi_irreg polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1545
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.8878                         {txt}Obs per group: min = {res}        3
{txt}       between = {res}0.9279                                        {txt}avg = {res}     25.8
{txt}       overall = {res}0.9086                                        {txt}max = {res}       33

                                                {txt}F({res}16{txt},{res}59{txt})           = {res}   604.11
{txt}corr(u_i, Xb)  = {res}-0.7043                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 99:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 34}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 35}{c |}{col 47}    Robust
{col 1}               log_fi_res_xgld_cd{col 35}{c |}      Coef.{col 47}   Std. Err.{col 59}      t{col 67}   P>|t|{col 75}     [95% Con{col 88}f. Interval]
{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 15}log_fi_res_xgld_cd {c |}
{space 30}L1. {c |}{col 35}{res}{space 2} .8112264{col 47}{space 2} .0358757{col 58}{space 1}   22.61{col 67}{space 3}0.000{col 75}{space 4} .7394392{col 88}{space 3} .8830135
{txt}{space 33} {c |}
{space 14}polity_frac_polit12 {c |}{col 35}{res}{space 2}  .064524{col 47}{space 2} .0506419{col 58}{space 1}    1.27{col 67}{space 3}0.208{col 75}{space 4}-.0368101{col 88}{space 3} .1658582
{txt}{space 24}cbi_irreg {c |}{col 35}{res}{space 2} .0119633{col 47}{space 2} .0232104{col 58}{space 1}    0.52{col 67}{space 3}0.608{col 75}{space 4}-.0344806{col 88}{space 3} .0584071
{txt}{space 33} {c |}
c.polity_frac_polit12#c.cbi_irreg {c |}{col 35}{res}{space 2}-.0045499{col 47}{space 2} .0550681{col 58}{space 1}   -0.08{col 67}{space 3}0.934{col 75}{space 4} -.114741{col 88}{space 3} .1056412
{txt}{space 33} {c |}
{space 26}polity2 {c |}{col 35}{res}{space 2} .0037812{col 47}{space 2} .0039807{col 58}{space 1}    0.95{col 67}{space 3}0.346{col 75}{space 4}-.0041841{col 88}{space 3} .0117466
{txt}{space 20}sum_imftotal5 {c |}{col 35}{res}{space 2}-.0086494{col 47}{space 2} .0440017{col 58}{space 1}   -0.20{col 67}{space 3}0.845{col 75}{space 4}-.0966966{col 88}{space 3} .0793979
{txt}{space 19}ne_imp_gnfs_zs {c |}{col 35}{res}{space 2}  .002931{col 47}{space 2} .0025642{col 58}{space 1}    1.14{col 67}{space 3}0.258{col 75}{space 4}   -.0022{col 88}{space 3} .0080621
{txt}{space 20}trade_balance {c |}{col 35}{res}{space 2}  .017433{col 47}{space 2} .0043532{col 58}{space 1}    4.00{col 67}{space 3}0.000{col 75}{space 4} .0087223{col 88}{space 3} .0261437
{txt}{space 21}presidential {c |}{col 35}{res}{space 2}  .025841{col 47}{space 2} .0590542{col 58}{space 1}    0.44{col 67}{space 3}0.663{col 75}{space 4}-.0923261{col 88}{space 3} .1440082
{txt}{space 24}log_gdppc {c |}{col 35}{res}{space 2} .0823351{col 47}{space 2} .0855175{col 58}{space 1}    0.96{col 67}{space 3}0.340{col 75}{space 4} -.088785{col 88}{space 3} .2534552
{txt}{space 23}gdp_growth {c |}{col 35}{res}{space 2} .0110077{col 47}{space 2} .0038146{col 58}{space 1}    2.89{col 67}{space 3}0.005{col 75}{space 4} .0033747{col 88}{space 3} .0186406
{txt}{space 26}log_pop {c |}{col 35}{res}{space 2} .6330996{col 47}{space 2} .2265027{col 58}{space 1}    2.80{col 67}{space 3}0.007{col 75}{space 4} .1798687{col 88}{space 3}  1.08633
{txt}{space 27}kaopen {c |}{col 35}{res}{space 2}-.0198012{col 47}{space 2} .0133806{col 58}{space 1}   -1.48{col 67}{space 3}0.144{col 75}{space 4}-.0465757{col 88}{space 3} .0069733
{txt}{space 21}currency_peg {c |}{col 35}{res}{space 2} .0276524{col 47}{space 2}  .035156{col 58}{space 1}    0.79{col 67}{space 3}0.435{col 75}{space 4}-.0426946{col 88}{space 3} .0979994
{txt}{space 18}currency_binary {c |}{col 35}{res}{space 2}-.1703799{col 47}{space 2}  .033709{col 58}{space 1}   -5.05{col 67}{space 3}0.000{col 75}{space 4}-.2378314{col 88}{space 3}-.1029285
{txt}{space 23}time_trend {c |}{col 35}{res}{space 2} .0004297{col 47}{space 2} .0050862{col 58}{space 1}    0.08{col 67}{space 3}0.933{col 75}{space 4}-.0097478{col 88}{space 3} .0106073
{txt}{space 28}_cons {c |}{col 35}{res}{space 2}-7.255713{col 47}{space 2} 3.794738{col 58}{space 1}   -1.91{col 67}{space 3}0.061{col 75}{space 4}-14.84897{col 88}{space 3} .3375413
{txt}{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                          sigma_u {c |} {res} .66292343
                          {txt}sigma_e {c |} {res} .35039121
                              {txt}rho {c |} {res} .78163475{txt}   (fraction of variance due to u_i)
{hline 34}{c BT}{hline 64}

{com}. 
. est store tab24
{txt}
{com}. 
. * Table 26:
. *esttab tab21 tab22 tab23 tab24 using estim_raw_res6.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * Tables 27 - 32: Using Region Fixed Effects
. 
. * H1
. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit11_binary  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend  north_middle_america south_america east_south_europe west_central_europe central_africa southern_africa asia northern_africa australasia, nocons  vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1479
                                                       {txt}F( 24,    59) ={res} 5157.98
                                                       {txt}Prob > F      = {res} 0.0000
                                                       {txt}R-squared     = {res} 0.9514
                                                       {txt}Root MSE      = {res} .29763

{txt}{ralign 86:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 21}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 22}{c |}{col 34}    Robust
{col 1}  log_fi_res_totl_mo{col 22}{c |}      Coef.{col 34}   Std. Err.{col 46}      t{col 54}   P>|t|{col 62}     [95% Con{col 75}f. Interval]
{hline 21}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}log_fi_res_totl_mo {c |}
{space 17}L1. {c |}{col 22}{res}{space 2} .8914658{col 34}{space 2} .0266001{col 45}{space 1}   33.51{col 54}{space 3}0.000{col 62}{space 4} .8382392{col 75}{space 3} .9446924
{txt}{space 20} {c |}
{space 2}sum_polit11_binary {c |}{col 22}{res}{space 2} .0433822{col 34}{space 2} .0179354{col 45}{space 1}    2.42{col 54}{space 3}0.019{col 62}{space 4} .0074934{col 75}{space 3} .0792709
{txt}{space 13}polity2 {c |}{col 22}{res}{space 2} .0050712{col 34}{space 2}    .0019{col 45}{space 1}    2.67{col 54}{space 3}0.010{col 62}{space 4} .0012693{col 75}{space 3} .0088732
{txt}{space 7}sum_imftotal5 {c |}{col 22}{res}{space 2} .0141729{col 34}{space 2} .0199852{col 45}{space 1}    0.71{col 54}{space 3}0.481{col 62}{space 4}-.0258175{col 75}{space 3} .0541632
{txt}{space 6}ne_imp_gnfs_zs {c |}{col 22}{res}{space 2}-.0001956{col 34}{space 2} .0005784{col 45}{space 1}   -0.34{col 54}{space 3}0.736{col 62}{space 4}-.0013529{col 75}{space 3} .0009617
{txt}{space 7}trade_balance {c |}{col 22}{res}{space 2} .0089501{col 34}{space 2} .0019757{col 45}{space 1}    4.53{col 54}{space 3}0.000{col 62}{space 4} .0049969{col 75}{space 3} .0129034
{txt}{space 11}cbi_irreg {c |}{col 22}{res}{space 2}-.0034493{col 34}{space 2} .0115172{col 45}{space 1}   -0.30{col 54}{space 3}0.766{col 62}{space 4}-.0264951{col 75}{space 3} .0195965
{txt}{space 8}presidential {c |}{col 22}{res}{space 2} .0100217{col 34}{space 2} .0299359{col 45}{space 1}    0.33{col 54}{space 3}0.739{col 62}{space 4}-.0498799{col 75}{space 3} .0699233
{txt}{space 11}log_gdppc {c |}{col 22}{res}{space 2}-.0437336{col 34}{space 2} .0120906{col 45}{space 1}   -3.62{col 54}{space 3}0.001{col 62}{space 4}-.0679268{col 75}{space 3}-.0195404
{txt}{space 10}gdp_growth {c |}{col 22}{res}{space 2} -.009819{col 34}{space 2} .0040345{col 45}{space 1}   -2.43{col 54}{space 3}0.018{col 62}{space 4} -.017892{col 75}{space 3} -.001746
{txt}{space 13}log_pop {c |}{col 22}{res}{space 2} .0220285{col 34}{space 2} .0070377{col 45}{space 1}    3.13{col 54}{space 3}0.003{col 62}{space 4} .0079461{col 75}{space 3} .0361109
{txt}{space 14}kaopen {c |}{col 22}{res}{space 2}-.0157119{col 34}{space 2}  .007085{col 45}{space 1}   -2.22{col 54}{space 3}0.030{col 62}{space 4}-.0298889{col 75}{space 3} -.001535
{txt}{space 8}currency_peg {c |}{col 22}{res}{space 2} .0083711{col 34}{space 2} .0215073{col 45}{space 1}    0.39{col 54}{space 3}0.699{col 62}{space 4}-.0346648{col 75}{space 3}  .051407
{txt}{space 5}currency_binary {c |}{col 22}{res}{space 2}-.0952415{col 34}{space 2} .0250388{col 45}{space 1}   -3.80{col 54}{space 3}0.000{col 62}{space 4}-.1453439{col 75}{space 3}-.0451391
{txt}{space 10}time_trend {c |}{col 22}{res}{space 2} .0017971{col 34}{space 2} .0013313{col 45}{space 1}    1.35{col 54}{space 3}0.182{col 62}{space 4}-.0008668{col 75}{space 3} .0044611
{txt}north_middle_america {c |}{col 22}{res}{space 2} .0187881{col 34}{space 2}  .063181{col 45}{space 1}    0.30{col 54}{space 3}0.767{col 62}{space 4}-.1076367{col 75}{space 3}  .145213
{txt}{space 7}south_america {c |}{col 22}{res}{space 2}  .032475{col 34}{space 2} .0652133{col 45}{space 1}    0.50{col 54}{space 3}0.620{col 62}{space 4}-.0980166{col 75}{space 3} .1629666
{txt}{space 3}east_south_europe {c |}{col 22}{res}{space 2} .0346144{col 34}{space 2} .0538055{col 45}{space 1}    0.64{col 54}{space 3}0.523{col 62}{space 4}-.0730501{col 75}{space 3} .1422788
{txt}{space 1}west_central_europe {c |}{col 22}{res}{space 2}-.0504119{col 34}{space 2} .0523197{col 45}{space 1}   -0.96{col 54}{space 3}0.339{col 62}{space 4}-.1551034{col 75}{space 3} .0542797
{txt}{space 6}central_africa {c |}{col 22}{res}{space 2}-.0467571{col 34}{space 2} .0898317{col 45}{space 1}   -0.52{col 54}{space 3}0.605{col 62}{space 4}-.2265099{col 75}{space 3} .1329958
{txt}{space 5}southern_africa {c |}{col 22}{res}{space 2}-.0427809{col 34}{space 2} .0678654{col 45}{space 1}   -0.63{col 54}{space 3}0.531{col 62}{space 4}-.1785792{col 75}{space 3} .0930173
{txt}{space 16}asia {c |}{col 22}{res}{space 2}-.0092011{col 34}{space 2} .0657205{col 45}{space 1}   -0.14{col 54}{space 3}0.889{col 62}{space 4}-.1407076{col 75}{space 3} .1223053
{txt}{space 5}northern_africa {c |}{col 22}{res}{space 2} .0632679{col 34}{space 2} .0688969{col 45}{space 1}    0.92{col 54}{space 3}0.362{col 62}{space 4}-.0745944{col 75}{space 3} .2011302
{txt}{space 9}australasia {c |}{col 22}{res}{space 2} .0551726{col 34}{space 2} .0387149{col 45}{space 1}    1.43{col 54}{space 3}0.159{col 62}{space 4}-.0222957{col 75}{space 3}  .132641
{txt}{hline 21}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab1
{txt}
{com}. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo polity_frac_polit11  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend  north_middle_america south_america east_south_europe west_central_europe central_africa southern_africa asia northern_africa australasia, nocons  vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1477
                                                       {txt}F( 24,    59) ={res} 6410.46
                                                       {txt}Prob > F      = {res} 0.0000
                                                       {txt}R-squared     = {res} 0.9514
                                                       {txt}Root MSE      = {res} .29765

{txt}{ralign 86:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 21}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 22}{c |}{col 34}    Robust
{col 1}  log_fi_res_totl_mo{col 22}{c |}      Coef.{col 34}   Std. Err.{col 46}      t{col 54}   P>|t|{col 62}     [95% Con{col 75}f. Interval]
{hline 21}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}log_fi_res_totl_mo {c |}
{space 17}L1. {c |}{col 22}{res}{space 2} .8921688{col 34}{space 2} .0267894{col 45}{space 1}   33.30{col 54}{space 3}0.000{col 62}{space 4} .8385633{col 75}{space 3} .9457743
{txt}{space 20} {c |}
{space 1}polity_frac_polit11 {c |}{col 22}{res}{space 2} .0437983{col 34}{space 2} .0194872{col 45}{space 1}    2.25{col 54}{space 3}0.028{col 62}{space 4} .0048044{col 75}{space 3} .0827921
{txt}{space 13}polity2 {c |}{col 22}{res}{space 2} .0047893{col 34}{space 2} .0018761{col 45}{space 1}    2.55{col 54}{space 3}0.013{col 62}{space 4} .0010352{col 75}{space 3} .0085433
{txt}{space 7}sum_imftotal5 {c |}{col 22}{res}{space 2} .0176646{col 34}{space 2} .0201046{col 45}{space 1}    0.88{col 54}{space 3}0.383{col 62}{space 4}-.0225646{col 75}{space 3} .0578937
{txt}{space 6}ne_imp_gnfs_zs {c |}{col 22}{res}{space 2}-.0003246{col 34}{space 2} .0005662{col 45}{space 1}   -0.57{col 54}{space 3}0.569{col 62}{space 4}-.0014575{col 75}{space 3} .0008083
{txt}{space 7}trade_balance {c |}{col 22}{res}{space 2} .0090614{col 34}{space 2} .0020152{col 45}{space 1}    4.50{col 54}{space 3}0.000{col 62}{space 4} .0050289{col 75}{space 3} .0130939
{txt}{space 11}cbi_irreg {c |}{col 22}{res}{space 2}-.0064454{col 34}{space 2} .0116356{col 45}{space 1}   -0.55{col 54}{space 3}0.582{col 62}{space 4}-.0297282{col 75}{space 3} .0168374
{txt}{space 8}presidential {c |}{col 22}{res}{space 2} .0205389{col 34}{space 2} .0298963{col 45}{space 1}    0.69{col 54}{space 3}0.495{col 62}{space 4}-.0392835{col 75}{space 3} .0803613
{txt}{space 11}log_gdppc {c |}{col 22}{res}{space 2}-.0423678{col 34}{space 2} .0117963{col 45}{space 1}   -3.59{col 54}{space 3}0.001{col 62}{space 4}-.0659721{col 75}{space 3}-.0187635
{txt}{space 10}gdp_growth {c |}{col 22}{res}{space 2}-.0098757{col 34}{space 2} .0040039{col 45}{space 1}   -2.47{col 54}{space 3}0.017{col 62}{space 4}-.0178875{col 75}{space 3} -.001864
{txt}{space 13}log_pop {c |}{col 22}{res}{space 2} .0214058{col 34}{space 2} .0071079{col 45}{space 1}    3.01{col 54}{space 3}0.004{col 62}{space 4}  .007183{col 75}{space 3} .0356287
{txt}{space 14}kaopen {c |}{col 22}{res}{space 2}-.0156823{col 34}{space 2} .0071169{col 45}{space 1}   -2.20{col 54}{space 3}0.031{col 62}{space 4}-.0299233{col 75}{space 3}-.0014414
{txt}{space 8}currency_peg {c |}{col 22}{res}{space 2}  .009778{col 34}{space 2}  .020952{col 45}{space 1}    0.47{col 54}{space 3}0.642{col 62}{space 4}-.0321468{col 75}{space 3} .0517029
{txt}{space 5}currency_binary {c |}{col 22}{res}{space 2} -.096673{col 34}{space 2} .0252722{col 45}{space 1}   -3.83{col 54}{space 3}0.000{col 62}{space 4}-.1472425{col 75}{space 3}-.0461035
{txt}{space 10}time_trend {c |}{col 22}{res}{space 2}  .001873{col 34}{space 2}  .001388{col 45}{space 1}    1.35{col 54}{space 3}0.182{col 62}{space 4}-.0009043{col 75}{space 3} .0046503
{txt}north_middle_america {c |}{col 22}{res}{space 2}  .017152{col 34}{space 2} .0630611{col 45}{space 1}    0.27{col 54}{space 3}0.787{col 62}{space 4}-.1090329{col 75}{space 3}  .143337
{txt}{space 7}south_america {c |}{col 22}{res}{space 2} .0335353{col 34}{space 2} .0654645{col 45}{space 1}    0.51{col 54}{space 3}0.610{col 62}{space 4}-.0974587{col 75}{space 3} .1645294
{txt}{space 3}east_south_europe {c |}{col 22}{res}{space 2} .0524708{col 34}{space 2} .0555758{col 45}{space 1}    0.94{col 54}{space 3}0.349{col 62}{space 4}-.0587361{col 75}{space 3} .1636776
{txt}{space 1}west_central_europe {c |}{col 22}{res}{space 2} -.044321{col 34}{space 2} .0527436{col 45}{space 1}   -0.84{col 54}{space 3}0.404{col 62}{space 4}-.1498608{col 75}{space 3} .0612188
{txt}{space 6}central_africa {c |}{col 22}{res}{space 2}-.0431502{col 34}{space 2}  .088845{col 45}{space 1}   -0.49{col 54}{space 3}0.629{col 62}{space 4}-.2209287{col 75}{space 3} .1346283
{txt}{space 5}southern_africa {c |}{col 22}{res}{space 2}-.0402219{col 34}{space 2} .0677586{col 45}{space 1}   -0.59{col 54}{space 3}0.555{col 62}{space 4}-.1758066{col 75}{space 3} .0953628
{txt}{space 16}asia {c |}{col 22}{res}{space 2}-.0037528{col 34}{space 2}  .065133{col 45}{space 1}   -0.06{col 54}{space 3}0.954{col 62}{space 4}-.1340836{col 75}{space 3}  .126578
{txt}{space 5}northern_africa {c |}{col 22}{res}{space 2} .0754648{col 34}{space 2} .0664918{col 45}{space 1}    1.13{col 54}{space 3}0.261{col 62}{space 4}-.0575849{col 75}{space 3} .2085145
{txt}{space 9}australasia {c |}{col 22}{res}{space 2} .0565948{col 34}{space 2}  .038924{col 45}{space 1}    1.45{col 54}{space 3}0.151{col 62}{space 4}-.0212921{col 75}{space 3} .1344816
{txt}{hline 21}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab2
{txt}
{com}. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit12_binary  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend  north_middle_america south_america east_south_europe west_central_europe central_africa southern_africa asia northern_africa australasia, nocons  vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1479
                                                       {txt}F( 24,    59) ={res}74906.13
                                                       {txt}Prob > F      = {res} 0.0000
                                                       {txt}R-squared     = {res} 0.9514
                                                       {txt}Root MSE      = {res} .29737

{txt}{ralign 86:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 21}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 22}{c |}{col 34}    Robust
{col 1}  log_fi_res_totl_mo{col 22}{c |}      Coef.{col 34}   Std. Err.{col 46}      t{col 54}   P>|t|{col 62}     [95% Con{col 75}f. Interval]
{hline 21}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}log_fi_res_totl_mo {c |}
{space 17}L1. {c |}{col 22}{res}{space 2} .8905469{col 34}{space 2} .0270442{col 45}{space 1}   32.93{col 54}{space 3}0.000{col 62}{space 4} .8364315{col 75}{space 3} .9446622
{txt}{space 20} {c |}
{space 2}sum_polit12_binary {c |}{col 22}{res}{space 2} .0529658{col 34}{space 2} .0192636{col 45}{space 1}    2.75{col 54}{space 3}0.008{col 62}{space 4} .0144195{col 75}{space 3} .0915121
{txt}{space 13}polity2 {c |}{col 22}{res}{space 2} .0050375{col 34}{space 2} .0019562{col 45}{space 1}    2.58{col 54}{space 3}0.013{col 62}{space 4} .0011231{col 75}{space 3} .0089519
{txt}{space 7}sum_imftotal5 {c |}{col 22}{res}{space 2} .0089623{col 34}{space 2} .0212347{col 45}{space 1}    0.42{col 54}{space 3}0.675{col 62}{space 4}-.0335283{col 75}{space 3} .0514529
{txt}{space 6}ne_imp_gnfs_zs {c |}{col 22}{res}{space 2}-.0003133{col 34}{space 2} .0005607{col 45}{space 1}   -0.56{col 54}{space 3}0.578{col 62}{space 4}-.0014352{col 75}{space 3} .0008086
{txt}{space 7}trade_balance {c |}{col 22}{res}{space 2} .0089296{col 34}{space 2}  .001964{col 45}{space 1}    4.55{col 54}{space 3}0.000{col 62}{space 4} .0049995{col 75}{space 3} .0128596
{txt}{space 11}cbi_irreg {c |}{col 22}{res}{space 2}-.0000205{col 34}{space 2} .0117436{col 45}{space 1}   -0.00{col 54}{space 3}0.999{col 62}{space 4}-.0235194{col 75}{space 3} .0234783
{txt}{space 8}presidential {c |}{col 22}{res}{space 2} .0263621{col 34}{space 2} .0294901{col 45}{space 1}    0.89{col 54}{space 3}0.375{col 62}{space 4}-.0326474{col 75}{space 3} .0853717
{txt}{space 11}log_gdppc {c |}{col 22}{res}{space 2}-.0405346{col 34}{space 2} .0122867{col 45}{space 1}   -3.30{col 54}{space 3}0.002{col 62}{space 4}-.0651202{col 75}{space 3} -.015949
{txt}{space 10}gdp_growth {c |}{col 22}{res}{space 2} -.010118{col 34}{space 2} .0040368{col 45}{space 1}   -2.51{col 54}{space 3}0.015{col 62}{space 4}-.0181956{col 75}{space 3}-.0020404
{txt}{space 13}log_pop {c |}{col 22}{res}{space 2} .0205779{col 34}{space 2} .0072462{col 45}{space 1}    2.84{col 54}{space 3}0.006{col 62}{space 4} .0060783{col 75}{space 3} .0350775
{txt}{space 14}kaopen {c |}{col 22}{res}{space 2}-.0133274{col 34}{space 2} .0065403{col 45}{space 1}   -2.04{col 54}{space 3}0.046{col 62}{space 4}-.0264144{col 75}{space 3}-.0002404
{txt}{space 8}currency_peg {c |}{col 22}{res}{space 2} .0099951{col 34}{space 2}  .021153{col 45}{space 1}    0.47{col 54}{space 3}0.638{col 62}{space 4}-.0323319{col 75}{space 3} .0523221
{txt}{space 5}currency_binary {c |}{col 22}{res}{space 2}-.0988041{col 34}{space 2} .0252957{col 45}{space 1}   -3.91{col 54}{space 3}0.000{col 62}{space 4}-.1494207{col 75}{space 3}-.0481875
{txt}{space 10}time_trend {c |}{col 22}{res}{space 2} .0015446{col 34}{space 2} .0013053{col 45}{space 1}    1.18{col 54}{space 3}0.241{col 62}{space 4}-.0010673{col 75}{space 3} .0041565
{txt}north_middle_america {c |}{col 22}{res}{space 2} .0301058{col 34}{space 2} .0644794{col 45}{space 1}    0.47{col 54}{space 3}0.642{col 62}{space 4}-.0989171{col 75}{space 3} .1591287
{txt}{space 7}south_america {c |}{col 22}{res}{space 2} .0445215{col 34}{space 2} .0671308{col 45}{space 1}    0.66{col 54}{space 3}0.510{col 62}{space 4}-.0898069{col 75}{space 3}   .17885
{txt}{space 3}east_south_europe {c |}{col 22}{res}{space 2}   .05088{col 34}{space 2} .0556398{col 45}{space 1}    0.91{col 54}{space 3}0.364{col 62}{space 4} -.060455{col 75}{space 3}  .162215
{txt}{space 1}west_central_europe {c |}{col 22}{res}{space 2}-.0338698{col 34}{space 2} .0525551{col 45}{space 1}   -0.64{col 54}{space 3}0.522{col 62}{space 4}-.1390323{col 75}{space 3} .0712927
{txt}{space 6}central_africa {c |}{col 22}{res}{space 2}-.0306608{col 34}{space 2} .0916914{col 45}{space 1}   -0.33{col 54}{space 3}0.739{col 62}{space 4}-.2141348{col 75}{space 3} .1528132
{txt}{space 5}southern_africa {c |}{col 22}{res}{space 2}-.0016269{col 34}{space 2} .0758256{col 45}{space 1}   -0.02{col 54}{space 3}0.983{col 62}{space 4}-.1533535{col 75}{space 3} .1500998
{txt}{space 16}asia {c |}{col 22}{res}{space 2}  .026183{col 34}{space 2} .0696156{col 45}{space 1}    0.38{col 54}{space 3}0.708{col 62}{space 4}-.1131176{col 75}{space 3} .1654835
{txt}{space 5}northern_africa {c |}{col 22}{res}{space 2} .0967498{col 34}{space 2} .0728324{col 45}{space 1}    1.33{col 54}{space 3}0.189{col 62}{space 4}-.0489876{col 75}{space 3} .2424872
{txt}{space 9}australasia {c |}{col 22}{res}{space 2} .0551318{col 34}{space 2} .0380981{col 45}{space 1}    1.45{col 54}{space 3}0.153{col 62}{space 4}-.0211024{col 75}{space 3}  .131366
{txt}{hline 21}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab3
{txt}
{com}. 
. 
. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo polity_frac_polit12  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend  north_middle_america south_america east_south_europe west_central_europe central_africa southern_africa asia northern_africa australasia, nocons  vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1477
                                                       {txt}F( 24,    59) ={res}38019.09
                                                       {txt}Prob > F      = {res} 0.0000
                                                       {txt}R-squared     = {res} 0.9515
                                                       {txt}Root MSE      = {res} .29747

{txt}{ralign 86:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 21}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 22}{c |}{col 34}    Robust
{col 1}  log_fi_res_totl_mo{col 22}{c |}      Coef.{col 34}   Std. Err.{col 46}      t{col 54}   P>|t|{col 62}     [95% Con{col 75}f. Interval]
{hline 21}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 2}log_fi_res_totl_mo {c |}
{space 17}L1. {c |}{col 22}{res}{space 2} .8901466{col 34}{space 2} .0275339{col 45}{space 1}   32.33{col 54}{space 3}0.000{col 62}{space 4} .8350514{col 75}{space 3} .9452418
{txt}{space 20} {c |}
{space 1}polity_frac_polit12 {c |}{col 22}{res}{space 2} .0580475{col 34}{space 2}  .022355{col 45}{space 1}    2.60{col 54}{space 3}0.012{col 62}{space 4} .0133152{col 75}{space 3} .1027797
{txt}{space 13}polity2 {c |}{col 22}{res}{space 2} .0048141{col 34}{space 2} .0019378{col 45}{space 1}    2.48{col 54}{space 3}0.016{col 62}{space 4} .0009366{col 75}{space 3} .0086917
{txt}{space 7}sum_imftotal5 {c |}{col 22}{res}{space 2}  .014877{col 34}{space 2}  .020897{col 45}{space 1}    0.71{col 54}{space 3}0.479{col 62}{space 4}-.0269379{col 75}{space 3} .0566919
{txt}{space 6}ne_imp_gnfs_zs {c |}{col 22}{res}{space 2}-.0004234{col 34}{space 2} .0005616{col 45}{space 1}   -0.75{col 54}{space 3}0.454{col 62}{space 4}-.0015472{col 75}{space 3} .0007003
{txt}{space 7}trade_balance {c |}{col 22}{res}{space 2} .0090138{col 34}{space 2} .0020169{col 45}{space 1}    4.47{col 54}{space 3}0.000{col 62}{space 4} .0049781{col 75}{space 3} .0130495
{txt}{space 11}cbi_irreg {c |}{col 22}{res}{space 2}-.0027199{col 34}{space 2} .0117878{col 45}{space 1}   -0.23{col 54}{space 3}0.818{col 62}{space 4}-.0263073{col 75}{space 3} .0208675
{txt}{space 8}presidential {c |}{col 22}{res}{space 2} .0295919{col 34}{space 2} .0300063{col 45}{space 1}    0.99{col 54}{space 3}0.328{col 62}{space 4}-.0304506{col 75}{space 3} .0896345
{txt}{space 11}log_gdppc {c |}{col 22}{res}{space 2}-.0395162{col 34}{space 2} .0122232{col 45}{space 1}   -3.23{col 54}{space 3}0.002{col 62}{space 4}-.0639747{col 75}{space 3}-.0150577
{txt}{space 10}gdp_growth {c |}{col 22}{res}{space 2}-.0100265{col 34}{space 2} .0040242{col 45}{space 1}   -2.49{col 54}{space 3}0.016{col 62}{space 4} -.018079{col 75}{space 3} -.001974
{txt}{space 13}log_pop {c |}{col 22}{res}{space 2} .0203255{col 34}{space 2} .0073709{col 45}{space 1}    2.76{col 54}{space 3}0.008{col 62}{space 4} .0055763{col 75}{space 3} .0350747
{txt}{space 14}kaopen {c |}{col 22}{res}{space 2}-.0128929{col 34}{space 2} .0064979{col 45}{space 1}   -1.98{col 54}{space 3}0.052{col 62}{space 4}-.0258951{col 75}{space 3} .0001094
{txt}{space 8}currency_peg {c |}{col 22}{res}{space 2} .0104214{col 34}{space 2} .0208836{col 45}{space 1}    0.50{col 54}{space 3}0.620{col 62}{space 4}-.0313666{col 75}{space 3} .0522094
{txt}{space 5}currency_binary {c |}{col 22}{res}{space 2}-.0986275{col 34}{space 2} .0251143{col 45}{space 1}   -3.93{col 54}{space 3}0.000{col 62}{space 4}-.1488811{col 75}{space 3}-.0483739
{txt}{space 10}time_trend {c |}{col 22}{res}{space 2} .0014986{col 34}{space 2} .0013091{col 45}{space 1}    1.14{col 54}{space 3}0.257{col 62}{space 4} -.001121{col 75}{space 3} .0041181
{txt}north_middle_america {c |}{col 22}{res}{space 2} .0319049{col 34}{space 2}  .064769{col 45}{space 1}    0.49{col 54}{space 3}0.624{col 62}{space 4}-.0976975{col 75}{space 3} .1615073
{txt}{space 7}south_america {c |}{col 22}{res}{space 2} .0490881{col 34}{space 2} .0678853{col 45}{space 1}    0.72{col 54}{space 3}0.472{col 62}{space 4}-.0867501{col 75}{space 3} .1849263
{txt}{space 3}east_south_europe {c |}{col 22}{res}{space 2} .0686222{col 34}{space 2} .0580088{col 45}{space 1}    1.18{col 54}{space 3}0.242{col 62}{space 4}-.0474531{col 75}{space 3} .1846975
{txt}{space 1}west_central_europe {c |}{col 22}{res}{space 2}-.0303672{col 34}{space 2} .0531517{col 45}{space 1}   -0.57{col 54}{space 3}0.570{col 62}{space 4}-.1367235{col 75}{space 3} .0759891
{txt}{space 6}central_africa {c |}{col 22}{res}{space 2} -.027201{col 34}{space 2} .0925665{col 45}{space 1}   -0.29{col 54}{space 3}0.770{col 62}{space 4}-.2124262{col 75}{space 3} .1580242
{txt}{space 5}southern_africa {c |}{col 22}{res}{space 2}-.0024688{col 34}{space 2} .0767254{col 45}{space 1}   -0.03{col 54}{space 3}0.974{col 62}{space 4} -.155996{col 75}{space 3} .1510585
{txt}{space 16}asia {c |}{col 22}{res}{space 2}  .029382{col 34}{space 2} .0705591{col 45}{space 1}    0.42{col 54}{space 3}0.679{col 62}{space 4}-.1118065{col 75}{space 3} .1705705
{txt}{space 5}northern_africa {c |}{col 22}{res}{space 2} .1010897{col 34}{space 2} .0713214{col 45}{space 1}    1.42{col 54}{space 3}0.162{col 62}{space 4} -.041624{col 75}{space 3} .2438034
{txt}{space 9}australasia {c |}{col 22}{res}{space 2}  .054596{col 34}{space 2} .0373267{col 45}{space 1}    1.46{col 54}{space 3}0.149{col 62}{space 4}-.0200945{col 75}{space 3} .1292866
{txt}{hline 21}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab4
{txt}
{com}. 
. * Table 27:
. **esttab tab1 tab2 tab3 tab4 using robust_regions.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. * H2: multiple currency crises
. 
. reg log_fi_res_totl_mo lag_log_fi_res_totl_mo sum_polit11_binary##c.crises_reg_yr1_nor   polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend  north_middle_america south_america east_south_europe west_central_europe central_africa southern_africa asia northern_africa australasia, nocons  vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1479
                                                       {txt}F( 26,    59) ={res} 2112.95
                                                       {txt}Prob > F      = {res} 0.0000
                                                       {txt}R-squared     = {res} 0.9515
                                                       {txt}Root MSE      = {res} .29727

{txt}{ralign 105:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}{col 53}    Robust
{col 1}                     log_fi_res_totl_mo{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      t{col 73}   P>|t|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}lag_log_fi_res_totl_mo {c |}{col 41}{res}{space 2} .8875258{col 53}{space 2} .0265679{col 64}{space 1}   33.41{col 73}{space 3}0.000{col 81}{space 4} .8343635{col 94}{space 3} .9406881
{txt}{space 19}1.sum_polit11_binary {c |}{col 41}{res}{space 2} .0130228{col 53}{space 2} .0255268{col 64}{space 1}    0.51{col 73}{space 3}0.612{col 81}{space 4}-.0380561{col 94}{space 3} .0641018
{txt}{space 21}crises_reg_yr1_nor {c |}{col 41}{res}{space 2}-.0187277{col 53}{space 2} .0066558{col 64}{space 1}   -2.81{col 73}{space 3}0.007{col 81}{space 4}-.0320458{col 94}{space 3}-.0054095
{txt}{space 39} {c |}
sum_polit11_binary#c.crises_reg_yr1_nor {c |}
{space 37}1  {c |}{col 41}{res}{space 2}  .014064{col 53}{space 2} .0064528{col 64}{space 1}    2.18{col 73}{space 3}0.033{col 81}{space 4}  .001152{col 94}{space 3} .0269761
{txt}{space 39} {c |}
{space 32}polity2 {c |}{col 41}{res}{space 2} .0050706{col 53}{space 2} .0018371{col 64}{space 1}    2.76{col 73}{space 3}0.008{col 81}{space 4} .0013945{col 94}{space 3} .0087467
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2} .0125121{col 53}{space 2} .0197083{col 64}{space 1}    0.63{col 73}{space 3}0.528{col 81}{space 4}-.0269242{col 94}{space 3} .0519484
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2} .0000634{col 53}{space 2} .0005749{col 64}{space 1}    0.11{col 73}{space 3}0.913{col 81}{space 4}-.0010871{col 94}{space 3} .0012138
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} .0092015{col 53}{space 2} .0020012{col 64}{space 1}    4.60{col 73}{space 3}0.000{col 81}{space 4} .0051971{col 94}{space 3}  .013206
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2}-.0041957{col 53}{space 2} .0115017{col 64}{space 1}   -0.36{col 73}{space 3}0.717{col 81}{space 4}-.0272106{col 94}{space 3} .0188193
{txt}{space 27}presidential {c |}{col 41}{res}{space 2}  .011645{col 53}{space 2} .0299795{col 64}{space 1}    0.39{col 73}{space 3}0.699{col 81}{space 4}-.0483438{col 94}{space 3} .0716339
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2}-.0417266{col 53}{space 2} .0116778{col 64}{space 1}   -3.57{col 73}{space 3}0.001{col 81}{space 4}-.0650937{col 94}{space 3}-.0183595
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0098835{col 53}{space 2} .0040793{col 64}{space 1}   -2.42{col 73}{space 3}0.018{col 81}{space 4}-.0180461{col 94}{space 3} -.001721
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2} .0213427{col 53}{space 2} .0068427{col 64}{space 1}    3.12{col 73}{space 3}0.003{col 81}{space 4} .0076505{col 94}{space 3}  .035035
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0154817{col 53}{space 2} .0070159{col 64}{space 1}   -2.21{col 73}{space 3}0.031{col 81}{space 4}-.0295205{col 94}{space 3}-.0014429
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2} .0064442{col 53}{space 2} .0217565{col 64}{space 1}    0.30{col 73}{space 3}0.768{col 81}{space 4}-.0370904{col 94}{space 3} .0499789
{txt}{space 24}currency_binary {c |}{col 41}{res}{space 2}-.0935602{col 53}{space 2} .0246964{col 64}{space 1}   -3.79{col 73}{space 3}0.000{col 81}{space 4}-.1429776{col 94}{space 3}-.0441428
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2} .0019634{col 53}{space 2} .0013059{col 64}{space 1}    1.50{col 73}{space 3}0.138{col 81}{space 4}-.0006497{col 94}{space 3} .0045764
{txt}{space 19}north_middle_america {c |}{col 41}{res}{space 2} .0303461{col 53}{space 2} .0638481{col 64}{space 1}    0.48{col 73}{space 3}0.636{col 81}{space 4}-.0974137{col 94}{space 3} .1581059
{txt}{space 26}south_america {c |}{col 41}{res}{space 2} .0798578{col 53}{space 2} .0736281{col 64}{space 1}    1.08{col 73}{space 3}0.283{col 81}{space 4}-.0674717{col 94}{space 3} .2271874
{txt}{space 22}east_south_europe {c |}{col 41}{res}{space 2}  .052519{col 53}{space 2} .0564032{col 64}{space 1}    0.93{col 73}{space 3}0.356{col 81}{space 4}-.0603436{col 94}{space 3} .1653816
{txt}{space 20}west_central_europe {c |}{col 41}{res}{space 2}-.0132405{col 53}{space 2} .0572469{col 64}{space 1}   -0.23{col 73}{space 3}0.818{col 81}{space 4}-.1277913{col 94}{space 3} .1013103
{txt}{space 25}central_africa {c |}{col 41}{res}{space 2}-.0336774{col 53}{space 2} .0923325{col 64}{space 1}   -0.36{col 73}{space 3}0.717{col 81}{space 4}-.2184343{col 94}{space 3} .1510796
{txt}{space 24}southern_africa {c |}{col 41}{res}{space 2} -.017588{col 53}{space 2} .0676649{col 64}{space 1}   -0.26{col 73}{space 3}0.796{col 81}{space 4}-.1529851{col 94}{space 3} .1178091
{txt}{space 35}asia {c |}{col 41}{res}{space 2} .0184151{col 53}{space 2} .0676592{col 64}{space 1}    0.27{col 73}{space 3}0.786{col 81}{space 4}-.1169707{col 94}{space 3} .1538009
{txt}{space 24}northern_africa {c |}{col 41}{res}{space 2} .0838341{col 53}{space 2} .0695474{col 64}{space 1}    1.21{col 73}{space 3}0.233{col 81}{space 4}-.0553299{col 94}{space 3}  .222998
{txt}{space 28}australasia {c |}{col 41}{res}{space 2} .0546544{col 53}{space 2} .0415609{col 64}{space 1}    1.32{col 73}{space 3}0.194{col 81}{space 4}-.0285087{col 94}{space 3} .1378175
{txt}{hline 40}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab5
{txt}
{com}. 
. reg log_fi_res_totl_mo lag_log_fi_res_totl_mo c.polity_frac_polit11##c.crises_reg_yr1_nor   polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend  north_middle_america south_america east_south_europe west_central_europe central_africa southern_africa asia northern_africa australasia, nocons  vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1477
                                                       {txt}F( 26,    59) ={res} 3619.60
                                                       {txt}Prob > F      = {res} 0.0000
                                                       {txt}R-squared     = {res} 0.9515
                                                       {txt}Root MSE      = {res} .29744

{txt}{ralign 108:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 43}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 44}{c |}{col 56}    Robust
{col 1}                        log_fi_res_totl_mo{col 44}{c |}      Coef.{col 56}   Std. Err.{col 68}      t{col 76}   P>|t|{col 84}     [95% Con{col 97}f. Interval]
{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 20}lag_log_fi_res_totl_mo {c |}{col 44}{res}{space 2} .8894137{col 56}{space 2} .0269945{col 67}{space 1}   32.95{col 76}{space 3}0.000{col 84}{space 4} .8353978{col 97}{space 3} .9434295
{txt}{space 23}polity_frac_polit11 {c |}{col 44}{res}{space 2} .0336011{col 56}{space 2} .0279455{col 67}{space 1}    1.20{col 76}{space 3}0.234{col 84}{space 4}-.0223177{col 97}{space 3}   .08952
{txt}{space 24}crises_reg_yr1_nor {c |}{col 44}{res}{space 2}-.0130435{col 56}{space 2} .0069127{col 67}{space 1}   -1.89{col 76}{space 3}0.064{col 84}{space 4}-.0268759{col 97}{space 3} .0007889
{txt}{space 42} {c |}
c.polity_frac_polit11#c.crises_reg_yr1_nor {c |}{col 44}{res}{space 2} .0056762{col 56}{space 2} .0069247{col 67}{space 1}    0.82{col 76}{space 3}0.416{col 84}{space 4}-.0081801{col 97}{space 3} .0195325
{txt}{space 42} {c |}
{space 35}polity2 {c |}{col 44}{res}{space 2} .0048163{col 56}{space 2}  .001856{col 67}{space 1}    2.59{col 76}{space 3}0.012{col 84}{space 4} .0011024{col 97}{space 3} .0085302
{txt}{space 29}sum_imftotal5 {c |}{col 44}{res}{space 2}  .016733{col 56}{space 2} .0199412{col 67}{space 1}    0.84{col 76}{space 3}0.405{col 84}{space 4}-.0231693{col 97}{space 3} .0566353
{txt}{space 28}ne_imp_gnfs_zs {c |}{col 44}{res}{space 2}-.0001036{col 56}{space 2} .0005642{col 67}{space 1}   -0.18{col 76}{space 3}0.855{col 84}{space 4}-.0012325{col 97}{space 3} .0010253
{txt}{space 29}trade_balance {c |}{col 44}{res}{space 2} .0092792{col 56}{space 2}  .002049{col 67}{space 1}    4.53{col 76}{space 3}0.000{col 84}{space 4} .0051791{col 97}{space 3} .0133792
{txt}{space 33}cbi_irreg {c |}{col 44}{res}{space 2}-.0066867{col 56}{space 2} .0115157{col 67}{space 1}   -0.58{col 76}{space 3}0.564{col 84}{space 4}-.0297296{col 97}{space 3} .0163563
{txt}{space 30}presidential {c |}{col 44}{res}{space 2} .0195667{col 56}{space 2} .0308454{col 67}{space 1}    0.63{col 76}{space 3}0.528{col 84}{space 4}-.0421547{col 97}{space 3} .0812882
{txt}{space 33}log_gdppc {c |}{col 44}{res}{space 2}-.0418006{col 56}{space 2} .0114596{col 67}{space 1}   -3.65{col 76}{space 3}0.001{col 84}{space 4}-.0647312{col 97}{space 3}-.0188699
{txt}{space 32}gdp_growth {c |}{col 44}{res}{space 2}-.0100147{col 56}{space 2} .0040612{col 67}{space 1}   -2.47{col 76}{space 3}0.017{col 84}{space 4}-.0181411{col 97}{space 3}-.0018883
{txt}{space 35}log_pop {c |}{col 44}{res}{space 2} .0207695{col 56}{space 2} .0070095{col 67}{space 1}    2.96{col 76}{space 3}0.004{col 84}{space 4} .0067435{col 97}{space 3} .0347955
{txt}{space 36}kaopen {c |}{col 44}{res}{space 2}-.0158708{col 56}{space 2} .0070534{col 67}{space 1}   -2.25{col 76}{space 3}0.028{col 84}{space 4}-.0299846{col 97}{space 3} -.001757
{txt}{space 30}currency_peg {c |}{col 44}{res}{space 2} .0104956{col 56}{space 2} .0213627{col 67}{space 1}    0.49{col 76}{space 3}0.625{col 84}{space 4}-.0322511{col 97}{space 3} .0532422
{txt}{space 27}currency_binary {c |}{col 44}{res}{space 2}-.0980095{col 56}{space 2} .0248036{col 67}{space 1}   -3.95{col 76}{space 3}0.000{col 84}{space 4}-.1476415{col 97}{space 3}-.0483776
{txt}{space 32}time_trend {c |}{col 44}{res}{space 2} .0021483{col 56}{space 2} .0013769{col 67}{space 1}    1.56{col 76}{space 3}0.124{col 84}{space 4}-.0006069{col 97}{space 3} .0049035
{txt}{space 22}north_middle_america {c |}{col 44}{res}{space 2}  .026324{col 56}{space 2} .0633071{col 67}{space 1}    0.42{col 76}{space 3}0.679{col 84}{space 4}-.1003532{col 97}{space 3} .1530011
{txt}{space 29}south_america {c |}{col 44}{res}{space 2} .0824299{col 56}{space 2} .0739218{col 67}{space 1}    1.12{col 76}{space 3}0.269{col 84}{space 4}-.0654872{col 97}{space 3}  .230347
{txt}{space 25}east_south_europe {c |}{col 44}{res}{space 2} .0645613{col 56}{space 2} .0574325{col 67}{space 1}    1.12{col 76}{space 3}0.266{col 84}{space 4}-.0503608{col 97}{space 3} .1794835
{txt}{space 23}west_central_europe {c |}{col 44}{res}{space 2}-.0129349{col 56}{space 2} .0562617{col 67}{space 1}   -0.23{col 76}{space 3}0.819{col 84}{space 4}-.1255144{col 97}{space 3} .0996446
{txt}{space 28}central_africa {c |}{col 44}{res}{space 2}-.0377509{col 56}{space 2} .0877758{col 67}{space 1}   -0.43{col 76}{space 3}0.669{col 84}{space 4}-.2133898{col 97}{space 3}  .137888
{txt}{space 27}southern_africa {c |}{col 44}{res}{space 2}-.0224722{col 56}{space 2} .0660194{col 67}{space 1}   -0.34{col 76}{space 3}0.735{col 84}{space 4}-.1545768{col 97}{space 3} .1096324
{txt}{space 38}asia {c |}{col 44}{res}{space 2} .0141922{col 56}{space 2} .0660617{col 67}{space 1}    0.21{col 76}{space 3}0.831{col 84}{space 4} -.117997{col 97}{space 3} .1463814
{txt}{space 27}northern_africa {c |}{col 44}{res}{space 2} .0835886{col 56}{space 2} .0671364{col 67}{space 1}    1.25{col 76}{space 3}0.218{col 84}{space 4} -.050751{col 97}{space 3} .2179282
{txt}{space 31}australasia {c |}{col 44}{res}{space 2} .0573996{col 56}{space 2} .0395543{col 67}{space 1}    1.45{col 76}{space 3}0.152{col 84}{space 4}-.0217483{col 97}{space 3} .1365475
{txt}{hline 43}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab6
{txt}
{com}. 
. 
. 
. reg log_fi_res_totl_mo lag_log_fi_res_totl_mo sum_polit12_binary##c.crises_reg_yr1_nor   polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend  north_middle_america south_america east_south_europe west_central_europe central_africa southern_africa asia northern_africa australasia, nocons  vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1479
                                                       {txt}F( 26,    59) ={res} 8183.25
                                                       {txt}Prob > F      = {res} 0.0000
                                                       {txt}R-squared     = {res} 0.9515
                                                       {txt}Root MSE      = {res}  .2973

{txt}{ralign 105:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}{col 53}    Robust
{col 1}                     log_fi_res_totl_mo{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      t{col 73}   P>|t|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}lag_log_fi_res_totl_mo {c |}{col 41}{res}{space 2} .8883866{col 53}{space 2} .0274127{col 64}{space 1}   32.41{col 73}{space 3}0.000{col 81}{space 4} .8335338{col 94}{space 3} .9432393
{txt}{space 19}1.sum_polit12_binary {c |}{col 41}{res}{space 2} .0443689{col 53}{space 2} .0257491{col 64}{space 1}    1.72{col 73}{space 3}0.090{col 81}{space 4} -.007155{col 94}{space 3} .0958928
{txt}{space 21}crises_reg_yr1_nor {c |}{col 41}{res}{space 2}-.0097648{col 53}{space 2} .0061513{col 64}{space 1}   -1.59{col 73}{space 3}0.118{col 81}{space 4}-.0220736{col 94}{space 3} .0025439
{txt}{space 39} {c |}
sum_polit12_binary#c.crises_reg_yr1_nor {c |}
{space 37}1  {c |}{col 41}{res}{space 2} .0033837{col 53}{space 2}  .006572{col 64}{space 1}    0.51{col 73}{space 3}0.609{col 81}{space 4}-.0097667{col 94}{space 3} .0165342
{txt}{space 39} {c |}
{space 32}polity2 {c |}{col 41}{res}{space 2} .0051015{col 53}{space 2} .0019416{col 64}{space 1}    2.63{col 73}{space 3}0.011{col 81}{space 4} .0012165{col 94}{space 3} .0089866
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2} .0084082{col 53}{space 2} .0211025{col 64}{space 1}    0.40{col 73}{space 3}0.692{col 81}{space 4}-.0338179{col 94}{space 3} .0506342
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2}-.0001336{col 53}{space 2} .0005513{col 64}{space 1}   -0.24{col 73}{space 3}0.809{col 81}{space 4}-.0012368{col 94}{space 3} .0009697
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} .0091054{col 53}{space 2} .0020223{col 64}{space 1}    4.50{col 73}{space 3}0.000{col 81}{space 4} .0050588{col 94}{space 3} .0131519
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2}-.0000463{col 53}{space 2} .0117169{col 64}{space 1}   -0.00{col 73}{space 3}0.997{col 81}{space 4}-.0234918{col 94}{space 3} .0233992
{txt}{space 27}presidential {c |}{col 41}{res}{space 2} .0242359{col 53}{space 2} .0305859{col 64}{space 1}    0.79{col 73}{space 3}0.431{col 81}{space 4}-.0369663{col 94}{space 3}  .085438
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2}-.0398157{col 53}{space 2} .0125398{col 64}{space 1}   -3.18{col 73}{space 3}0.002{col 81}{space 4}-.0649078{col 94}{space 3}-.0147237
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0101573{col 53}{space 2} .0040932{col 64}{space 1}   -2.48{col 73}{space 3}0.016{col 81}{space 4}-.0183479{col 94}{space 3}-.0019667
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2}  .019867{col 53}{space 2} .0072923{col 64}{space 1}    2.72{col 73}{space 3}0.008{col 81}{space 4} .0052751{col 94}{space 3} .0344589
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0144254{col 53}{space 2} .0064803{col 64}{space 1}   -2.23{col 73}{space 3}0.030{col 81}{space 4}-.0273925{col 94}{space 3}-.0014584
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2} .0111055{col 53}{space 2} .0214977{col 64}{space 1}    0.52{col 73}{space 3}0.607{col 81}{space 4}-.0319114{col 94}{space 3} .0541224
{txt}{space 24}currency_binary {c |}{col 41}{res}{space 2}-.1002108{col 53}{space 2} .0250275{col 64}{space 1}   -4.00{col 73}{space 3}0.000{col 81}{space 4}-.1502908{col 94}{space 3}-.0501309
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2} .0017783{col 53}{space 2} .0012932{col 64}{space 1}    1.38{col 73}{space 3}0.174{col 81}{space 4}-.0008094{col 94}{space 3}  .004366
{txt}{space 19}north_middle_america {c |}{col 41}{res}{space 2}  .037821{col 53}{space 2} .0652351{col 64}{space 1}    0.58{col 73}{space 3}0.564{col 81}{space 4}-.0927141{col 94}{space 3}  .168356
{txt}{space 26}south_america {c |}{col 41}{res}{space 2} .0853476{col 53}{space 2} .0769217{col 64}{space 1}    1.11{col 73}{space 3}0.272{col 81}{space 4}-.0685723{col 94}{space 3} .2392675
{txt}{space 22}east_south_europe {c |}{col 41}{res}{space 2} .0599473{col 53}{space 2} .0578582{col 64}{space 1}    1.04{col 73}{space 3}0.304{col 81}{space 4}-.0558267{col 94}{space 3} .1757213
{txt}{space 20}west_central_europe {c |}{col 41}{res}{space 2}-.0067742{col 53}{space 2} .0580414{col 64}{space 1}   -0.12{col 73}{space 3}0.907{col 81}{space 4}-.1229149{col 94}{space 3} .1093665
{txt}{space 25}central_africa {c |}{col 41}{res}{space 2}-.0247871{col 53}{space 2} .0919695{col 64}{space 1}   -0.27{col 73}{space 3}0.788{col 81}{space 4}-.2088177{col 94}{space 3} .1592435
{txt}{space 24}southern_africa {c |}{col 41}{res}{space 2} .0117114{col 53}{space 2} .0755009{col 64}{space 1}    0.16{col 73}{space 3}0.877{col 81}{space 4}-.1393655{col 94}{space 3} .1627883
{txt}{space 35}asia {c |}{col 41}{res}{space 2} .0394138{col 53}{space 2} .0715863{col 64}{space 1}    0.55{col 73}{space 3}0.584{col 81}{space 4}-.1038301{col 94}{space 3} .1826578
{txt}{space 24}northern_africa {c |}{col 41}{res}{space 2} .1033511{col 53}{space 2} .0735165{col 64}{space 1}    1.41{col 73}{space 3}0.165{col 81}{space 4}-.0437551{col 94}{space 3} .2504572
{txt}{space 28}australasia {c |}{col 41}{res}{space 2} .0563327{col 53}{space 2} .0386108{col 64}{space 1}    1.46{col 73}{space 3}0.150{col 81}{space 4}-.0209273{col 94}{space 3} .1335926
{txt}{hline 40}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab7
{txt}
{com}. 
. 
. 
. reg log_fi_res_totl_mo lag_log_fi_res_totl_mo c.polity_frac_polit12##c.crises_reg_yr1_nor   polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend  north_middle_america south_america east_south_europe west_central_europe central_africa southern_africa asia northern_africa australasia, nocons  vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1477
                                                       {txt}F( 26,    59) ={res} 4438.32
                                                       {txt}Prob > F      = {res} 0.0000
                                                       {txt}R-squared     = {res} 0.9516
                                                       {txt}Root MSE      = {res} .29733

{txt}{ralign 108:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 43}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 44}{c |}{col 56}    Robust
{col 1}                        log_fi_res_totl_mo{col 44}{c |}      Coef.{col 56}   Std. Err.{col 68}      t{col 76}   P>|t|{col 84}     [95% Con{col 97}f. Interval]
{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 20}lag_log_fi_res_totl_mo {c |}{col 44}{res}{space 2}  .888005{col 56}{space 2} .0279026{col 67}{space 1}   31.83{col 76}{space 3}0.000{col 84}{space 4}  .832172{col 97}{space 3} .9438379
{txt}{space 23}polity_frac_polit12 {c |}{col 44}{res}{space 2} .0661551{col 56}{space 2} .0291008{col 67}{space 1}    2.27{col 76}{space 3}0.027{col 84}{space 4} .0079245{col 97}{space 3} .1243857
{txt}{space 24}crises_reg_yr1_nor {c |}{col 44}{res}{space 2}-.0088222{col 56}{space 2} .0058214{col 67}{space 1}   -1.52{col 76}{space 3}0.135{col 84}{space 4}-.0204707{col 97}{space 3} .0028263
{txt}{space 42} {c |}
c.polity_frac_polit12#c.crises_reg_yr1_nor {c |}{col 44}{res}{space 2}  -.00219{col 56}{space 2} .0064037{col 67}{space 1}   -0.34{col 76}{space 3}0.734{col 84}{space 4}-.0150038{col 97}{space 3} .0106239
{txt}{space 42} {c |}
{space 35}polity2 {c |}{col 44}{res}{space 2} .0049633{col 56}{space 2} .0019379{col 67}{space 1}    2.56{col 76}{space 3}0.013{col 84}{space 4} .0010856{col 97}{space 3}  .008841
{txt}{space 29}sum_imftotal5 {c |}{col 44}{res}{space 2} .0137839{col 56}{space 2} .0206637{col 67}{space 1}    0.67{col 76}{space 3}0.507{col 84}{space 4} -.027564{col 97}{space 3} .0551319
{txt}{space 28}ne_imp_gnfs_zs {c |}{col 44}{res}{space 2}-.0002311{col 56}{space 2} .0005577{col 67}{space 1}   -0.41{col 76}{space 3}0.680{col 84}{space 4}-.0013471{col 97}{space 3} .0008849
{txt}{space 29}trade_balance {c |}{col 44}{res}{space 2} .0091309{col 56}{space 2}  .002071{col 67}{space 1}    4.41{col 76}{space 3}0.000{col 84}{space 4}  .004987{col 97}{space 3} .0132749
{txt}{space 33}cbi_irreg {c |}{col 44}{res}{space 2}-.0025666{col 56}{space 2} .0116933{col 67}{space 1}   -0.22{col 76}{space 3}0.827{col 84}{space 4}-.0259648{col 97}{space 3} .0208317
{txt}{space 30}presidential {c |}{col 44}{res}{space 2}  .028176{col 56}{space 2}  .031333{col 67}{space 1}    0.90{col 76}{space 3}0.372{col 84}{space 4}-.0345212{col 97}{space 3} .0908732
{txt}{space 33}log_gdppc {c |}{col 44}{res}{space 2}-.0399173{col 56}{space 2} .0123229{col 67}{space 1}   -3.24{col 76}{space 3}0.002{col 84}{space 4}-.0645754{col 97}{space 3}-.0152591
{txt}{space 32}gdp_growth {c |}{col 44}{res}{space 2}-.0101806{col 56}{space 2} .0040523{col 67}{space 1}   -2.51{col 76}{space 3}0.015{col 84}{space 4}-.0182893{col 97}{space 3}-.0020719
{txt}{space 35}log_pop {c |}{col 44}{res}{space 2} .0197363{col 56}{space 2} .0073828{col 67}{space 1}    2.67{col 76}{space 3}0.010{col 84}{space 4} .0049633{col 97}{space 3} .0345093
{txt}{space 36}kaopen {c |}{col 44}{res}{space 2}-.0137157{col 56}{space 2} .0064053{col 67}{space 1}   -2.14{col 76}{space 3}0.036{col 84}{space 4}-.0265327{col 97}{space 3}-.0008987
{txt}{space 30}currency_peg {c |}{col 44}{res}{space 2} .0131729{col 56}{space 2} .0213146{col 67}{space 1}    0.62{col 76}{space 3}0.539{col 84}{space 4}-.0294776{col 97}{space 3} .0558233
{txt}{space 27}currency_binary {c |}{col 44}{res}{space 2} -.102009{col 56}{space 2} .0248509{col 67}{space 1}   -4.10{col 76}{space 3}0.000{col 84}{space 4}-.1517356{col 97}{space 3}-.0522825
{txt}{space 32}time_trend {c |}{col 44}{res}{space 2} .0017566{col 56}{space 2} .0012982{col 67}{space 1}    1.35{col 76}{space 3}0.181{col 84}{space 4} -.000841{col 97}{space 3} .0043542
{txt}{space 22}north_middle_america {c |}{col 44}{res}{space 2} .0396859{col 56}{space 2} .0648386{col 67}{space 1}    0.61{col 76}{space 3}0.543{col 84}{space 4}-.0900559{col 97}{space 3} .1694277
{txt}{space 29}south_america {c |}{col 44}{res}{space 2} .0958347{col 56}{space 2} .0775884{col 67}{space 1}    1.24{col 76}{space 3}0.222{col 84}{space 4}-.0594193{col 97}{space 3} .2510887
{txt}{space 25}east_south_europe {c |}{col 44}{res}{space 2} .0782698{col 56}{space 2} .0597301{col 67}{space 1}    1.31{col 76}{space 3}0.195{col 84}{space 4}-.0412498{col 97}{space 3} .1977894
{txt}{space 23}west_central_europe {c |}{col 44}{res}{space 2}-.0018386{col 56}{space 2} .0575145{col 67}{space 1}   -0.03{col 76}{space 3}0.975{col 84}{space 4}-.1169249{col 97}{space 3} .1132477
{txt}{space 28}central_africa {c |}{col 44}{res}{space 2}-.0245808{col 56}{space 2} .0910972{col 67}{space 1}   -0.27{col 76}{space 3}0.788{col 84}{space 4}-.2068658{col 97}{space 3} .1577043
{txt}{space 27}southern_africa {c |}{col 44}{res}{space 2} .0129673{col 56}{space 2} .0758432{col 67}{space 1}    0.17{col 76}{space 3}0.865{col 84}{space 4}-.1387947{col 97}{space 3} .1647293
{txt}{space 38}asia {c |}{col 44}{res}{space 2} .0437685{col 56}{space 2} .0721873{col 67}{space 1}    0.61{col 76}{space 3}0.547{col 84}{space 4}-.1006779{col 97}{space 3} .1882149
{txt}{space 27}northern_africa {c |}{col 44}{res}{space 2} .1078304{col 56}{space 2} .0720992{col 67}{space 1}    1.50{col 76}{space 3}0.140{col 84}{space 4}-.0364397{col 97}{space 3} .2521006
{txt}{space 31}australasia {c |}{col 44}{res}{space 2} .0559451{col 56}{space 2} .0364441{col 67}{space 1}    1.54{col 76}{space 3}0.130{col 84}{space 4}-.0169794{col 97}{space 3} .1288696
{txt}{hline 43}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab8
{txt}
{com}. 
. * Table 28:
. *esttab tab5 tab6 tab7 tab8 using robust_regions2.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H3: econ severity
. 
. 
. reg log_fi_res_totl_mo lag_log_fi_res_totl_mo sum_polit11_binary##c.gdp_ch1_polit11    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend  north_middle_america south_america east_south_europe west_central_europe central_africa southern_africa asia northern_africa australasia, nocons  vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1429
                                                       {txt}F( 26,    58) ={res} 5103.40
                                                       {txt}Prob > F      = {res} 0.0000
                                                       {txt}R-squared     = {res} 0.9508
                                                       {txt}Root MSE      = {res} .29737

{txt}{ralign 102:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 37}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 38}{c |}{col 50}    Robust
{col 1}                  log_fi_res_totl_mo{col 38}{c |}      Coef.{col 50}   Std. Err.{col 62}      t{col 70}   P>|t|{col 78}     [95% Con{col 91}f. Interval]
{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 14}lag_log_fi_res_totl_mo {c |}{col 38}{res}{space 2}  .892504{col 50}{space 2} .0272339{col 61}{space 1}   32.77{col 70}{space 3}0.000{col 78}{space 4} .8379894{col 91}{space 3} .9470185
{txt}{space 16}1.sum_polit11_binary {c |}{col 38}{res}{space 2}  .042998{col 50}{space 2}  .018104{col 61}{space 1}    2.38{col 70}{space 3}0.021{col 78}{space 4} .0067589{col 91}{space 3} .0792372
{txt}{space 21}gdp_ch1_polit11 {c |}{col 38}{res}{space 2} .0684192{col 50}{space 2} .1211721{col 61}{space 1}    0.56{col 70}{space 3}0.574{col 78}{space 4}-.1741331{col 91}{space 3} .3109715
{txt}{space 36} {c |}
sum_polit11_binary#c.gdp_ch1_polit11 {c |}
{space 34}1  {c |}{col 38}{res}{space 2} -.096035{col 50}{space 2}  .122156{col 61}{space 1}   -0.79{col 70}{space 3}0.435{col 78}{space 4}-.3405569{col 91}{space 3} .1484868
{txt}{space 36} {c |}
{space 29}polity2 {c |}{col 38}{res}{space 2} .0049265{col 50}{space 2} .0018338{col 61}{space 1}    2.69{col 70}{space 3}0.009{col 78}{space 4} .0012559{col 91}{space 3} .0085972
{txt}{space 23}sum_imftotal5 {c |}{col 38}{res}{space 2} .0177118{col 50}{space 2} .0202016{col 61}{space 1}    0.88{col 70}{space 3}0.384{col 78}{space 4}-.0227262{col 91}{space 3} .0581498
{txt}{space 22}ne_imp_gnfs_zs {c |}{col 38}{res}{space 2}-.0001471{col 50}{space 2}  .000622{col 61}{space 1}   -0.24{col 70}{space 3}0.814{col 78}{space 4}-.0013922{col 91}{space 3} .0010981
{txt}{space 23}trade_balance {c |}{col 38}{res}{space 2} .0086136{col 50}{space 2}  .002143{col 61}{space 1}    4.02{col 70}{space 3}0.000{col 78}{space 4} .0043239{col 91}{space 3} .0129032
{txt}{space 27}cbi_irreg {c |}{col 38}{res}{space 2}-.0048671{col 50}{space 2} .0117494{col 61}{space 1}   -0.41{col 70}{space 3}0.680{col 78}{space 4}-.0283861{col 91}{space 3} .0186519
{txt}{space 24}presidential {c |}{col 38}{res}{space 2} .0024757{col 50}{space 2} .0303196{col 61}{space 1}    0.08{col 70}{space 3}0.935{col 78}{space 4}-.0582156{col 91}{space 3}  .063167
{txt}{space 27}log_gdppc {c |}{col 38}{res}{space 2}-.0444923{col 50}{space 2} .0141062{col 61}{space 1}   -3.15{col 70}{space 3}0.003{col 78}{space 4} -.072729{col 91}{space 3}-.0162556
{txt}{space 26}gdp_growth {c |}{col 38}{res}{space 2}-.0099333{col 50}{space 2} .0043532{col 61}{space 1}   -2.28{col 70}{space 3}0.026{col 78}{space 4}-.0186473{col 91}{space 3}-.0012194
{txt}{space 29}log_pop {c |}{col 38}{res}{space 2}  .022974{col 50}{space 2}  .007996{col 61}{space 1}    2.87{col 70}{space 3}0.006{col 78}{space 4} .0069682{col 91}{space 3} .0389798
{txt}{space 30}kaopen {c |}{col 38}{res}{space 2}-.0150976{col 50}{space 2} .0073733{col 61}{space 1}   -2.05{col 70}{space 3}0.045{col 78}{space 4}-.0298569{col 91}{space 3}-.0003383
{txt}{space 24}currency_peg {c |}{col 38}{res}{space 2} .0090981{col 50}{space 2} .0217453{col 61}{space 1}    0.42{col 70}{space 3}0.677{col 78}{space 4}-.0344299{col 91}{space 3} .0526261
{txt}{space 21}currency_binary {c |}{col 38}{res}{space 2}-.0912271{col 50}{space 2} .0255246{col 61}{space 1}   -3.57{col 70}{space 3}0.001{col 78}{space 4}-.1423202{col 91}{space 3} -.040134
{txt}{space 26}time_trend {c |}{col 38}{res}{space 2} .0016945{col 50}{space 2} .0013299{col 61}{space 1}    1.27{col 70}{space 3}0.208{col 78}{space 4}-.0009675{col 91}{space 3} .0043565
{txt}{space 16}north_middle_america {c |}{col 38}{res}{space 2} .0145459{col 50}{space 2} .0649317{col 61}{space 1}    0.22{col 70}{space 3}0.824{col 78}{space 4}-.1154291{col 91}{space 3} .1445209
{txt}{space 23}south_america {c |}{col 38}{res}{space 2}  .027266{col 50}{space 2}  .068002{col 61}{space 1}    0.40{col 70}{space 3}0.690{col 78}{space 4}-.1088548{col 91}{space 3} .1633868
{txt}{space 19}east_south_europe {c |}{col 38}{res}{space 2} .0491031{col 50}{space 2}   .06123{col 61}{space 1}    0.80{col 70}{space 3}0.426{col 78}{space 4} -.073462{col 91}{space 3} .1716682
{txt}{space 17}west_central_europe {c |}{col 38}{res}{space 2}-.0581742{col 50}{space 2} .0513607{col 61}{space 1}   -1.13{col 70}{space 3}0.262{col 78}{space 4}-.1609839{col 91}{space 3} .0446354
{txt}{space 22}central_africa {c |}{col 38}{res}{space 2}-.0510712{col 50}{space 2} .0949012{col 61}{space 1}   -0.54{col 70}{space 3}0.593{col 78}{space 4}-.2410366{col 91}{space 3} .1388941
{txt}{space 21}southern_africa {c |}{col 38}{res}{space 2}-.0509336{col 50}{space 2} .0711223{col 61}{space 1}   -0.72{col 70}{space 3}0.477{col 78}{space 4}-.1933004{col 91}{space 3} .0914331
{txt}{space 32}asia {c |}{col 38}{res}{space 2} -.025554{col 50}{space 2} .0742976{col 61}{space 1}   -0.34{col 70}{space 3}0.732{col 78}{space 4}-.1742769{col 91}{space 3} .1231689
{txt}{space 21}northern_africa {c |}{col 38}{res}{space 2} .0547615{col 50}{space 2} .0698061{col 61}{space 1}    0.78{col 70}{space 3}0.436{col 78}{space 4}-.0849706{col 91}{space 3} .1944935
{txt}{space 25}australasia {c |}{col 38}{res}{space 2} .0475008{col 50}{space 2} .0380568{col 61}{space 1}    1.25{col 70}{space 3}0.217{col 78}{space 4}-.0286783{col 91}{space 3} .1236798
{txt}{hline 37}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab9
{txt}
{com}. 
. reg log_fi_res_totl_mo lag_log_fi_res_totl_mo c.polity_frac_polit11##c.gdp_ch1_polit11    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend  north_middle_america south_america east_south_europe west_central_europe central_africa southern_africa asia northern_africa australasia, nocons  vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1429
                                                       {txt}F( 26,    58) ={res} 2979.42
                                                       {txt}Prob > F      = {res} 0.0000
                                                       {txt}R-squared     = {res} 0.9508
                                                       {txt}Root MSE      = {res}  .2973

{txt}{ralign 105:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}{col 53}    Robust
{col 1}                     log_fi_res_totl_mo{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      t{col 73}   P>|t|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}lag_log_fi_res_totl_mo {c |}{col 41}{res}{space 2} .8928589{col 53}{space 2} .0274881{col 64}{space 1}   32.48{col 73}{space 3}0.000{col 81}{space 4} .8378356{col 94}{space 3} .9478822
{txt}{space 20}polity_frac_polit11 {c |}{col 41}{res}{space 2} .0421394{col 53}{space 2} .0197555{col 64}{space 1}    2.13{col 73}{space 3}0.037{col 81}{space 4} .0025945{col 94}{space 3} .0816843
{txt}{space 24}gdp_ch1_polit11 {c |}{col 41}{res}{space 2}-.0457001{col 53}{space 2} .0693145{col 64}{space 1}   -0.66{col 73}{space 3}0.512{col 81}{space 4}-.1844481{col 94}{space 3} .0930479
{txt}{space 39} {c |}
c.polity_frac_polit11#c.gdp_ch1_polit11 {c |}{col 41}{res}{space 2} .1159958{col 53}{space 2} .1018318{col 64}{space 1}    1.14{col 73}{space 3}0.259{col 81}{space 4}-.0878427{col 94}{space 3} .3198344
{txt}{space 39} {c |}
{space 32}polity2 {c |}{col 41}{res}{space 2} .0042559{col 53}{space 2} .0018937{col 64}{space 1}    2.25{col 73}{space 3}0.028{col 81}{space 4} .0004652{col 94}{space 3} .0080466
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2} .0216188{col 53}{space 2} .0202654{col 64}{space 1}    1.07{col 73}{space 3}0.290{col 81}{space 4}-.0189468{col 94}{space 3} .0621843
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2}-.0002771{col 53}{space 2}   .00061{col 64}{space 1}   -0.45{col 73}{space 3}0.651{col 81}{space 4}-.0014981{col 94}{space 3} .0009439
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} .0087394{col 53}{space 2} .0021838{col 64}{space 1}    4.00{col 73}{space 3}0.000{col 81}{space 4} .0043679{col 94}{space 3} .0131108
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2}-.0078357{col 53}{space 2} .0119824{col 64}{space 1}   -0.65{col 73}{space 3}0.516{col 81}{space 4}-.0318211{col 94}{space 3} .0161496
{txt}{space 27}presidential {c |}{col 41}{res}{space 2} .0056895{col 53}{space 2} .0304646{col 64}{space 1}    0.19{col 73}{space 3}0.853{col 81}{space 4} -.055292{col 94}{space 3}  .066671
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2}-.0437075{col 53}{space 2} .0137675{col 64}{space 1}   -3.17{col 73}{space 3}0.002{col 81}{space 4}-.0712662{col 94}{space 3}-.0161488
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0098797{col 53}{space 2} .0043422{col 64}{space 1}   -2.28{col 73}{space 3}0.027{col 81}{space 4}-.0185716{col 94}{space 3}-.0011878
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2} .0224341{col 53}{space 2} .0080123{col 64}{space 1}    2.80{col 73}{space 3}0.007{col 81}{space 4} .0063957{col 94}{space 3} .0384724
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0152879{col 53}{space 2} .0074536{col 64}{space 1}   -2.05{col 73}{space 3}0.045{col 81}{space 4}-.0302079{col 94}{space 3}-.0003678
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2} .0149529{col 53}{space 2} .0216893{col 64}{space 1}    0.69{col 73}{space 3}0.493{col 81}{space 4} -.028463{col 94}{space 3} .0583688
{txt}{space 24}currency_binary {c |}{col 41}{res}{space 2} -.093688{col 53}{space 2} .0256957{col 64}{space 1}   -3.65{col 73}{space 3}0.001{col 81}{space 4}-.1451235{col 94}{space 3}-.0422525
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2} .0019385{col 53}{space 2} .0014136{col 64}{space 1}    1.37{col 73}{space 3}0.176{col 81}{space 4}-.0008912{col 94}{space 3} .0047682
{txt}{space 19}north_middle_america {c |}{col 41}{res}{space 2} .0211647{col 53}{space 2} .0657294{col 64}{space 1}    0.32{col 73}{space 3}0.749{col 81}{space 4} -.110407{col 94}{space 3} .1527364
{txt}{space 26}south_america {c |}{col 41}{res}{space 2} .0383622{col 53}{space 2} .0688228{col 64}{space 1}    0.56{col 73}{space 3}0.579{col 81}{space 4}-.0994017{col 94}{space 3}  .176126
{txt}{space 22}east_south_europe {c |}{col 41}{res}{space 2} .0574855{col 53}{space 2} .0681096{col 64}{space 1}    0.84{col 73}{space 3}0.402{col 81}{space 4}-.0788507{col 94}{space 3} .1938217
{txt}{space 20}west_central_europe {c |}{col 41}{res}{space 2}-.0490281{col 53}{space 2} .0536212{col 64}{space 1}   -0.91{col 73}{space 3}0.364{col 81}{space 4}-.1563625{col 94}{space 3} .0583064
{txt}{space 25}central_africa {c |}{col 41}{res}{space 2}-.0427697{col 53}{space 2} .0925918{col 64}{space 1}   -0.46{col 73}{space 3}0.646{col 81}{space 4}-.2281123{col 94}{space 3} .1425728
{txt}{space 24}southern_africa {c |}{col 41}{res}{space 2}-.0424246{col 53}{space 2} .0703223{col 64}{space 1}   -0.60{col 73}{space 3}0.549{col 81}{space 4}-.1831899{col 94}{space 3} .0983407
{txt}{space 35}asia {c |}{col 41}{res}{space 2}-.0169828{col 53}{space 2} .0730701{col 64}{space 1}   -0.23{col 73}{space 3}0.817{col 81}{space 4}-.1632485{col 94}{space 3} .1292828
{txt}{space 24}northern_africa {c |}{col 41}{res}{space 2} .0671571{col 53}{space 2} .0679114{col 64}{space 1}    0.99{col 73}{space 3}0.327{col 81}{space 4}-.0687824{col 94}{space 3} .2030966
{txt}{space 28}australasia {c |}{col 41}{res}{space 2}  .060573{col 53}{space 2} .0397637{col 64}{space 1}    1.52{col 73}{space 3}0.133{col 81}{space 4}-.0190227{col 94}{space 3} .1401688
{txt}{hline 40}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab10
{txt}
{com}. 
. reg log_fi_res_totl_mo lag_log_fi_res_totl_mo sum_polit12_binary##c.gdp_ch1_polit12    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend  north_middle_america south_america east_south_europe west_central_europe central_africa southern_africa asia northern_africa australasia, nocons  vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1453
                                                       {txt}F( 26,    59) ={res}38645.64
                                                       {txt}Prob > F      = {res} 0.0000
                                                       {txt}R-squared     = {res} 0.9519
                                                       {txt}Root MSE      = {res} .29653

{txt}{ralign 102:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 37}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 38}{c |}{col 50}    Robust
{col 1}                  log_fi_res_totl_mo{col 38}{c |}      Coef.{col 50}   Std. Err.{col 62}      t{col 70}   P>|t|{col 78}     [95% Con{col 91}f. Interval]
{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 14}lag_log_fi_res_totl_mo {c |}{col 38}{res}{space 2} .8904062{col 50}{space 2} .0275868{col 61}{space 1}   32.28{col 70}{space 3}0.000{col 78}{space 4} .8352053{col 91}{space 3} .9456072
{txt}{space 16}1.sum_polit12_binary {c |}{col 38}{res}{space 2}  .052599{col 50}{space 2} .0189161{col 61}{space 1}    2.78{col 70}{space 3}0.007{col 78}{space 4}  .014748{col 91}{space 3} .0904501
{txt}{space 21}gdp_ch1_polit12 {c |}{col 38}{res}{space 2} .0327063{col 50}{space 2} .0929389{col 61}{space 1}    0.35{col 70}{space 3}0.726{col 78}{space 4}-.1532641{col 91}{space 3} .2186766
{txt}{space 36} {c |}
sum_polit12_binary#c.gdp_ch1_polit12 {c |}
{space 34}1  {c |}{col 38}{res}{space 2}-.1039433{col 50}{space 2} .1047297{col 61}{space 1}   -0.99{col 70}{space 3}0.325{col 78}{space 4} -.313507{col 91}{space 3} .1056205
{txt}{space 36} {c |}
{space 29}polity2 {c |}{col 38}{res}{space 2} .0047656{col 50}{space 2} .0019207{col 61}{space 1}    2.48{col 70}{space 3}0.016{col 78}{space 4} .0009223{col 91}{space 3}  .008609
{txt}{space 23}sum_imftotal5 {c |}{col 38}{res}{space 2} .0114167{col 50}{space 2} .0216923{col 61}{space 1}    0.53{col 70}{space 3}0.601{col 78}{space 4}-.0319894{col 91}{space 3} .0548229
{txt}{space 22}ne_imp_gnfs_zs {c |}{col 38}{res}{space 2}-.0003281{col 50}{space 2} .0005644{col 61}{space 1}   -0.58{col 70}{space 3}0.563{col 78}{space 4}-.0014575{col 91}{space 3} .0008013
{txt}{space 23}trade_balance {c |}{col 38}{res}{space 2} .0087733{col 50}{space 2} .0019984{col 61}{space 1}    4.39{col 70}{space 3}0.000{col 78}{space 4} .0047745{col 91}{space 3} .0127721
{txt}{space 27}cbi_irreg {c |}{col 38}{res}{space 2}-.0019843{col 50}{space 2} .0116573{col 61}{space 1}   -0.17{col 70}{space 3}0.865{col 78}{space 4}-.0253105{col 91}{space 3} .0213419
{txt}{space 24}presidential {c |}{col 38}{res}{space 2} .0244115{col 50}{space 2} .0313009{col 61}{space 1}    0.78{col 70}{space 3}0.439{col 78}{space 4}-.0382215{col 91}{space 3} .0870446
{txt}{space 27}log_gdppc {c |}{col 38}{res}{space 2}-.0392112{col 50}{space 2} .0128044{col 61}{space 1}   -3.06{col 70}{space 3}0.003{col 78}{space 4}-.0648327{col 91}{space 3}-.0135896
{txt}{space 26}gdp_growth {c |}{col 38}{res}{space 2}-.0106717{col 50}{space 2} .0041557{col 61}{space 1}   -2.57{col 70}{space 3}0.013{col 78}{space 4}-.0189873{col 91}{space 3}-.0023561
{txt}{space 29}log_pop {c |}{col 38}{res}{space 2}   .02058{col 50}{space 2} .0074639{col 61}{space 1}    2.76{col 70}{space 3}0.008{col 78}{space 4} .0056448{col 91}{space 3} .0355153
{txt}{space 30}kaopen {c |}{col 38}{res}{space 2}-.0141165{col 50}{space 2} .0067894{col 61}{space 1}   -2.08{col 70}{space 3}0.042{col 78}{space 4}-.0277021{col 91}{space 3}-.0005309
{txt}{space 24}currency_peg {c |}{col 38}{res}{space 2} .0067176{col 50}{space 2} .0210406{col 61}{space 1}    0.32{col 70}{space 3}0.751{col 78}{space 4}-.0353846{col 91}{space 3} .0488198
{txt}{space 21}currency_binary {c |}{col 38}{res}{space 2} -.098634{col 50}{space 2}  .025828{col 61}{space 1}   -3.82{col 70}{space 3}0.000{col 78}{space 4}-.1503158{col 91}{space 3}-.0469522
{txt}{space 26}time_trend {c |}{col 38}{res}{space 2} .0015699{col 50}{space 2} .0013359{col 61}{space 1}    1.18{col 70}{space 3}0.245{col 78}{space 4}-.0011032{col 91}{space 3}  .004243
{txt}{space 16}north_middle_america {c |}{col 38}{res}{space 2} .0237871{col 50}{space 2} .0650425{col 61}{space 1}    0.37{col 70}{space 3}0.716{col 78}{space 4}-.1063626{col 91}{space 3} .1539367
{txt}{space 23}south_america {c |}{col 38}{res}{space 2} .0411816{col 50}{space 2} .0689064{col 61}{space 1}    0.60{col 70}{space 3}0.552{col 78}{space 4}-.0966998{col 91}{space 3}  .179063
{txt}{space 19}east_south_europe {c |}{col 38}{res}{space 2} .0688841{col 50}{space 2} .0560484{col 61}{space 1}    1.23{col 70}{space 3}0.224{col 78}{space 4}-.0432685{col 91}{space 3} .1810368
{txt}{space 17}west_central_europe {c |}{col 38}{res}{space 2}-.0361555{col 50}{space 2} .0524041{col 61}{space 1}   -0.69{col 70}{space 3}0.493{col 78}{space 4}-.1410159{col 91}{space 3} .0687049
{txt}{space 22}central_africa {c |}{col 38}{res}{space 2}-.0329436{col 50}{space 2} .0939538{col 61}{space 1}   -0.35{col 70}{space 3}0.727{col 78}{space 4}-.2209447{col 91}{space 3} .1550575
{txt}{space 21}southern_africa {c |}{col 38}{res}{space 2}-.0047405{col 50}{space 2}  .078679{col 61}{space 1}   -0.06{col 70}{space 3}0.952{col 78}{space 4}-.1621768{col 91}{space 3} .1526959
{txt}{space 32}asia {c |}{col 38}{res}{space 2} .0231753{col 50}{space 2} .0702485{col 61}{space 1}    0.33{col 70}{space 3}0.743{col 78}{space 4}-.1173915{col 91}{space 3} .1637422
{txt}{space 21}northern_africa {c |}{col 38}{res}{space 2}  .096072{col 50}{space 2}  .071649{col 61}{space 1}    1.34{col 70}{space 3}0.185{col 78}{space 4}-.0472973{col 91}{space 3} .2394413
{txt}{space 25}australasia {c |}{col 38}{res}{space 2} .0475322{col 50}{space 2} .0382902{col 61}{space 1}    1.24{col 70}{space 3}0.219{col 78}{space 4}-.0290862{col 91}{space 3} .1241507
{txt}{hline 37}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. 
. est store tab11
{txt}
{com}. 
. 
. reg log_fi_res_totl_mo lag_log_fi_res_totl_mo c.polity_frac_polit12##c.gdp_ch1_polit12    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend  north_middle_america south_america east_south_europe west_central_europe central_africa southern_africa asia northern_africa australasia, nocons  vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1453
                                                       {txt}F( 26,    59) ={res}29685.57
                                                       {txt}Prob > F      = {res} 0.0000
                                                       {txt}R-squared     = {res} 0.9518
                                                       {txt}Root MSE      = {res} .29681

{txt}{ralign 105:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}{col 53}    Robust
{col 1}                     log_fi_res_totl_mo{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      t{col 73}   P>|t|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}lag_log_fi_res_totl_mo {c |}{col 41}{res}{space 2} .8922779{col 53}{space 2} .0274227{col 64}{space 1}   32.54{col 73}{space 3}0.000{col 81}{space 4} .8374053{col 94}{space 3} .9471505
{txt}{space 20}polity_frac_polit12 {c |}{col 41}{res}{space 2} .0502504{col 53}{space 2} .0223751{col 64}{space 1}    2.25{col 73}{space 3}0.028{col 81}{space 4}  .005478{col 94}{space 3} .0950229
{txt}{space 24}gdp_ch1_polit12 {c |}{col 41}{res}{space 2}-.0196092{col 53}{space 2} .0720321{col 64}{space 1}   -0.27{col 73}{space 3}0.786{col 81}{space 4} -.163745{col 94}{space 3} .1245266
{txt}{space 39} {c |}
c.polity_frac_polit12#c.gdp_ch1_polit12 {c |}{col 41}{res}{space 2} .0072967{col 53}{space 2} .1180706{col 64}{space 1}    0.06{col 73}{space 3}0.951{col 81}{space 4}-.2289621{col 94}{space 3} .2435554
{txt}{space 39} {c |}
{space 32}polity2 {c |}{col 41}{res}{space 2} .0046159{col 53}{space 2} .0019324{col 64}{space 1}    2.39{col 73}{space 3}0.020{col 81}{space 4} .0007493{col 94}{space 3} .0084826
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2} .0153578{col 53}{space 2} .0212431{col 64}{space 1}    0.72{col 73}{space 3}0.473{col 81}{space 4}-.0271495{col 94}{space 3} .0578651
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2}-.0004184{col 53}{space 2} .0005722{col 64}{space 1}   -0.73{col 73}{space 3}0.468{col 81}{space 4}-.0015633{col 94}{space 3} .0007265
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} .0089549{col 53}{space 2} .0020915{col 64}{space 1}    4.28{col 73}{space 3}0.000{col 81}{space 4} .0047698{col 94}{space 3} .0131399
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2}-.0032607{col 53}{space 2} .0119308{col 64}{space 1}   -0.27{col 73}{space 3}0.786{col 81}{space 4}-.0271341{col 94}{space 3} .0206126
{txt}{space 27}presidential {c |}{col 41}{res}{space 2} .0247894{col 53}{space 2} .0317679{col 64}{space 1}    0.78{col 73}{space 3}0.438{col 81}{space 4} -.038778{col 94}{space 3} .0883568
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2}-.0392991{col 53}{space 2} .0126031{col 64}{space 1}   -3.12{col 73}{space 3}0.003{col 81}{space 4}-.0645179{col 94}{space 3}-.0140803
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0106148{col 53}{space 2} .0041369{col 64}{space 1}   -2.57{col 73}{space 3}0.013{col 81}{space 4}-.0188927{col 94}{space 3}-.0023369
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2} .0205875{col 53}{space 2} .0075234{col 64}{space 1}    2.74{col 73}{space 3}0.008{col 81}{space 4} .0055332{col 94}{space 3} .0356418
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0141764{col 53}{space 2} .0069025{col 64}{space 1}   -2.05{col 73}{space 3}0.044{col 81}{space 4}-.0279883{col 94}{space 3}-.0003645
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2} .0101819{col 53}{space 2} .0210954{col 64}{space 1}    0.48{col 73}{space 3}0.631{col 81}{space 4}-.0320298{col 94}{space 3} .0523936
{txt}{space 24}currency_binary {c |}{col 41}{res}{space 2}  -.09911{col 53}{space 2} .0256726{col 64}{space 1}   -3.86{col 73}{space 3}0.000{col 81}{space 4}-.1504808{col 94}{space 3}-.0477392
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2} .0015847{col 53}{space 2} .0013355{col 64}{space 1}    1.19{col 73}{space 3}0.240{col 81}{space 4}-.0010876{col 94}{space 3}  .004257
{txt}{space 19}north_middle_america {c |}{col 41}{res}{space 2} .0318919{col 53}{space 2} .0665334{col 64}{space 1}    0.48{col 73}{space 3}0.633{col 81}{space 4}-.1012412{col 94}{space 3}  .165025
{txt}{space 26}south_america {c |}{col 41}{res}{space 2} .0477742{col 53}{space 2} .0691123{col 64}{space 1}    0.69{col 73}{space 3}0.492{col 81}{space 4}-.0905192{col 94}{space 3} .1860675
{txt}{space 22}east_south_europe {c |}{col 41}{res}{space 2} .0867622{col 53}{space 2} .0655543{col 64}{space 1}    1.32{col 73}{space 3}0.191{col 81}{space 4}-.0444116{col 94}{space 3} .2179361
{txt}{space 20}west_central_europe {c |}{col 41}{res}{space 2} -.033762{col 53}{space 2} .0534422{col 64}{space 1}   -0.63{col 73}{space 3}0.530{col 81}{space 4}-.1406995{col 94}{space 3} .0731756
{txt}{space 25}central_africa {c |}{col 41}{res}{space 2}  -.02775{col 53}{space 2} .0941475{col 64}{space 1}   -0.29{col 73}{space 3}0.769{col 81}{space 4}-.2161386{col 94}{space 3} .1606386
{txt}{space 24}southern_africa {c |}{col 41}{res}{space 2}  -.00799{col 53}{space 2} .0793752{col 64}{space 1}   -0.10{col 73}{space 3}0.920{col 81}{space 4}-.1668194{col 94}{space 3} .1508394
{txt}{space 35}asia {c |}{col 41}{res}{space 2} .0257208{col 53}{space 2} .0716994{col 64}{space 1}    0.36{col 73}{space 3}0.721{col 81}{space 4}-.1177494{col 94}{space 3}  .169191
{txt}{space 24}northern_africa {c |}{col 41}{res}{space 2}  .097929{col 53}{space 2} .0713638{col 64}{space 1}    1.37{col 73}{space 3}0.175{col 81}{space 4}-.0448697{col 94}{space 3} .2407277
{txt}{space 28}australasia {c |}{col 41}{res}{space 2} .0539038{col 53}{space 2}  .038394{col 64}{space 1}    1.40{col 73}{space 3}0.166{col 81}{space 4}-.0229224{col 94}{space 3}   .13073
{txt}{hline 40}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab12
{txt}
{com}. 
. * Table 29:
. *esttab tab9 tab10 tab11 tab12 using robust_regions3.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H4: reserve sales
. 
. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo c.sum_polit11_binary##c.res_ch2_polit11##c.log_pre_l1_reserves  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend  north_middle_america south_america east_south_europe west_central_europe central_africa southern_africa asia northern_africa australasia  if res_ch2_polit11 <= 2.168937 , vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1352
                                                       {txt}F( 30,    59) ={res}  681.66
                                                       {txt}Prob > F      = {res} 0.0000
                                                       {txt}R-squared     = {res} 0.8537
                                                       {txt}Root MSE      = {res} .28289

{txt}{ralign 126:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 61}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 62}{c |}{col 74}    Robust
{col 1}                                          log_fi_res_totl_mo{col 62}{c |}      Coef.{col 74}   Std. Err.{col 86}      t{col 94}   P>|t|{col 102}     [95% Con{col 115}f. Interval]
{hline 61}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 42}log_fi_res_totl_mo {c |}
{space 57}L1. {c |}{col 62}{res}{space 2} .8568249{col 74}{space 2} .0268222{col 85}{space 1}   31.94{col 94}{space 3}0.000{col 102}{space 4} .8031537{col 115}{space 3}  .910496
{txt}{space 60} {c |}
{space 42}sum_polit11_binary {c |}{col 62}{res}{space 2} .0182626{col 74}{space 2}  .045224{col 85}{space 1}    0.40{col 94}{space 3}0.688{col 102}{space 4}-.0722304{col 115}{space 3} .1087556
{txt}{space 45}res_ch2_polit11 {c |}{col 62}{res}{space 2} .2671123{col 74}{space 2} .0813877{col 85}{space 1}    3.28{col 94}{space 3}0.002{col 102}{space 4} .1042559{col 115}{space 3} .4299687
{txt}{space 60} {c |}
{space 22}c.sum_polit11_binary#c.res_ch2_polit11 {c |}{col 62}{res}{space 2}-.1927578{col 74}{space 2} .0900182{col 85}{space 1}   -2.14{col 94}{space 3}0.036{col 102}{space 4}-.3728837{col 115}{space 3}-.0126318
{txt}{space 60} {c |}
{space 41}log_pre_l1_reserves {c |}{col 62}{res}{space 2} .0277307{col 74}{space 2} .0281513{col 85}{space 1}    0.99{col 94}{space 3}0.329{col 102}{space 4}-.0285998{col 115}{space 3} .0840612
{txt}{space 60} {c |}
{space 18}c.sum_polit11_binary#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .0248759{col 74}{space 2}    .0348{col 85}{space 1}    0.71{col 94}{space 3}0.478{col 102}{space 4}-.0447588{col 115}{space 3} .0945106
{txt}{space 60} {c |}
{space 21}c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2}-.1233422{col 74}{space 2} .0845162{col 85}{space 1}   -1.46{col 94}{space 3}0.150{col 102}{space 4}-.2924588{col 115}{space 3} .0457743
{txt}{space 60} {c |}
c.sum_polit11_binary#c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .0606716{col 74}{space 2} .0871568{col 85}{space 1}    0.70{col 94}{space 3}0.489{col 102}{space 4}-.1137287{col 115}{space 3} .2350719
{txt}{space 60} {c |}
{space 53}polity2 {c |}{col 62}{res}{space 2} .0065254{col 74}{space 2} .0025364{col 85}{space 1}    2.57{col 94}{space 3}0.013{col 102}{space 4} .0014501{col 115}{space 3} .0116007
{txt}{space 47}sum_imftotal5 {c |}{col 62}{res}{space 2}-.0117117{col 74}{space 2} .0185402{col 85}{space 1}   -0.63{col 94}{space 3}0.530{col 102}{space 4}-.0488106{col 115}{space 3} .0253871
{txt}{space 46}ne_imp_gnfs_zs {c |}{col 62}{res}{space 2}-.0019068{col 74}{space 2}   .00089{col 85}{space 1}   -2.14{col 94}{space 3}0.036{col 102}{space 4}-.0036876{col 115}{space 3} -.000126
{txt}{space 47}trade_balance {c |}{col 62}{res}{space 2} .0117925{col 74}{space 2} .0022548{col 85}{space 1}    5.23{col 94}{space 3}0.000{col 102}{space 4} .0072807{col 115}{space 3} .0163043
{txt}{space 51}cbi_irreg {c |}{col 62}{res}{space 2} .0138391{col 74}{space 2} .0134497{col 85}{space 1}    1.03{col 94}{space 3}0.308{col 102}{space 4}-.0130737{col 115}{space 3}  .040752
{txt}{space 48}presidential {c |}{col 62}{res}{space 2} .0066598{col 74}{space 2} .0364144{col 85}{space 1}    0.18{col 94}{space 3}0.856{col 102}{space 4}-.0662052{col 115}{space 3} .0795247
{txt}{space 51}log_gdppc {c |}{col 62}{res}{space 2}-.0814143{col 74}{space 2} .0152494{col 85}{space 1}   -5.34{col 94}{space 3}0.000{col 102}{space 4}-.1119282{col 115}{space 3}-.0509004
{txt}{space 50}gdp_growth {c |}{col 62}{res}{space 2} -.009604{col 74}{space 2} .0037145{col 85}{space 1}   -2.59{col 94}{space 3}0.012{col 102}{space 4}-.0170367{col 115}{space 3}-.0021713
{txt}{space 53}log_pop {c |}{col 62}{res}{space 2}-.0170506{col 74}{space 2} .0132438{col 85}{space 1}   -1.29{col 94}{space 3}0.203{col 102}{space 4}-.0435513{col 115}{space 3} .0094502
{txt}{space 54}kaopen {c |}{col 62}{res}{space 2}-.0090977{col 74}{space 2} .0075792{col 85}{space 1}   -1.20{col 94}{space 3}0.235{col 102}{space 4}-.0242637{col 115}{space 3} .0060682
{txt}{space 48}currency_peg {c |}{col 62}{res}{space 2}-.0227524{col 74}{space 2} .0238015{col 85}{space 1}   -0.96{col 94}{space 3}0.343{col 102}{space 4}-.0703791{col 115}{space 3} .0248742
{txt}{space 45}currency_binary {c |}{col 62}{res}{space 2}-.1259325{col 74}{space 2} .0293765{col 85}{space 1}   -4.29{col 94}{space 3}0.000{col 102}{space 4}-.1847148{col 115}{space 3}-.0671502
{txt}{space 50}time_trend {c |}{col 62}{res}{space 2} .0034669{col 74}{space 2} .0014509{col 85}{space 1}    2.39{col 94}{space 3}0.020{col 102}{space 4} .0005637{col 115}{space 3} .0063702
{txt}{space 40}north_middle_america {c |}{col 62}{res}{space 2}  .027418{col 74}{space 2} .0545654{col 85}{space 1}    0.50{col 94}{space 3}0.617{col 102}{space 4}-.0817671{col 115}{space 3} .1366031
{txt}{space 47}south_america {c |}{col 62}{res}{space 2} .0065633{col 74}{space 2} .0588408{col 85}{space 1}    0.11{col 94}{space 3}0.912{col 102}{space 4}-.1111769{col 115}{space 3} .1243034
{txt}{space 43}east_south_europe {c |}{col 62}{res}{space 2} .1404361{col 74}{space 2} .0491358{col 85}{space 1}    2.86{col 94}{space 3}0.006{col 102}{space 4} .0421156{col 115}{space 3} .2387565
{txt}{space 41}west_central_europe {c |}{col 62}{res}{space 2}-.0227122{col 74}{space 2} .0440269{col 85}{space 1}   -0.52{col 94}{space 3}0.608{col 102}{space 4}-.1108098{col 115}{space 3} .0653854
{txt}{space 46}central_africa {c |}{col 62}{res}{space 2}-.0892629{col 74}{space 2}  .094255{col 85}{space 1}   -0.95{col 94}{space 3}0.347{col 102}{space 4}-.2778667{col 115}{space 3} .0993409
{txt}{space 45}southern_africa {c |}{col 62}{res}{space 2}-.0780805{col 74}{space 2} .0614496{col 85}{space 1}   -1.27{col 94}{space 3}0.209{col 102}{space 4}-.2010408{col 115}{space 3} .0448799
{txt}{space 56}asia {c |}{col 62}{res}{space 2} .0458774{col 74}{space 2} .0556745{col 85}{space 1}    0.82{col 94}{space 3}0.413{col 102}{space 4} -.065527{col 115}{space 3} .1572817
{txt}{space 45}northern_africa {c |}{col 62}{res}{space 2} .0957738{col 74}{space 2} .0639081{col 85}{space 1}    1.50{col 94}{space 3}0.139{col 102}{space 4}-.0321061{col 115}{space 3} .2236537
{txt}{space 49}australasia {c |}{col 62}{res}{space 2}-.0151739{col 74}{space 2} .0382198{col 85}{space 1}   -0.40{col 94}{space 3}0.693{col 102}{space 4}-.0916516{col 115}{space 3} .0613038
{txt}{space 55}_cons {c |}{col 62}{res}{space 2} .9864371{col 74}{space 2}  .275273{col 85}{space 1}    3.58{col 94}{space 3}0.001{col 102}{space 4} .4356171{col 115}{space 3} 1.537257
{txt}{hline 61}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab13
{txt}
{com}. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo c.sum_polit12_binary##c.res_ch2_polit12##c.log_pre_l1_reserves  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend  north_middle_america south_america east_south_europe west_central_europe central_africa southern_africa asia northern_africa australasia  if res_ch2_polit12 <= 2.168937, vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1352
                                                       {txt}F( 30,    59) ={res}  854.78
                                                       {txt}Prob > F      = {res} 0.0000
                                                       {txt}R-squared     = {res} 0.8521
                                                       {txt}Root MSE      = {res} .28436

{txt}{ralign 126:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 61}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 62}{c |}{col 74}    Robust
{col 1}                                          log_fi_res_totl_mo{col 62}{c |}      Coef.{col 74}   Std. Err.{col 86}      t{col 94}   P>|t|{col 102}     [95% Con{col 115}f. Interval]
{hline 61}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 42}log_fi_res_totl_mo {c |}
{space 57}L1. {c |}{col 62}{res}{space 2} .8629247{col 74}{space 2} .0281357{col 85}{space 1}   30.67{col 94}{space 3}0.000{col 102}{space 4} .8066253{col 115}{space 3} .9192241
{txt}{space 60} {c |}
{space 42}sum_polit12_binary {c |}{col 62}{res}{space 2} .0008182{col 74}{space 2} .0331143{col 85}{space 1}    0.02{col 94}{space 3}0.980{col 102}{space 4}-.0654434{col 115}{space 3} .0670797
{txt}{space 45}res_ch2_polit12 {c |}{col 62}{res}{space 2} .1132038{col 74}{space 2} .0410601{col 85}{space 1}    2.76{col 94}{space 3}0.008{col 102}{space 4} .0310428{col 115}{space 3} .1953649
{txt}{space 60} {c |}
{space 22}c.sum_polit12_binary#c.res_ch2_polit12 {c |}{col 62}{res}{space 2}-.0006008{col 74}{space 2} .0461188{col 85}{space 1}   -0.01{col 94}{space 3}0.990{col 102}{space 4}-.0928842{col 115}{space 3} .0916827
{txt}{space 60} {c |}
{space 41}log_pre_l1_reserves {c |}{col 62}{res}{space 2} .0324286{col 74}{space 2} .0213573{col 85}{space 1}    1.52{col 94}{space 3}0.134{col 102}{space 4}-.0103072{col 115}{space 3} .0751645
{txt}{space 60} {c |}
{space 18}c.sum_polit12_binary#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .0277299{col 74}{space 2} .0210584{col 85}{space 1}    1.32{col 94}{space 3}0.193{col 102}{space 4}-.0144079{col 115}{space 3} .0698677
{txt}{space 60} {c |}
{space 21}c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2}-.0475911{col 74}{space 2}  .029613{col 85}{space 1}   -1.61{col 94}{space 3}0.113{col 102}{space 4}-.1068466{col 115}{space 3} .0116644
{txt}{space 60} {c |}
c.sum_polit12_binary#c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2}-.0477568{col 74}{space 2} .0398698{col 85}{space 1}   -1.20{col 94}{space 3}0.236{col 102}{space 4}-.1275362{col 115}{space 3} .0320226
{txt}{space 60} {c |}
{space 53}polity2 {c |}{col 62}{res}{space 2} .0058316{col 74}{space 2} .0025421{col 85}{space 1}    2.29{col 94}{space 3}0.025{col 102}{space 4} .0007449{col 115}{space 3} .0109184
{txt}{space 47}sum_imftotal5 {c |}{col 62}{res}{space 2}-.0018072{col 74}{space 2} .0193178{col 85}{space 1}   -0.09{col 94}{space 3}0.926{col 102}{space 4} -.040462{col 115}{space 3} .0368476
{txt}{space 46}ne_imp_gnfs_zs {c |}{col 62}{res}{space 2}-.0020385{col 74}{space 2} .0008388{col 85}{space 1}   -2.43{col 94}{space 3}0.018{col 102}{space 4} -.003717{col 115}{space 3}-.0003601
{txt}{space 47}trade_balance {c |}{col 62}{res}{space 2} .0117495{col 74}{space 2} .0021503{col 85}{space 1}    5.46{col 94}{space 3}0.000{col 102}{space 4} .0074468{col 115}{space 3} .0160522
{txt}{space 51}cbi_irreg {c |}{col 62}{res}{space 2} .0163457{col 74}{space 2} .0135356{col 85}{space 1}    1.21{col 94}{space 3}0.232{col 102}{space 4} -.010739{col 115}{space 3} .0434304
{txt}{space 48}presidential {c |}{col 62}{res}{space 2} .0071228{col 74}{space 2} .0367119{col 85}{space 1}    0.19{col 94}{space 3}0.847{col 102}{space 4}-.0663375{col 115}{space 3}  .080583
{txt}{space 51}log_gdppc {c |}{col 62}{res}{space 2}-.0700893{col 74}{space 2} .0159036{col 85}{space 1}   -4.41{col 94}{space 3}0.000{col 102}{space 4}-.1019124{col 115}{space 3}-.0382662
{txt}{space 50}gdp_growth {c |}{col 62}{res}{space 2}-.0098143{col 74}{space 2}  .003741{col 85}{space 1}   -2.62{col 94}{space 3}0.011{col 102}{space 4}   -.0173{col 115}{space 3}-.0023286
{txt}{space 53}log_pop {c |}{col 62}{res}{space 2}-.0154862{col 74}{space 2}  .013627{col 85}{space 1}   -1.14{col 94}{space 3}0.260{col 102}{space 4}-.0427537{col 115}{space 3} .0117813
{txt}{space 54}kaopen {c |}{col 62}{res}{space 2}-.0074829{col 74}{space 2} .0076115{col 85}{space 1}   -0.98{col 94}{space 3}0.330{col 102}{space 4}-.0227134{col 115}{space 3} .0077477
{txt}{space 48}currency_peg {c |}{col 62}{res}{space 2}-.0160606{col 74}{space 2} .0247015{col 85}{space 1}   -0.65{col 94}{space 3}0.518{col 102}{space 4}-.0654881{col 115}{space 3}  .033367
{txt}{space 45}currency_binary {c |}{col 62}{res}{space 2}-.1320556{col 74}{space 2} .0290666{col 85}{space 1}   -4.54{col 94}{space 3}0.000{col 102}{space 4}-.1902176{col 115}{space 3}-.0738935
{txt}{space 50}time_trend {c |}{col 62}{res}{space 2} .0026408{col 74}{space 2} .0014617{col 85}{space 1}    1.81{col 94}{space 3}0.076{col 102}{space 4}-.0002841{col 115}{space 3} .0055657
{txt}{space 40}north_middle_america {c |}{col 62}{res}{space 2} .0568357{col 74}{space 2}  .061356{col 85}{space 1}    0.93{col 94}{space 3}0.358{col 102}{space 4}-.0659374{col 115}{space 3} .1796087
{txt}{space 47}south_america {c |}{col 62}{res}{space 2} .0329153{col 74}{space 2} .0635142{col 85}{space 1}    0.52{col 94}{space 3}0.606{col 102}{space 4}-.0941763{col 115}{space 3} .1600068
{txt}{space 43}east_south_europe {c |}{col 62}{res}{space 2} .1522717{col 74}{space 2} .0526432{col 85}{space 1}    2.89{col 94}{space 3}0.005{col 102}{space 4} .0469329{col 115}{space 3} .2576106
{txt}{space 41}west_central_europe {c |}{col 62}{res}{space 2} -.003498{col 74}{space 2} .0505194{col 85}{space 1}   -0.07{col 94}{space 3}0.945{col 102}{space 4}-.1045871{col 115}{space 3} .0975911
{txt}{space 46}central_africa {c |}{col 62}{res}{space 2}-.0322735{col 74}{space 2} .1037348{col 85}{space 1}   -0.31{col 94}{space 3}0.757{col 102}{space 4}-.2398464{col 115}{space 3} .1752995
{txt}{space 45}southern_africa {c |}{col 62}{res}{space 2}-.0195831{col 74}{space 2} .0761876{col 85}{space 1}   -0.26{col 94}{space 3}0.798{col 102}{space 4}-.1720342{col 115}{space 3}  .132868
{txt}{space 56}asia {c |}{col 62}{res}{space 2} .0810672{col 74}{space 2} .0705587{col 85}{space 1}    1.15{col 94}{space 3}0.255{col 102}{space 4}-.0601205{col 115}{space 3} .2222549
{txt}{space 45}northern_africa {c |}{col 62}{res}{space 2}  .109918{col 74}{space 2} .0715333{col 85}{space 1}    1.54{col 94}{space 3}0.130{col 102}{space 4}-.0332199{col 115}{space 3} .2530559
{txt}{space 49}australasia {c |}{col 62}{res}{space 2}-.0112954{col 74}{space 2} .0309531{col 85}{space 1}   -0.36{col 94}{space 3}0.716{col 102}{space 4}-.0732323{col 115}{space 3} .0506415
{txt}{space 55}_cons {c |}{col 62}{res}{space 2} .8873619{col 74}{space 2} .2530526{col 85}{space 1}    3.51{col 94}{space 3}0.001{col 102}{space 4} .3810049{col 115}{space 3} 1.393719
{txt}{hline 61}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab14
{txt}
{com}. 
. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit11##c.res_ch2_polit11##c.log_pre_l1_reserves  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend  north_middle_america south_america east_south_europe west_central_europe central_africa southern_africa asia northern_africa australasia  if res_ch2_polit11 <= 2.168937, vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1352
                                                       {txt}F( 30,    59) ={res}  716.47
                                                       {txt}Prob > F      = {res} 0.0000
                                                       {txt}R-squared     = {res} 0.8529
                                                       {txt}Root MSE      = {res} .28358

{txt}{ralign 127:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 62}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 63}{c |}{col 75}    Robust
{col 1}                                           log_fi_res_totl_mo{col 63}{c |}      Coef.{col 75}   Std. Err.{col 87}      t{col 95}   P>|t|{col 103}     [95% Con{col 116}f. Interval]
{hline 62}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 43}log_fi_res_totl_mo {c |}
{space 58}L1. {c |}{col 63}{res}{space 2} .8546465{col 75}{space 2} .0280421{col 86}{space 1}   30.48{col 95}{space 3}0.000{col 103}{space 4} .7985344{col 116}{space 3} .9107586
{txt}{space 61} {c |}
{space 42}polity_frac_polit11 {c |}{col 63}{res}{space 2} .0548774{col 75}{space 2} .0470712{col 86}{space 1}    1.17{col 95}{space 3}0.248{col 103}{space 4}-.0393119{col 116}{space 3} .1490667
{txt}{space 46}res_ch2_polit11 {c |}{col 63}{res}{space 2} .1975595{col 75}{space 2}  .049648{col 86}{space 1}    3.98{col 95}{space 3}0.000{col 103}{space 4}  .098214{col 116}{space 3} .2969049
{txt}{space 61} {c |}
{space 22}c.polity_frac_polit11#c.res_ch2_polit11 {c |}{col 63}{res}{space 2} -.150309{col 75}{space 2} .0710178{col 86}{space 1}   -2.12{col 95}{space 3}0.039{col 103}{space 4}-.2924154{col 116}{space 3}-.0082026
{txt}{space 61} {c |}
{space 42}log_pre_l1_reserves {c |}{col 63}{res}{space 2}  .045675{col 75}{space 2} .0248464{col 86}{space 1}    1.84{col 95}{space 3}0.071{col 103}{space 4}-.0040426{col 116}{space 3} .0953925
{txt}{space 61} {c |}
{space 18}c.polity_frac_polit11#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.0002724{col 75}{space 2} .0356176{col 86}{space 1}   -0.01{col 95}{space 3}0.994{col 103}{space 4} -.071543{col 116}{space 3} .0709981
{txt}{space 61} {c |}
{space 22}c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.1360762{col 75}{space 2}  .053943{col 86}{space 1}   -2.52{col 95}{space 3}0.014{col 103}{space 4} -.244016{col 116}{space 3}-.0281365
{txt}{space 61} {c |}
c.polity_frac_polit11#c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2} .1010012{col 75}{space 2} .0657016{col 86}{space 1}    1.54{col 95}{space 3}0.130{col 103}{space 4}-.0304673{col 116}{space 3} .2324698
{txt}{space 61} {c |}
{space 54}polity2 {c |}{col 63}{res}{space 2} .0058159{col 75}{space 2} .0027163{col 86}{space 1}    2.14{col 95}{space 3}0.036{col 103}{space 4} .0003806{col 116}{space 3} .0112512
{txt}{space 48}sum_imftotal5 {c |}{col 63}{res}{space 2}-.0033904{col 75}{space 2} .0181079{col 86}{space 1}   -0.19{col 95}{space 3}0.852{col 103}{space 4}-.0396242{col 116}{space 3} .0328435
{txt}{space 47}ne_imp_gnfs_zs {c |}{col 63}{res}{space 2}-.0019566{col 75}{space 2} .0008829{col 86}{space 1}   -2.22{col 95}{space 3}0.031{col 103}{space 4}-.0037233{col 116}{space 3}-.0001899
{txt}{space 48}trade_balance {c |}{col 63}{res}{space 2} .0118076{col 75}{space 2}  .002156{col 86}{space 1}    5.48{col 95}{space 3}0.000{col 103}{space 4} .0074935{col 116}{space 3} .0161216
{txt}{space 52}cbi_irreg {c |}{col 63}{res}{space 2} .0113425{col 75}{space 2} .0139726{col 86}{space 1}    0.81{col 95}{space 3}0.420{col 103}{space 4}-.0166167{col 116}{space 3} .0393017
{txt}{space 49}presidential {c |}{col 63}{res}{space 2} .0007174{col 75}{space 2} .0378713{col 86}{space 1}    0.02{col 95}{space 3}0.985{col 103}{space 4}-.0750629{col 116}{space 3} .0764977
{txt}{space 52}log_gdppc {c |}{col 63}{res}{space 2}-.0763887{col 75}{space 2} .0168561{col 86}{space 1}   -4.53{col 95}{space 3}0.000{col 103}{space 4}-.1101177{col 116}{space 3}-.0426597
{txt}{space 51}gdp_growth {c |}{col 63}{res}{space 2}-.0089704{col 75}{space 2} .0038653{col 86}{space 1}   -2.32{col 95}{space 3}0.024{col 103}{space 4}-.0167049{col 116}{space 3}-.0012358
{txt}{space 54}log_pop {c |}{col 63}{res}{space 2}-.0127695{col 75}{space 2} .0135514{col 86}{space 1}   -0.94{col 95}{space 3}0.350{col 103}{space 4}-.0398857{col 116}{space 3} .0143467
{txt}{space 55}kaopen {c |}{col 63}{res}{space 2}-.0122099{col 75}{space 2} .0082012{col 86}{space 1}   -1.49{col 95}{space 3}0.142{col 103}{space 4}-.0286204{col 116}{space 3} .0042006
{txt}{space 49}currency_peg {c |}{col 63}{res}{space 2}-.0131781{col 75}{space 2} .0242872{col 86}{space 1}   -0.54{col 95}{space 3}0.589{col 103}{space 4}-.0617766{col 116}{space 3} .0354205
{txt}{space 46}currency_binary {c |}{col 63}{res}{space 2}-.1279931{col 75}{space 2} .0286797{col 86}{space 1}   -4.46{col 95}{space 3}0.000{col 103}{space 4} -.185381{col 116}{space 3}-.0706051
{txt}{space 51}time_trend {c |}{col 63}{res}{space 2} .0038277{col 75}{space 2} .0015194{col 86}{space 1}    2.52{col 95}{space 3}0.014{col 103}{space 4} .0007874{col 116}{space 3} .0068681
{txt}{space 41}north_middle_america {c |}{col 63}{res}{space 2} .0311526{col 75}{space 2}  .054375{col 86}{space 1}    0.57{col 95}{space 3}0.569{col 103}{space 4}-.0776515{col 116}{space 3} .1399567
{txt}{space 48}south_america {c |}{col 63}{res}{space 2} .0045595{col 75}{space 2} .0592076{col 86}{space 1}    0.08{col 95}{space 3}0.939{col 103}{space 4}-.1139146{col 116}{space 3} .1230335
{txt}{space 44}east_south_europe {c |}{col 63}{res}{space 2} .1471711{col 75}{space 2} .0510015{col 86}{space 1}    2.89{col 95}{space 3}0.005{col 103}{space 4} .0451172{col 116}{space 3} .2492249
{txt}{space 42}west_central_europe {c |}{col 63}{res}{space 2}-.0269958{col 75}{space 2} .0481892{col 86}{space 1}   -0.56{col 95}{space 3}0.577{col 103}{space 4}-.1234222{col 116}{space 3} .0694306
{txt}{space 47}central_africa {c |}{col 63}{res}{space 2}-.0842169{col 75}{space 2} .0962474{col 86}{space 1}   -0.88{col 95}{space 3}0.385{col 103}{space 4}-.2768074{col 116}{space 3} .1083737
{txt}{space 46}southern_africa {c |}{col 63}{res}{space 2}-.0759225{col 75}{space 2} .0615395{col 86}{space 1}   -1.23{col 95}{space 3}0.222{col 103}{space 4}-.1990627{col 116}{space 3} .0472177
{txt}{space 57}asia {c |}{col 63}{res}{space 2} .0387554{col 75}{space 2} .0597456{col 86}{space 1}    0.65{col 95}{space 3}0.519{col 103}{space 4}-.0807952{col 116}{space 3} .1583061
{txt}{space 46}northern_africa {c |}{col 63}{res}{space 2}  .074849{col 75}{space 2} .0643471{col 86}{space 1}    1.16{col 95}{space 3}0.249{col 103}{space 4}-.0539093{col 116}{space 3} .2036072
{txt}{space 50}australasia {c |}{col 63}{res}{space 2} -.007024{col 75}{space 2} .0341755{col 86}{space 1}   -0.21{col 95}{space 3}0.838{col 103}{space 4}-.0754089{col 116}{space 3} .0613609
{txt}{space 56}_cons {c |}{col 63}{res}{space 2}  .852063{col 75}{space 2} .2810617{col 86}{space 1}    3.03{col 95}{space 3}0.004{col 103}{space 4}   .28966{col 116}{space 3} 1.414466
{txt}{hline 62}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab15
{txt}
{com}. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit12##c.res_ch2_polit12##c.log_pre_l1_reserves  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend  north_middle_america south_america east_south_europe west_central_europe central_africa southern_africa asia northern_africa australasia  if res_ch2_polit12 <= 2.168937, vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1352
                                                       {txt}F( 30,    59) ={res}  742.19
                                                       {txt}Prob > F      = {res} 0.0000
                                                       {txt}R-squared     = {res} 0.8517
                                                       {txt}Root MSE      = {res}  .2848

{txt}{ralign 127:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 62}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 63}{c |}{col 75}    Robust
{col 1}                                           log_fi_res_totl_mo{col 63}{c |}      Coef.{col 75}   Std. Err.{col 87}      t{col 95}   P>|t|{col 103}     [95% Con{col 116}f. Interval]
{hline 62}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 43}log_fi_res_totl_mo {c |}
{space 58}L1. {c |}{col 63}{res}{space 2} .8613282{col 75}{space 2} .0283026{col 86}{space 1}   30.43{col 95}{space 3}0.000{col 103}{space 4} .8046949{col 116}{space 3} .9179615
{txt}{space 61} {c |}
{space 42}polity_frac_polit12 {c |}{col 63}{res}{space 2} .0052867{col 75}{space 2} .0568179{col 86}{space 1}    0.09{col 95}{space 3}0.926{col 103}{space 4}-.1084057{col 116}{space 3}  .118979
{txt}{space 46}res_ch2_polit12 {c |}{col 63}{res}{space 2} .1115345{col 75}{space 2} .0351295{col 86}{space 1}    3.17{col 95}{space 3}0.002{col 103}{space 4} .0412406{col 116}{space 3} .1818284
{txt}{space 61} {c |}
{space 22}c.polity_frac_polit12#c.res_ch2_polit12 {c |}{col 63}{res}{space 2} -.000396{col 75}{space 2} .0783968{col 86}{space 1}   -0.01{col 95}{space 3}0.996{col 103}{space 4}-.1572677{col 116}{space 3} .1564756
{txt}{space 61} {c |}
{space 42}log_pre_l1_reserves {c |}{col 63}{res}{space 2} .0393262{col 75}{space 2} .0206796{col 86}{space 1}    1.90{col 95}{space 3}0.062{col 103}{space 4}-.0020536{col 116}{space 3} .0807061
{txt}{space 61} {c |}
{space 18}c.polity_frac_polit12#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2} .0250971{col 75}{space 2}   .03552{col 86}{space 1}    0.71{col 95}{space 3}0.483{col 103}{space 4}-.0459783{col 116}{space 3} .0961725
{txt}{space 61} {c |}
{space 22}c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.0644976{col 75}{space 2} .0268457{col 86}{space 1}   -2.40{col 95}{space 3}0.019{col 103}{space 4}-.1182158{col 116}{space 3}-.0107795
{txt}{space 61} {c |}
c.polity_frac_polit12#c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2} -.018407{col 75}{space 2}  .060913{col 86}{space 1}   -0.30{col 95}{space 3}0.764{col 103}{space 4}-.1402937{col 116}{space 3} .1034797
{txt}{space 61} {c |}
{space 54}polity2 {c |}{col 63}{res}{space 2} .0055348{col 75}{space 2} .0026297{col 86}{space 1}    2.10{col 95}{space 3}0.040{col 103}{space 4} .0002727{col 116}{space 3} .0107969
{txt}{space 48}sum_imftotal5 {c |}{col 63}{res}{space 2}-.0008346{col 75}{space 2} .0194876{col 86}{space 1}   -0.04{col 95}{space 3}0.966{col 103}{space 4}-.0398292{col 116}{space 3} .0381599
{txt}{space 47}ne_imp_gnfs_zs {c |}{col 63}{res}{space 2}-.0020224{col 75}{space 2} .0008347{col 86}{space 1}   -2.42{col 95}{space 3}0.018{col 103}{space 4}-.0036927{col 116}{space 3}-.0003521
{txt}{space 48}trade_balance {c |}{col 63}{res}{space 2} .0116593{col 75}{space 2} .0020436{col 86}{space 1}    5.71{col 95}{space 3}0.000{col 103}{space 4}   .00757{col 116}{space 3} .0157486
{txt}{space 52}cbi_irreg {c |}{col 63}{res}{space 2} .0156248{col 75}{space 2} .0131231{col 86}{space 1}    1.19{col 95}{space 3}0.239{col 103}{space 4}-.0106344{col 116}{space 3}  .041884
{txt}{space 49}presidential {c |}{col 63}{res}{space 2} .0070062{col 75}{space 2} .0363723{col 86}{space 1}    0.19{col 95}{space 3}0.848{col 103}{space 4}-.0657746{col 116}{space 3}  .079787
{txt}{space 52}log_gdppc {c |}{col 63}{res}{space 2} -.069982{col 75}{space 2} .0162664{col 86}{space 1}   -4.30{col 95}{space 3}0.000{col 103}{space 4} -.102531{col 116}{space 3} -.037433
{txt}{space 51}gdp_growth {c |}{col 63}{res}{space 2} -.009453{col 75}{space 2} .0038325{col 86}{space 1}   -2.47{col 95}{space 3}0.017{col 103}{space 4}-.0171218{col 116}{space 3}-.0017843
{txt}{space 54}log_pop {c |}{col 63}{res}{space 2}-.0138142{col 75}{space 2} .0137177{col 86}{space 1}   -1.01{col 95}{space 3}0.318{col 103}{space 4}-.0412632{col 116}{space 3} .0136347
{txt}{space 55}kaopen {c |}{col 63}{res}{space 2}-.0091618{col 75}{space 2} .0075792{col 86}{space 1}   -1.21{col 95}{space 3}0.232{col 103}{space 4}-.0243279{col 116}{space 3} .0060042
{txt}{space 49}currency_peg {c |}{col 63}{res}{space 2}-.0117025{col 75}{space 2} .0243674{col 86}{space 1}   -0.48{col 95}{space 3}0.633{col 103}{space 4}-.0604616{col 116}{space 3} .0370566
{txt}{space 46}currency_binary {c |}{col 63}{res}{space 2}-.1303818{col 75}{space 2} .0291541{col 86}{space 1}   -4.47{col 95}{space 3}0.000{col 103}{space 4} -.188719{col 116}{space 3}-.0720446
{txt}{space 51}time_trend {c |}{col 63}{res}{space 2} .0028433{col 75}{space 2} .0014797{col 86}{space 1}    1.92{col 95}{space 3}0.059{col 103}{space 4}-.0001175{col 116}{space 3} .0058041
{txt}{space 41}north_middle_america {c |}{col 63}{res}{space 2} .0532073{col 75}{space 2} .0601675{col 86}{space 1}    0.88{col 95}{space 3}0.380{col 103}{space 4}-.0671875{col 116}{space 3} .1736021
{txt}{space 48}south_america {c |}{col 63}{res}{space 2} .0317456{col 75}{space 2}  .062921{col 86}{space 1}    0.50{col 95}{space 3}0.616{col 103}{space 4}-.0941591{col 116}{space 3} .1576503
{txt}{space 44}east_south_europe {c |}{col 63}{res}{space 2} .1567873{col 75}{space 2} .0536916{col 86}{space 1}    2.92{col 95}{space 3}0.005{col 103}{space 4} .0493506{col 116}{space 3}  .264224
{txt}{space 42}west_central_europe {c |}{col 63}{res}{space 2}-.0061357{col 75}{space 2} .0521724{col 86}{space 1}   -0.12{col 95}{space 3}0.907{col 103}{space 4}-.1105324{col 116}{space 3}  .098261
{txt}{space 47}central_africa {c |}{col 63}{res}{space 2} -.047788{col 75}{space 2} .1005658{col 86}{space 1}   -0.48{col 95}{space 3}0.636{col 103}{space 4}-.2490198{col 116}{space 3} .1534437
{txt}{space 46}southern_africa {c |}{col 63}{res}{space 2} -.026281{col 75}{space 2} .0759125{col 86}{space 1}   -0.35{col 95}{space 3}0.730{col 103}{space 4}-.1781816{col 116}{space 3} .1256195
{txt}{space 57}asia {c |}{col 63}{res}{space 2} .0719334{col 75}{space 2} .0699741{col 86}{space 1}    1.03{col 95}{space 3}0.308{col 103}{space 4}-.0680845{col 116}{space 3} .2119513
{txt}{space 46}northern_africa {c |}{col 63}{res}{space 2} .0997899{col 75}{space 2} .0699815{col 86}{space 1}    1.43{col 95}{space 3}0.159{col 103}{space 4}-.0402429{col 116}{space 3} .2398226
{txt}{space 50}australasia {c |}{col 63}{res}{space 2}-.0103983{col 75}{space 2} .0323131{col 86}{space 1}   -0.32{col 95}{space 3}0.749{col 103}{space 4}-.0750566{col 116}{space 3} .0542601
{txt}{space 56}_cons {c |}{col 63}{res}{space 2} .8519661{col 75}{space 2} .2597106{col 86}{space 1}    3.28{col 95}{space 3}0.002{col 103}{space 4} .3322864{col 116}{space 3} 1.371646
{txt}{hline 62}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab16
{txt}
{com}. 
. * Table 30:
. *esttab tab13 tab14 tab15 tab16 using robust_regions4.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H5: interest rates
. 
. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit11_binary##c.ir_diff   polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend  north_middle_america south_america east_south_europe west_central_europe central_africa southern_africa asia northern_africa australasia, nocons  vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1248
                                                       {txt}F( 26,    56) ={res} 1853.36
                                                       {txt}Prob > F      = {res} 0.0000
                                                       {txt}R-squared     = {res} 0.9552
                                                       {txt}Root MSE      = {res} .29321

{txt}{ralign 94:(Std. Err. adjusted for {res:57} clusters in cowcode)}
{hline 29}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 30}{c |}{col 42}    Robust
{col 1}          log_fi_res_totl_mo{col 30}{c |}      Coef.{col 42}   Std. Err.{col 54}      t{col 62}   P>|t|{col 70}     [95% Con{col 83}f. Interval]
{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}log_fi_res_totl_mo {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .8839849{col 42}{space 2}  .030531{col 53}{space 1}   28.95{col 62}{space 3}0.000{col 70}{space 4}  .822824{col 83}{space 3} .9451458
{txt}{space 28} {c |}
{space 8}1.sum_polit11_binary {c |}{col 30}{res}{space 2} .0304288{col 42}{space 2} .0266408{col 53}{space 1}    1.14{col 62}{space 3}0.258{col 70}{space 4}-.0229392{col 83}{space 3} .0837968
{txt}{space 21}ir_diff {c |}{col 30}{res}{space 2}-.0852598{col 42}{space 2} .2325332{col 53}{space 1}   -0.37{col 62}{space 3}0.715{col 70}{space 4}-.5510798{col 83}{space 3} .3805602
{txt}{space 28} {c |}
sum_polit11_binary#c.ir_diff {c |}
{space 26}1  {c |}{col 30}{res}{space 2}-.0034994{col 42}{space 2} .2399314{col 53}{space 1}   -0.01{col 62}{space 3}0.988{col 70}{space 4}-.4841397{col 83}{space 3}  .477141
{txt}{space 28} {c |}
{space 21}polity2 {c |}{col 30}{res}{space 2} .0054243{col 42}{space 2} .0020645{col 53}{space 1}    2.63{col 62}{space 3}0.011{col 70}{space 4} .0012886{col 83}{space 3} .0095599
{txt}{space 15}sum_imftotal5 {c |}{col 30}{res}{space 2} .0092484{col 42}{space 2} .0220197{col 53}{space 1}    0.42{col 62}{space 3}0.676{col 70}{space 4}-.0348625{col 83}{space 3} .0533592
{txt}{space 14}ne_imp_gnfs_zs {c |}{col 30}{res}{space 2}-.0005473{col 42}{space 2} .0006303{col 53}{space 1}   -0.87{col 62}{space 3}0.389{col 70}{space 4}-.0018099{col 83}{space 3} .0007153
{txt}{space 15}trade_balance {c |}{col 30}{res}{space 2} .0085632{col 42}{space 2} .0019589{col 53}{space 1}    4.37{col 62}{space 3}0.000{col 70}{space 4} .0046391{col 83}{space 3} .0124873
{txt}{space 19}cbi_irreg {c |}{col 30}{res}{space 2} -.014089{col 42}{space 2}  .012492{col 53}{space 1}   -1.13{col 62}{space 3}0.264{col 70}{space 4}-.0391134{col 83}{space 3} .0109355
{txt}{space 16}presidential {c |}{col 30}{res}{space 2} .0094982{col 42}{space 2} .0314165{col 53}{space 1}    0.30{col 62}{space 3}0.764{col 70}{space 4}-.0534366{col 83}{space 3} .0724331
{txt}{space 19}log_gdppc {c |}{col 30}{res}{space 2}-.0399102{col 42}{space 2}  .012105{col 53}{space 1}   -3.30{col 62}{space 3}0.002{col 70}{space 4}-.0641594{col 83}{space 3}-.0156609
{txt}{space 18}gdp_growth {c |}{col 30}{res}{space 2}-.0087776{col 42}{space 2} .0043799{col 53}{space 1}   -2.00{col 62}{space 3}0.050{col 70}{space 4}-.0175517{col 83}{space 3}-3.47e-06
{txt}{space 21}log_pop {c |}{col 30}{res}{space 2} .0212745{col 42}{space 2} .0073536{col 53}{space 1}    2.89{col 62}{space 3}0.005{col 70}{space 4} .0065434{col 83}{space 3} .0360055
{txt}{space 22}kaopen {c |}{col 30}{res}{space 2}-.0158167{col 42}{space 2} .0073863{col 53}{space 1}   -2.14{col 62}{space 3}0.037{col 70}{space 4}-.0306132{col 83}{space 3}-.0010201
{txt}{space 16}currency_peg {c |}{col 30}{res}{space 2} .0103212{col 42}{space 2}  .025139{col 53}{space 1}    0.41{col 62}{space 3}0.683{col 70}{space 4}-.0400382{col 83}{space 3} .0606805
{txt}{space 13}currency_binary {c |}{col 30}{res}{space 2}-.1060146{col 42}{space 2} .0272395{col 53}{space 1}   -3.89{col 62}{space 3}0.000{col 70}{space 4}-.1605818{col 83}{space 3}-.0514473
{txt}{space 18}time_trend {c |}{col 30}{res}{space 2} .0020858{col 42}{space 2} .0017882{col 53}{space 1}    1.17{col 62}{space 3}0.248{col 70}{space 4}-.0014964{col 83}{space 3} .0056679
{txt}{space 8}north_middle_america {c |}{col 30}{res}{space 2} .0137343{col 42}{space 2} .0573045{col 53}{space 1}    0.24{col 62}{space 3}0.811{col 70}{space 4}-.1010604{col 83}{space 3} .1285289
{txt}{space 15}south_america {c |}{col 30}{res}{space 2} .0281073{col 42}{space 2} .0647755{col 53}{space 1}    0.43{col 62}{space 3}0.666{col 70}{space 4}-.1016535{col 83}{space 3} .1578681
{txt}{space 11}east_south_europe {c |}{col 30}{res}{space 2} .0189654{col 42}{space 2} .0528076{col 53}{space 1}    0.36{col 62}{space 3}0.721{col 70}{space 4}-.0868208{col 83}{space 3} .1247517
{txt}{space 9}west_central_europe {c |}{col 30}{res}{space 2}-.0614525{col 42}{space 2} .0512797{col 53}{space 1}   -1.20{col 62}{space 3}0.236{col 70}{space 4}-.1641781{col 83}{space 3} .0412732
{txt}{space 14}central_africa {c |}{col 30}{res}{space 2} -.052099{col 42}{space 2} .0939736{col 53}{space 1}   -0.55{col 62}{space 3}0.582{col 70}{space 4}-.2403509{col 83}{space 3} .1361528
{txt}{space 13}southern_africa {c |}{col 30}{res}{space 2}-.0609696{col 42}{space 2} .0690763{col 53}{space 1}   -0.88{col 62}{space 3}0.381{col 70}{space 4} -.199346{col 83}{space 3} .0774068
{txt}{space 24}asia {c |}{col 30}{res}{space 2}-.0121261{col 42}{space 2} .0607978{col 53}{space 1}   -0.20{col 62}{space 3}0.843{col 70}{space 4}-.1339186{col 83}{space 3} .1096665
{txt}{space 13}northern_africa {c |}{col 30}{res}{space 2}  .070722{col 42}{space 2} .0724437{col 53}{space 1}    0.98{col 62}{space 3}0.333{col 70}{space 4}-.0744002{col 83}{space 3} .2158442
{txt}{space 17}australasia {c |}{col 30}{res}{space 2} .0523458{col 42}{space 2}  .044954{col 53}{space 1}    1.16{col 62}{space 3}0.249{col 70}{space 4}-.0377078{col 83}{space 3} .1423995
{txt}{hline 29}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab17
{txt}
{com}. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit11##c.ir_diff   polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend  north_middle_america south_america east_south_europe west_central_europe central_africa southern_africa asia northern_africa australasia, nocons  vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1246
                                                       {txt}F( 26,    56) ={res} 2137.40
                                                       {txt}Prob > F      = {res} 0.0000
                                                       {txt}R-squared     = {res} 0.9554
                                                       {txt}Root MSE      = {res} .29264

{txt}{ralign 97:(Std. Err. adjusted for {res:57} clusters in cowcode)}
{hline 32}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 33}{c |}{col 45}    Robust
{col 1}             log_fi_res_totl_mo{col 33}{c |}      Coef.{col 45}   Std. Err.{col 57}      t{col 65}   P>|t|{col 73}     [95% Con{col 86}f. Interval]
{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}log_fi_res_totl_mo {c |}
{space 28}L1. {c |}{col 33}{res}{space 2}  .885069{col 45}{space 2} .0304964{col 56}{space 1}   29.02{col 65}{space 3}0.000{col 73}{space 4} .8239773{col 86}{space 3} .9461607
{txt}{space 31} {c |}
{space 12}polity_frac_polit11 {c |}{col 33}{res}{space 2} .0227553{col 45}{space 2} .0215527{col 56}{space 1}    1.06{col 65}{space 3}0.296{col 73}{space 4}-.0204198{col 86}{space 3} .0659305
{txt}{space 24}ir_diff {c |}{col 33}{res}{space 2} .0112523{col 45}{space 2} .0571002{col 56}{space 1}    0.20{col 65}{space 3}0.844{col 73}{space 4}-.1031332{col 86}{space 3} .1256377
{txt}{space 31} {c |}
c.polity_frac_polit11#c.ir_diff {c |}{col 33}{res}{space 2}-.2452357{col 45}{space 2} .1422456{col 56}{space 1}   -1.72{col 65}{space 3}0.090{col 73}{space 4}-.5301879{col 86}{space 3} .0397165
{txt}{space 31} {c |}
{space 24}polity2 {c |}{col 33}{res}{space 2} .0049813{col 45}{space 2} .0021267{col 56}{space 1}    2.34{col 65}{space 3}0.023{col 73}{space 4} .0007211{col 86}{space 3} .0092415
{txt}{space 18}sum_imftotal5 {c |}{col 33}{res}{space 2} .0157637{col 45}{space 2} .0222614{col 56}{space 1}    0.71{col 65}{space 3}0.482{col 73}{space 4}-.0288313{col 86}{space 3} .0603586
{txt}{space 17}ne_imp_gnfs_zs {c |}{col 33}{res}{space 2}-.0006003{col 45}{space 2} .0006034{col 56}{space 1}   -0.99{col 65}{space 3}0.324{col 73}{space 4}-.0018092{col 86}{space 3} .0006085
{txt}{space 18}trade_balance {c |}{col 33}{res}{space 2} .0086387{col 45}{space 2} .0019813{col 56}{space 1}    4.36{col 65}{space 3}0.000{col 73}{space 4} .0046698{col 86}{space 3} .0126077
{txt}{space 22}cbi_irreg {c |}{col 33}{res}{space 2} -.015886{col 45}{space 2}  .012177{col 56}{space 1}   -1.30{col 65}{space 3}0.197{col 73}{space 4}-.0402795{col 86}{space 3} .0085075
{txt}{space 19}presidential {c |}{col 33}{res}{space 2}  .016135{col 45}{space 2}  .031872{col 56}{space 1}    0.51{col 65}{space 3}0.615{col 73}{space 4}-.0477122{col 86}{space 3} .0799822
{txt}{space 22}log_gdppc {c |}{col 33}{res}{space 2}-.0385148{col 45}{space 2} .0120208{col 56}{space 1}   -3.20{col 65}{space 3}0.002{col 73}{space 4}-.0625953{col 86}{space 3}-.0144343
{txt}{space 21}gdp_growth {c |}{col 33}{res}{space 2} -.008814{col 45}{space 2} .0043322{col 56}{space 1}   -2.03{col 65}{space 3}0.047{col 73}{space 4}-.0174924{col 86}{space 3}-.0001356
{txt}{space 24}log_pop {c |}{col 33}{res}{space 2} .0211153{col 45}{space 2}  .007219{col 56}{space 1}    2.92{col 65}{space 3}0.005{col 73}{space 4} .0066539{col 86}{space 3} .0355767
{txt}{space 25}kaopen {c |}{col 33}{res}{space 2} -.014563{col 45}{space 2} .0074538{col 56}{space 1}   -1.95{col 65}{space 3}0.056{col 73}{space 4}-.0294948{col 86}{space 3} .0003689
{txt}{space 19}currency_peg {c |}{col 33}{res}{space 2} .0110471{col 45}{space 2} .0244905{col 56}{space 1}    0.45{col 65}{space 3}0.654{col 73}{space 4}-.0380132{col 86}{space 3} .0601074
{txt}{space 16}currency_binary {c |}{col 33}{res}{space 2}-.1109839{col 45}{space 2} .0276975{col 56}{space 1}   -4.01{col 65}{space 3}0.000{col 73}{space 4}-.1664687{col 86}{space 3}-.0554991
{txt}{space 21}time_trend {c |}{col 33}{res}{space 2} .0020676{col 45}{space 2} .0017283{col 56}{space 1}    1.20{col 65}{space 3}0.237{col 73}{space 4}-.0013945{col 86}{space 3} .0055298
{txt}{space 11}north_middle_america {c |}{col 33}{res}{space 2}  .012095{col 45}{space 2} .0576212{col 56}{space 1}    0.21{col 65}{space 3}0.835{col 73}{space 4}-.1033341{col 86}{space 3} .1275242
{txt}{space 18}south_america {c |}{col 33}{res}{space 2}  .026898{col 45}{space 2} .0653634{col 56}{space 1}    0.41{col 65}{space 3}0.682{col 73}{space 4}-.1040406{col 86}{space 3} .1578366
{txt}{space 14}east_south_europe {c |}{col 33}{res}{space 2} .0378665{col 45}{space 2} .0579542{col 56}{space 1}    0.65{col 65}{space 3}0.516{col 73}{space 4}-.0782297{col 86}{space 3} .1539626
{txt}{space 12}west_central_europe {c |}{col 33}{res}{space 2}-.0613679{col 45}{space 2} .0521939{col 56}{space 1}   -1.18{col 65}{space 3}0.245{col 73}{space 4}-.1659248{col 86}{space 3}  .043189
{txt}{space 17}central_africa {c |}{col 33}{res}{space 2}-.0488927{col 45}{space 2} .0917763{col 56}{space 1}   -0.53{col 65}{space 3}0.596{col 73}{space 4}-.2327428{col 86}{space 3} .1349574
{txt}{space 16}southern_africa {c |}{col 33}{res}{space 2}-.0612484{col 45}{space 2} .0700606{col 56}{space 1}   -0.87{col 65}{space 3}0.386{col 73}{space 4}-.2015966{col 86}{space 3} .0790998
{txt}{space 27}asia {c |}{col 33}{res}{space 2}-.0114883{col 45}{space 2} .0595877{col 56}{space 1}   -0.19{col 65}{space 3}0.848{col 73}{space 4}-.1308568{col 86}{space 3} .1078802
{txt}{space 16}northern_africa {c |}{col 33}{res}{space 2}  .075535{col 45}{space 2} .0718152{col 56}{space 1}    1.05{col 65}{space 3}0.297{col 73}{space 4}-.0683282{col 86}{space 3} .2193981
{txt}{space 20}australasia {c |}{col 33}{res}{space 2} .0547609{col 45}{space 2} .0450685{col 56}{space 1}    1.22{col 65}{space 3}0.229{col 73}{space 4}-.0355222{col 86}{space 3}  .145044
{txt}{hline 32}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab18
{txt}
{com}. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit12_binary##c.ir_diff  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend  north_middle_america south_america east_south_europe west_central_europe central_africa southern_africa asia northern_africa australasia, nocons  vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1248
                                                       {txt}F( 26,    56) ={res} 2212.59
                                                       {txt}Prob > F      = {res} 0.0000
                                                       {txt}R-squared     = {res} 0.9552
                                                       {txt}Root MSE      = {res} .29317

{txt}{ralign 94:(Std. Err. adjusted for {res:57} clusters in cowcode)}
{hline 29}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 30}{c |}{col 42}    Robust
{col 1}          log_fi_res_totl_mo{col 30}{c |}      Coef.{col 42}   Std. Err.{col 54}      t{col 62}   P>|t|{col 70}     [95% Con{col 83}f. Interval]
{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}log_fi_res_totl_mo {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .8813193{col 42}{space 2} .0316501{col 53}{space 1}   27.85{col 62}{space 3}0.000{col 70}{space 4} .8179165{col 83}{space 3} .9447221
{txt}{space 28} {c |}
{space 8}1.sum_polit12_binary {c |}{col 30}{res}{space 2} .0264873{col 42}{space 2}  .026019{col 53}{space 1}    1.02{col 62}{space 3}0.313{col 70}{space 4} -.025635{col 83}{space 3} .0786096
{txt}{space 21}ir_diff {c |}{col 30}{res}{space 2}-.0215358{col 42}{space 2} .2244546{col 53}{space 1}   -0.10{col 62}{space 3}0.924{col 70}{space 4}-.4711724{col 83}{space 3} .4281008
{txt}{space 28} {c |}
sum_polit12_binary#c.ir_diff {c |}
{space 26}1  {c |}{col 30}{res}{space 2}-.0707613{col 42}{space 2} .2322105{col 53}{space 1}   -0.30{col 62}{space 3}0.762{col 70}{space 4}-.5359347{col 83}{space 3} .3944122
{txt}{space 28} {c |}
{space 21}polity2 {c |}{col 30}{res}{space 2} .0051854{col 42}{space 2} .0020881{col 53}{space 1}    2.48{col 62}{space 3}0.016{col 70}{space 4} .0010024{col 83}{space 3} .0093683
{txt}{space 15}sum_imftotal5 {c |}{col 30}{res}{space 2} .0076245{col 42}{space 2} .0225153{col 53}{space 1}    0.34{col 62}{space 3}0.736{col 70}{space 4}-.0374789{col 83}{space 3}  .052728
{txt}{space 14}ne_imp_gnfs_zs {c |}{col 30}{res}{space 2}-.0006122{col 42}{space 2} .0006064{col 53}{space 1}   -1.01{col 62}{space 3}0.317{col 70}{space 4} -.001827{col 83}{space 3} .0006026
{txt}{space 15}trade_balance {c |}{col 30}{res}{space 2} .0084261{col 42}{space 2} .0019472{col 53}{space 1}    4.33{col 62}{space 3}0.000{col 70}{space 4} .0045254{col 83}{space 3} .0123268
{txt}{space 19}cbi_irreg {c |}{col 30}{res}{space 2}-.0132188{col 42}{space 2} .0126896{col 53}{space 1}   -1.04{col 62}{space 3}0.302{col 70}{space 4}-.0386391{col 83}{space 3} .0122015
{txt}{space 16}presidential {c |}{col 30}{res}{space 2} .0195756{col 42}{space 2} .0312474{col 53}{space 1}    0.63{col 62}{space 3}0.534{col 70}{space 4}-.0430206{col 83}{space 3} .0821717
{txt}{space 19}log_gdppc {c |}{col 30}{res}{space 2}-.0362362{col 42}{space 2} .0125301{col 53}{space 1}   -2.89{col 62}{space 3}0.005{col 70}{space 4} -.061337{col 83}{space 3}-.0111353
{txt}{space 18}gdp_growth {c |}{col 30}{res}{space 2}-.0089796{col 42}{space 2}  .004384{col 53}{space 1}   -2.05{col 62}{space 3}0.045{col 70}{space 4}-.0177617{col 83}{space 3}-.0001975
{txt}{space 21}log_pop {c |}{col 30}{res}{space 2} .0202481{col 42}{space 2}  .007604{col 53}{space 1}    2.66{col 62}{space 3}0.010{col 70}{space 4} .0050155{col 83}{space 3} .0354807
{txt}{space 22}kaopen {c |}{col 30}{res}{space 2}-.0147642{col 42}{space 2} .0076477{col 53}{space 1}   -1.93{col 62}{space 3}0.059{col 70}{space 4}-.0300843{col 83}{space 3}  .000556
{txt}{space 16}currency_peg {c |}{col 30}{res}{space 2} .0095212{col 42}{space 2} .0244488{col 53}{space 1}    0.39{col 62}{space 3}0.698{col 70}{space 4}-.0394557{col 83}{space 3}  .058498
{txt}{space 13}currency_binary {c |}{col 30}{res}{space 2}-.1087606{col 42}{space 2} .0272941{col 53}{space 1}   -3.98{col 62}{space 3}0.000{col 70}{space 4}-.1634373{col 83}{space 3}-.0540839
{txt}{space 18}time_trend {c |}{col 30}{res}{space 2} .0018671{col 42}{space 2} .0016993{col 53}{space 1}    1.10{col 62}{space 3}0.277{col 70}{space 4}-.0015371{col 83}{space 3} .0052712
{txt}{space 8}north_middle_america {c |}{col 30}{res}{space 2} .0201275{col 42}{space 2} .0589566{col 53}{space 1}    0.34{col 62}{space 3}0.734{col 70}{space 4}-.0979768{col 83}{space 3} .1382318
{txt}{space 15}south_america {c |}{col 30}{res}{space 2} .0391018{col 42}{space 2}  .066822{col 53}{space 1}    0.59{col 62}{space 3}0.561{col 70}{space 4}-.0947588{col 83}{space 3} .1729624
{txt}{space 11}east_south_europe {c |}{col 30}{res}{space 2} .0331438{col 42}{space 2} .0570514{col 53}{space 1}    0.58{col 62}{space 3}0.564{col 70}{space 4}-.0811438{col 83}{space 3} .1474314
{txt}{space 9}west_central_europe {c |}{col 30}{res}{space 2}-.0469063{col 42}{space 2} .0535576{col 53}{space 1}   -0.88{col 62}{space 3}0.385{col 70}{space 4}-.1541951{col 83}{space 3} .0603824
{txt}{space 14}central_africa {c |}{col 30}{res}{space 2}-.0356912{col 42}{space 2} .0952302{col 53}{space 1}   -0.37{col 62}{space 3}0.709{col 70}{space 4}-.2264601{col 83}{space 3} .1550778
{txt}{space 13}southern_africa {c |}{col 30}{res}{space 2}-.0335446{col 42}{space 2} .0775959{col 53}{space 1}   -0.43{col 62}{space 3}0.667{col 70}{space 4}-.1889878{col 83}{space 3} .1218986
{txt}{space 24}asia {c |}{col 30}{res}{space 2} .0106487{col 42}{space 2} .0665121{col 53}{space 1}    0.16{col 62}{space 3}0.873{col 70}{space 4}-.1225911{col 83}{space 3} .1438885
{txt}{space 13}northern_africa {c |}{col 30}{res}{space 2} .0903548{col 42}{space 2}   .07786{col 53}{space 1}    1.16{col 62}{space 3}0.251{col 70}{space 4}-.0656174{col 83}{space 3} .2463271
{txt}{space 17}australasia {c |}{col 30}{res}{space 2}  .052862{col 42}{space 2} .0455527{col 53}{space 1}    1.16{col 62}{space 3}0.251{col 70}{space 4} -.038391{col 83}{space 3}  .144115
{txt}{hline 29}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab19
{txt}
{com}. 
. 
. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit12##c.ir_diff  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend  north_middle_america south_america east_south_europe west_central_europe central_africa southern_africa asia northern_africa australasia, nocons  vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1246
                                                       {txt}F( 26,    56) ={res} 3118.79
                                                       {txt}Prob > F      = {res} 0.0000
                                                       {txt}R-squared     = {res} 0.9554
                                                       {txt}Root MSE      = {res} .29267

{txt}{ralign 97:(Std. Err. adjusted for {res:57} clusters in cowcode)}
{hline 32}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 33}{c |}{col 45}    Robust
{col 1}             log_fi_res_totl_mo{col 33}{c |}      Coef.{col 45}   Std. Err.{col 57}      t{col 65}   P>|t|{col 73}     [95% Con{col 86}f. Interval]
{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}log_fi_res_totl_mo {c |}
{space 28}L1. {c |}{col 33}{res}{space 2} .8812778{col 45}{space 2} .0317562{col 56}{space 1}   27.75{col 65}{space 3}0.000{col 73}{space 4} .8176625{col 86}{space 3} .9448931
{txt}{space 31} {c |}
{space 12}polity_frac_polit12 {c |}{col 33}{res}{space 2} .0204712{col 45}{space 2} .0251033{col 56}{space 1}    0.82{col 65}{space 3}0.418{col 73}{space 4}-.0298168{col 86}{space 3} .0707592
{txt}{space 24}ir_diff {c |}{col 33}{res}{space 2} .0142643{col 45}{space 2} .0646431{col 56}{space 1}    0.22{col 65}{space 3}0.826{col 73}{space 4}-.1152313{col 86}{space 3}   .14376
{txt}{space 31} {c |}
c.polity_frac_polit12#c.ir_diff {c |}{col 33}{res}{space 2}-.2724108{col 45}{space 2} .1394582{col 56}{space 1}   -1.95{col 65}{space 3}0.056{col 73}{space 4}-.5517792{col 86}{space 3} .0069577
{txt}{space 31} {c |}
{space 24}polity2 {c |}{col 33}{res}{space 2} .0047195{col 45}{space 2}  .002115{col 56}{space 1}    2.23{col 65}{space 3}0.030{col 73}{space 4} .0004826{col 86}{space 3} .0089564
{txt}{space 18}sum_imftotal5 {c |}{col 33}{res}{space 2} .0146631{col 45}{space 2} .0222795{col 56}{space 1}    0.66{col 65}{space 3}0.513{col 73}{space 4}-.0299681{col 86}{space 3} .0592942
{txt}{space 17}ne_imp_gnfs_zs {c |}{col 33}{res}{space 2}-.0006682{col 45}{space 2} .0006036{col 56}{space 1}   -1.11{col 65}{space 3}0.273{col 73}{space 4}-.0018773{col 86}{space 3} .0005409
{txt}{space 18}trade_balance {c |}{col 33}{res}{space 2} .0084885{col 45}{space 2} .0019607{col 56}{space 1}    4.33{col 65}{space 3}0.000{col 73}{space 4} .0045608{col 86}{space 3} .0124163
{txt}{space 22}cbi_irreg {c |}{col 33}{res}{space 2} -.013049{col 45}{space 2} .0126336{col 56}{space 1}   -1.03{col 65}{space 3}0.306{col 73}{space 4}-.0383571{col 86}{space 3} .0122592
{txt}{space 19}presidential {c |}{col 33}{res}{space 2} .0231561{col 45}{space 2}  .031621{col 56}{space 1}    0.73{col 65}{space 3}0.467{col 73}{space 4}-.0401885{col 86}{space 3} .0865006
{txt}{space 22}log_gdppc {c |}{col 33}{res}{space 2}-.0348979{col 45}{space 2} .0126283{col 56}{space 1}   -2.76{col 65}{space 3}0.008{col 73}{space 4}-.0601954{col 86}{space 3}-.0096004
{txt}{space 21}gdp_growth {c |}{col 33}{res}{space 2}-.0089195{col 45}{space 2} .0044294{col 56}{space 1}   -2.01{col 65}{space 3}0.049{col 73}{space 4}-.0177927{col 86}{space 3}-.0000463
{txt}{space 24}log_pop {c |}{col 33}{res}{space 2} .0201289{col 45}{space 2} .0077229{col 56}{space 1}    2.61{col 65}{space 3}0.012{col 73}{space 4}  .004658{col 86}{space 3} .0355998
{txt}{space 25}kaopen {c |}{col 33}{res}{space 2}-.0135356{col 45}{space 2} .0069924{col 56}{space 1}   -1.94{col 65}{space 3}0.058{col 73}{space 4}-.0275431{col 86}{space 3} .0004718
{txt}{space 19}currency_peg {c |}{col 33}{res}{space 2} .0100618{col 45}{space 2} .0247761{col 56}{space 1}    0.41{col 65}{space 3}0.686{col 73}{space 4}-.0395707{col 86}{space 3} .0596943
{txt}{space 16}currency_binary {c |}{col 33}{res}{space 2}-.1131842{col 45}{space 2} .0273632{col 56}{space 1}   -4.14{col 65}{space 3}0.000{col 73}{space 4}-.1679992{col 86}{space 3}-.0583692
{txt}{space 21}time_trend {c |}{col 33}{res}{space 2} .0018461{col 45}{space 2} .0017026{col 56}{space 1}    1.08{col 65}{space 3}0.283{col 73}{space 4}-.0015646{col 86}{space 3} .0052568
{txt}{space 11}north_middle_america {c |}{col 33}{res}{space 2} .0179011{col 45}{space 2} .0608493{col 56}{space 1}    0.29{col 65}{space 3}0.770{col 73}{space 4}-.1039946{col 86}{space 3} .1397969
{txt}{space 18}south_america {c |}{col 33}{res}{space 2} .0378136{col 45}{space 2} .0689356{col 56}{space 1}    0.55{col 65}{space 3}0.586{col 73}{space 4} -.100281{col 86}{space 3} .1759081
{txt}{space 14}east_south_europe {c |}{col 33}{res}{space 2} .0499878{col 45}{space 2} .0614293{col 56}{space 1}    0.81{col 65}{space 3}0.419{col 73}{space 4}-.0730698{col 86}{space 3} .1730455
{txt}{space 12}west_central_europe {c |}{col 33}{res}{space 2}-.0472045{col 45}{space 2} .0554509{col 56}{space 1}   -0.85{col 65}{space 3}0.398{col 73}{space 4} -.158286{col 86}{space 3}  .063877
{txt}{space 17}central_africa {c |}{col 33}{res}{space 2}-.0349539{col 45}{space 2} .0943464{col 56}{space 1}   -0.37{col 65}{space 3}0.712{col 73}{space 4}-.2239524{col 86}{space 3} .1540447
{txt}{space 16}southern_africa {c |}{col 33}{res}{space 2}-.0332043{col 45}{space 2} .0786012{col 56}{space 1}   -0.42{col 65}{space 3}0.674{col 73}{space 4}-.1906614{col 86}{space 3} .1242528
{txt}{space 27}asia {c |}{col 33}{res}{space 2} .0105647{col 45}{space 2}  .068363{col 56}{space 1}    0.15{col 65}{space 3}0.878{col 73}{space 4} -.126383{col 86}{space 3} .1475123
{txt}{space 16}northern_africa {c |}{col 33}{res}{space 2} .0910459{col 45}{space 2} .0779233{col 56}{space 1}    1.17{col 65}{space 3}0.248{col 73}{space 4}-.0650532{col 86}{space 3} .2471451
{txt}{space 20}australasia {c |}{col 33}{res}{space 2} .0539927{col 45}{space 2} .0461965{col 56}{space 1}    1.17{col 65}{space 3}0.247{col 73}{space 4}  -.03855{col 86}{space 3} .1465354
{txt}{hline 32}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab20
{txt}
{com}. 
. * Table 31:
. *esttab tab17 tab18 tab19 tab20 using robust_regions5.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H6: central bank independence
. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit11_binary##c.cbi_irreg  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend north_middle_america south_america east_south_europe west_central_europe central_africa southern_africa asia northern_africa australasia, nocons  vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1479
                                                       {txt}F( 25,    59) ={res} 2795.83
                                                       {txt}Prob > F      = {res} 0.0000
                                                       {txt}R-squared     = {res} 0.9514
                                                       {txt}Root MSE      = {res} .29769

{txt}{ralign 96:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}            log_fi_res_totl_mo{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      t{col 64}   P>|t|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}log_fi_res_totl_mo {c |}
{space 27}L1. {c |}{col 32}{res}{space 2} .8919842{col 44}{space 2} .0267827{col 55}{space 1}   33.30{col 64}{space 3}0.000{col 72}{space 4} .8383922{col 85}{space 3} .9455762
{txt}{space 30} {c |}
{space 10}1.sum_polit11_binary {c |}{col 32}{res}{space 2} .0315178{col 44}{space 2} .0227109{col 55}{space 1}    1.39{col 64}{space 3}0.170{col 72}{space 4}-.0139267{col 85}{space 3} .0769622
{txt}{space 21}cbi_irreg {c |}{col 32}{res}{space 2} .0079486{col 44}{space 2} .0150914{col 55}{space 1}    0.53{col 64}{space 3}0.600{col 72}{space 4}-.0222492{col 85}{space 3} .0381464
{txt}{space 30} {c |}
sum_polit11_binary#c.cbi_irreg {c |}
{space 28}1  {c |}{col 32}{res}{space 2}-.0171055{col 44}{space 2} .0175406{col 55}{space 1}   -0.98{col 64}{space 3}0.333{col 72}{space 4}-.0522043{col 85}{space 3} .0179932
{txt}{space 30} {c |}
{space 23}polity2 {c |}{col 32}{res}{space 2} .0051405{col 44}{space 2} .0019152{col 55}{space 1}    2.68{col 64}{space 3}0.009{col 72}{space 4} .0013083{col 85}{space 3} .0089728
{txt}{space 17}sum_imftotal5 {c |}{col 32}{res}{space 2} .0151099{col 44}{space 2} .0200706{col 55}{space 1}    0.75{col 64}{space 3}0.455{col 72}{space 4}-.0250512{col 85}{space 3} .0552711
{txt}{space 16}ne_imp_gnfs_zs {c |}{col 32}{res}{space 2}  -.00019{col 44}{space 2} .0005731{col 55}{space 1}   -0.33{col 64}{space 3}0.741{col 72}{space 4}-.0013368{col 85}{space 3} .0009568
{txt}{space 17}trade_balance {c |}{col 32}{res}{space 2} .0089804{col 44}{space 2} .0019702{col 55}{space 1}    4.56{col 64}{space 3}0.000{col 72}{space 4} .0050381{col 85}{space 3} .0129228
{txt}{space 18}presidential {c |}{col 32}{res}{space 2} .0096871{col 44}{space 2} .0301071{col 55}{space 1}    0.32{col 64}{space 3}0.749{col 72}{space 4}-.0505571{col 85}{space 3} .0699314
{txt}{space 21}log_gdppc {c |}{col 32}{res}{space 2}-.0434436{col 44}{space 2} .0121828{col 55}{space 1}   -3.57{col 64}{space 3}0.001{col 72}{space 4}-.0678213{col 85}{space 3}-.0190659
{txt}{space 20}gdp_growth {c |}{col 32}{res}{space 2}-.0098787{col 44}{space 2} .0040329{col 55}{space 1}   -2.45{col 64}{space 3}0.017{col 72}{space 4}-.0179486{col 85}{space 3}-.0018088
{txt}{space 23}log_pop {c |}{col 32}{res}{space 2} .0224212{col 44}{space 2}  .007133{col 55}{space 1}    3.14{col 64}{space 3}0.003{col 72}{space 4}  .008148{col 85}{space 3} .0366944
{txt}{space 24}kaopen {c |}{col 32}{res}{space 2}-.0156113{col 44}{space 2} .0070694{col 55}{space 1}   -2.21{col 64}{space 3}0.031{col 72}{space 4}-.0297571{col 85}{space 3}-.0014655
{txt}{space 18}currency_peg {c |}{col 32}{res}{space 2}  .008121{col 44}{space 2} .0215379{col 55}{space 1}    0.38{col 64}{space 3}0.707{col 72}{space 4}-.0349762{col 85}{space 3} .0512183
{txt}{space 15}currency_binary {c |}{col 32}{res}{space 2}-.0956662{col 44}{space 2} .0249887{col 55}{space 1}   -3.83{col 64}{space 3}0.000{col 72}{space 4}-.1456685{col 85}{space 3}-.0456639
{txt}{space 20}time_trend {c |}{col 32}{res}{space 2} .0016917{col 44}{space 2} .0013512{col 55}{space 1}    1.25{col 64}{space 3}0.216{col 72}{space 4}-.0010121{col 85}{space 3} .0043955
{txt}{space 10}north_middle_america {c |}{col 32}{res}{space 2} .0204726{col 44}{space 2} .0628392{col 55}{space 1}    0.33{col 64}{space 3}0.746{col 72}{space 4}-.1052684{col 85}{space 3} .1462135
{txt}{space 17}south_america {c |}{col 32}{res}{space 2} .0326088{col 44}{space 2} .0648916{col 55}{space 1}    0.50{col 64}{space 3}0.617{col 72}{space 4} -.097239{col 85}{space 3} .1624566
{txt}{space 13}east_south_europe {c |}{col 32}{res}{space 2} .0360683{col 44}{space 2} .0532395{col 55}{space 1}    0.68{col 64}{space 3}0.501{col 72}{space 4}-.0704637{col 85}{space 3} .1426004
{txt}{space 11}west_central_europe {c |}{col 32}{res}{space 2}-.0498568{col 44}{space 2} .0518795{col 55}{space 1}   -0.96{col 64}{space 3}0.340{col 72}{space 4}-.1536675{col 85}{space 3} .0539539
{txt}{space 16}central_africa {c |}{col 32}{res}{space 2}-.0452186{col 44}{space 2} .0898751{col 55}{space 1}   -0.50{col 64}{space 3}0.617{col 72}{space 4}-.2250583{col 85}{space 3} .1346212
{txt}{space 15}southern_africa {c |}{col 32}{res}{space 2}-.0417754{col 44}{space 2} .0681155{col 55}{space 1}   -0.61{col 64}{space 3}0.542{col 72}{space 4}-.1780742{col 85}{space 3} .0945233
{txt}{space 26}asia {c |}{col 32}{res}{space 2}-.0089579{col 44}{space 2} .0656832{col 55}{space 1}   -0.14{col 64}{space 3}0.892{col 72}{space 4}-.1403897{col 85}{space 3} .1224739
{txt}{space 15}northern_africa {c |}{col 32}{res}{space 2} .0654333{col 44}{space 2}  .068413{col 55}{space 1}    0.96{col 64}{space 3}0.343{col 72}{space 4}-.0714608{col 85}{space 3} .2023275
{txt}{space 19}australasia {c |}{col 32}{res}{space 2} .0520829{col 44}{space 2} .0392411{col 55}{space 1}    1.33{col 64}{space 3}0.190{col 72}{space 4}-.0264384{col 85}{space 3} .1306042
{txt}{hline 31}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab21
{txt}
{com}. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit11##c.cbi_irreg   polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend north_middle_america south_america east_south_europe west_central_europe central_africa southern_africa asia northern_africa australasia, nocons  vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1477
                                                       {txt}F( 25,    59) ={res} 4244.87
                                                       {txt}Prob > F      = {res} 0.0000
                                                       {txt}R-squared     = {res} 0.9514
                                                       {txt}Root MSE      = {res} .29773

{txt}{ralign 99:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 34}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 35}{c |}{col 47}    Robust
{col 1}               log_fi_res_totl_mo{col 35}{c |}      Coef.{col 47}   Std. Err.{col 59}      t{col 67}   P>|t|{col 75}     [95% Con{col 88}f. Interval]
{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 15}log_fi_res_totl_mo {c |}
{space 30}L1. {c |}{col 35}{res}{space 2} .8920944{col 47}{space 2} .0267069{col 58}{space 1}   33.40{col 67}{space 3}0.000{col 75}{space 4}  .838654{col 88}{space 3} .9455348
{txt}{space 33} {c |}
{space 14}polity_frac_polit11 {c |}{col 35}{res}{space 2} .0363744{col 47}{space 2} .0281156{col 58}{space 1}    1.29{col 67}{space 3}0.201{col 75}{space 4}-.0198849{col 88}{space 3} .0926336
{txt}{space 24}cbi_irreg {c |}{col 35}{res}{space 2}-.0016622{col 47}{space 2} .0155905{col 58}{space 1}   -0.11{col 67}{space 3}0.915{col 75}{space 4}-.0328587{col 88}{space 3} .0295344
{txt}{space 33} {c |}
c.polity_frac_polit11#c.cbi_irreg {c |}{col 35}{res}{space 2}-.0103574{col 47}{space 2} .0263508{col 58}{space 1}   -0.39{col 67}{space 3}0.696{col 75}{space 4}-.0630852{col 88}{space 3} .0423704
{txt}{space 33} {c |}
{space 26}polity2 {c |}{col 35}{res}{space 2} .0047968{col 47}{space 2} .0018876{col 58}{space 1}    2.54{col 67}{space 3}0.014{col 75}{space 4} .0010198{col 88}{space 3} .0085739
{txt}{space 20}sum_imftotal5 {c |}{col 35}{res}{space 2} .0179686{col 47}{space 2} .0202399{col 58}{space 1}    0.89{col 67}{space 3}0.378{col 75}{space 4}-.0225313{col 88}{space 3} .0584685
{txt}{space 19}ne_imp_gnfs_zs {c |}{col 35}{res}{space 2}-.0003324{col 47}{space 2} .0005643{col 58}{space 1}   -0.59{col 67}{space 3}0.558{col 75}{space 4}-.0014617{col 88}{space 3} .0007968
{txt}{space 20}trade_balance {c |}{col 35}{res}{space 2} .0090656{col 47}{space 2} .0020207{col 58}{space 1}    4.49{col 67}{space 3}0.000{col 75}{space 4} .0050222{col 88}{space 3}  .013109
{txt}{space 21}presidential {c |}{col 35}{res}{space 2} .0205428{col 47}{space 2} .0300454{col 58}{space 1}    0.68{col 67}{space 3}0.497{col 75}{space 4}-.0395779{col 88}{space 3} .0806635
{txt}{space 24}log_gdppc {c |}{col 35}{res}{space 2} -.041905{col 47}{space 2} .0118948{col 58}{space 1}   -3.52{col 67}{space 3}0.001{col 75}{space 4}-.0657064{col 88}{space 3}-.0181035
{txt}{space 23}gdp_growth {c |}{col 35}{res}{space 2}-.0098852{col 47}{space 2} .0040002{col 58}{space 1}   -2.47{col 67}{space 3}0.016{col 75}{space 4}-.0178895{col 88}{space 3}-.0018809
{txt}{space 26}log_pop {c |}{col 35}{res}{space 2}  .021514{col 47}{space 2}  .007177{col 58}{space 1}    3.00{col 67}{space 3}0.004{col 75}{space 4} .0071528{col 88}{space 3} .0358752
{txt}{space 27}kaopen {c |}{col 35}{res}{space 2}-.0156596{col 47}{space 2} .0071104{col 58}{space 1}   -2.20{col 67}{space 3}0.032{col 75}{space 4}-.0298875{col 88}{space 3}-.0014316
{txt}{space 21}currency_peg {c |}{col 35}{res}{space 2} .0096694{col 47}{space 2} .0210326{col 58}{space 1}    0.46{col 67}{space 3}0.647{col 75}{space 4}-.0324168{col 88}{space 3} .0517555
{txt}{space 18}currency_binary {c |}{col 35}{res}{space 2}-.0966379{col 47}{space 2} .0252555{col 58}{space 1}   -3.83{col 67}{space 3}0.000{col 75}{space 4}-.1471741{col 88}{space 3}-.0461017
{txt}{space 23}time_trend {c |}{col 35}{res}{space 2} .0018016{col 47}{space 2} .0014318{col 58}{space 1}    1.26{col 67}{space 3}0.213{col 75}{space 4}-.0010633{col 88}{space 3} .0046666
{txt}{space 13}north_middle_america {c |}{col 35}{res}{space 2} .0179626{col 47}{space 2} .0624178{col 58}{space 1}    0.29{col 67}{space 3}0.775{col 75}{space 4}-.1069352{col 88}{space 3} .1428604
{txt}{space 20}south_america {c |}{col 35}{res}{space 2} .0343794{col 47}{space 2} .0643962{col 58}{space 1}    0.53{col 67}{space 3}0.595{col 75}{space 4} -.094477{col 88}{space 3} .1632359
{txt}{space 16}east_south_europe {c |}{col 35}{res}{space 2} .0525284{col 47}{space 2} .0554118{col 58}{space 1}    0.95{col 67}{space 3}0.347{col 75}{space 4}-.0583504{col 88}{space 3} .1634071
{txt}{space 14}west_central_europe {c |}{col 35}{res}{space 2}-.0435542{col 47}{space 2} .0523423{col 58}{space 1}   -0.83{col 67}{space 3}0.409{col 75}{space 4} -.148291{col 88}{space 3} .0611825
{txt}{space 19}central_africa {c |}{col 35}{res}{space 2}-.0425168{col 47}{space 2} .0885069{col 58}{space 1}   -0.48{col 67}{space 3}0.633{col 75}{space 4}-.2196188{col 88}{space 3} .1345852
{txt}{space 18}southern_africa {c |}{col 35}{res}{space 2}-.0389757{col 47}{space 2} .0675813{col 58}{space 1}   -0.58{col 67}{space 3}0.566{col 75}{space 4}-.1742055{col 88}{space 3} .0962541
{txt}{space 29}asia {c |}{col 35}{res}{space 2} -.003009{col 47}{space 2}  .064725{col 58}{space 1}   -0.05{col 67}{space 3}0.963{col 75}{space 4}-.1325234{col 88}{space 3} .1265053
{txt}{space 18}northern_africa {c |}{col 35}{res}{space 2} .0762026{col 47}{space 2} .0660505{col 58}{space 1}    1.15{col 67}{space 3}0.253{col 75}{space 4}-.0559641{col 88}{space 3} .2083692
{txt}{space 22}australasia {c |}{col 35}{res}{space 2} .0548502{col 47}{space 2} .0396137{col 58}{space 1}    1.38{col 67}{space 3}0.171{col 75}{space 4}-.0244166{col 88}{space 3} .1341169
{txt}{hline 34}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab22
{txt}
{com}. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit12_binary##c.cbi_irreg  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend north_middle_america south_america east_south_europe west_central_europe central_africa southern_africa asia northern_africa australasia, nocons  vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1479
                                                       {txt}F( 25,    59) ={res}17361.64
                                                       {txt}Prob > F      = {res} 0.0000
                                                       {txt}R-squared     = {res} 0.9514
                                                       {txt}Root MSE      = {res} .29747

{txt}{ralign 96:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}            log_fi_res_totl_mo{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      t{col 64}   P>|t|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}log_fi_res_totl_mo {c |}
{space 27}L1. {c |}{col 32}{res}{space 2} .8907352{col 44}{space 2} .0273295{col 55}{space 1}   32.59{col 64}{space 3}0.000{col 72}{space 4}  .836049{col 85}{space 3} .9454214
{txt}{space 30} {c |}
{space 10}1.sum_polit12_binary {c |}{col 32}{res}{space 2} .0484721{col 44}{space 2} .0295944{col 55}{space 1}    1.64{col 64}{space 3}0.107{col 72}{space 4}-.0107461{col 85}{space 3} .1076902
{txt}{space 21}cbi_irreg {c |}{col 32}{res}{space 2} .0021236{col 44}{space 2} .0119369{col 55}{space 1}    0.18{col 64}{space 3}0.859{col 72}{space 4}-.0217621{col 85}{space 3} .0260092
{txt}{space 30} {c |}
sum_polit12_binary#c.cbi_irreg {c |}
{space 28}1  {c |}{col 32}{res}{space 2}-.0057273{col 44}{space 2} .0227407{col 55}{space 1}   -0.25{col 64}{space 3}0.802{col 72}{space 4}-.0512314{col 85}{space 3} .0397768
{txt}{space 30} {c |}
{space 23}polity2 {c |}{col 32}{res}{space 2} .0050685{col 44}{space 2} .0019619{col 55}{space 1}    2.58{col 64}{space 3}0.012{col 72}{space 4} .0011427{col 85}{space 3} .0089943
{txt}{space 17}sum_imftotal5 {c |}{col 32}{res}{space 2} .0093099{col 44}{space 2} .0213843{col 55}{space 1}    0.44{col 64}{space 3}0.665{col 72}{space 4}  -.03348{col 85}{space 3} .0520998
{txt}{space 16}ne_imp_gnfs_zs {c |}{col 32}{res}{space 2}-.0003097{col 44}{space 2}  .000562{col 55}{space 1}   -0.55{col 64}{space 3}0.584{col 72}{space 4}-.0014342{col 85}{space 3} .0008149
{txt}{space 17}trade_balance {c |}{col 32}{res}{space 2} .0089508{col 44}{space 2} .0019204{col 55}{space 1}    4.66{col 64}{space 3}0.000{col 72}{space 4} .0051081{col 85}{space 3} .0127935
{txt}{space 18}presidential {c |}{col 32}{res}{space 2}   .02619{col 44}{space 2} .0295321{col 55}{space 1}    0.89{col 64}{space 3}0.379{col 72}{space 4}-.0329035{col 85}{space 3} .0852835
{txt}{space 21}log_gdppc {c |}{col 32}{res}{space 2}-.0406918{col 44}{space 2} .0124546{col 55}{space 1}   -3.27{col 64}{space 3}0.002{col 72}{space 4}-.0656134{col 85}{space 3}-.0157701
{txt}{space 20}gdp_growth {c |}{col 32}{res}{space 2}-.0101028{col 44}{space 2} .0040262{col 55}{space 1}   -2.51{col 64}{space 3}0.015{col 72}{space 4}-.0181591{col 85}{space 3}-.0020465
{txt}{space 23}log_pop {c |}{col 32}{res}{space 2} .0207105{col 44}{space 2} .0074652{col 55}{space 1}    2.77{col 64}{space 3}0.007{col 72}{space 4} .0057727{col 85}{space 3} .0356484
{txt}{space 24}kaopen {c |}{col 32}{res}{space 2}-.0132863{col 44}{space 2} .0065657{col 55}{space 1}   -2.02{col 64}{space 3}0.048{col 72}{space 4}-.0264242{col 85}{space 3}-.0001485
{txt}{space 18}currency_peg {c |}{col 32}{res}{space 2} .0101127{col 44}{space 2} .0210498{col 55}{space 1}    0.48{col 64}{space 3}0.633{col 72}{space 4}-.0320079{col 85}{space 3} .0522333
{txt}{space 15}currency_binary {c |}{col 32}{res}{space 2}-.0987789{col 44}{space 2} .0252526{col 55}{space 1}   -3.91{col 64}{space 3}0.000{col 72}{space 4}-.1493092{col 85}{space 3}-.0482486
{txt}{space 20}time_trend {c |}{col 32}{res}{space 2} .0015418{col 44}{space 2} .0013089{col 55}{space 1}    1.18{col 64}{space 3}0.244{col 72}{space 4}-.0010773{col 85}{space 3}  .004161
{txt}{space 10}north_middle_america {c |}{col 32}{res}{space 2} .0299562{col 44}{space 2} .0646502{col 55}{space 1}    0.46{col 64}{space 3}0.645{col 72}{space 4}-.0994084{col 85}{space 3} .1593209
{txt}{space 17}south_america {c |}{col 32}{res}{space 2} .0436085{col 44}{space 2} .0682308{col 55}{space 1}    0.64{col 64}{space 3}0.525{col 72}{space 4} -.092921{col 85}{space 3}  .180138
{txt}{space 13}east_south_europe {c |}{col 32}{res}{space 2} .0511276{col 44}{space 2} .0552752{col 55}{space 1}    0.92{col 64}{space 3}0.359{col 72}{space 4}-.0594778{col 85}{space 3}  .161733
{txt}{space 11}west_central_europe {c |}{col 32}{res}{space 2}-.0341416{col 44}{space 2}  .052991{col 55}{space 1}   -0.64{col 64}{space 3}0.522{col 72}{space 4}-.1401764{col 85}{space 3} .0718932
{txt}{space 16}central_africa {c |}{col 32}{res}{space 2}-.0307943{col 44}{space 2} .0920565{col 55}{space 1}   -0.33{col 64}{space 3}0.739{col 72}{space 4}-.2149989{col 85}{space 3} .1534103
{txt}{space 15}southern_africa {c |}{col 32}{res}{space 2}-.0023316{col 44}{space 2} .0766636{col 55}{space 1}   -0.03{col 64}{space 3}0.976{col 72}{space 4}-.1557352{col 85}{space 3} .1510719
{txt}{space 26}asia {c |}{col 32}{res}{space 2} .0250858{col 44}{space 2} .0711751{col 55}{space 1}    0.35{col 64}{space 3}0.726{col 72}{space 4}-.1173351{col 85}{space 3} .1675068
{txt}{space 15}northern_africa {c |}{col 32}{res}{space 2} .0968428{col 44}{space 2} .0725703{col 55}{space 1}    1.33{col 64}{space 3}0.187{col 72}{space 4}-.0483701{col 85}{space 3} .2420557
{txt}{space 19}australasia {c |}{col 32}{res}{space 2}  .054691{col 44}{space 2} .0386634{col 55}{space 1}    1.41{col 64}{space 3}0.162{col 72}{space 4}-.0226743{col 85}{space 3} .1320563
{txt}{hline 31}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab23
{txt}
{com}. 
. 
. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit12##c.cbi_irreg  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend north_middle_america south_america east_south_europe west_central_europe central_africa southern_africa asia northern_africa australasia, nocons  vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1477
                                                       {txt}F( 25,    59) ={res}33990.79
                                                       {txt}Prob > F      = {res} 0.0000
                                                       {txt}R-squared     = {res} 0.9515
                                                       {txt}Root MSE      = {res} .29757

{txt}{ralign 99:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 34}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 35}{c |}{col 47}    Robust
{col 1}               log_fi_res_totl_mo{col 35}{c |}      Coef.{col 47}   Std. Err.{col 59}      t{col 67}   P>|t|{col 75}     [95% Con{col 88}f. Interval]
{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 15}log_fi_res_totl_mo {c |}
{space 30}L1. {c |}{col 35}{res}{space 2} .8901498{col 47}{space 2} .0274177{col 58}{space 1}   32.47{col 67}{space 3}0.000{col 75}{space 4} .8352872{col 88}{space 3} .9450125
{txt}{space 33} {c |}
{space 14}polity_frac_polit12 {c |}{col 35}{res}{space 2} .0583715{col 47}{space 2} .0390039{col 58}{space 1}    1.50{col 67}{space 3}0.140{col 75}{space 4}-.0196751{col 88}{space 3}  .136418
{txt}{space 24}cbi_irreg {c |}{col 35}{res}{space 2}-.0028284{col 47}{space 2} .0121649{col 58}{space 1}   -0.23{col 67}{space 3}0.817{col 75}{space 4}-.0271703{col 88}{space 3} .0215135
{txt}{space 33} {c |}
c.polity_frac_polit12#c.cbi_irreg {c |}{col 35}{res}{space 2}  .000424{col 47}{space 2} .0325515{col 58}{space 1}    0.01{col 67}{space 3}0.990{col 75}{space 4}-.0647114{col 88}{space 3} .0655593
{txt}{space 33} {c |}
{space 26}polity2 {c |}{col 35}{res}{space 2} .0048142{col 47}{space 2}  .001938{col 58}{space 1}    2.48{col 67}{space 3}0.016{col 75}{space 4} .0009363{col 88}{space 3} .0086921
{txt}{space 20}sum_imftotal5 {c |}{col 35}{res}{space 2} .0148622{col 47}{space 2}  .020933{col 58}{space 1}    0.71{col 67}{space 3}0.481{col 75}{space 4}-.0270246{col 88}{space 3} .0567491
{txt}{space 19}ne_imp_gnfs_zs {c |}{col 35}{res}{space 2}-.0004232{col 47}{space 2} .0005612{col 58}{space 1}   -0.75{col 67}{space 3}0.454{col 75}{space 4}-.0015462{col 88}{space 3} .0006997
{txt}{space 20}trade_balance {c |}{col 35}{res}{space 2} .0090132{col 47}{space 2} .0020037{col 58}{space 1}    4.50{col 67}{space 3}0.000{col 75}{space 4} .0050038{col 88}{space 3} .0130226
{txt}{space 21}presidential {c |}{col 35}{res}{space 2} .0295956{col 47}{space 2} .0299702{col 58}{space 1}    0.99{col 67}{space 3}0.327{col 75}{space 4}-.0303745{col 88}{space 3} .0895657
{txt}{space 24}log_gdppc {c |}{col 35}{res}{space 2}-.0395186{col 47}{space 2} .0121964{col 58}{space 1}   -3.24{col 67}{space 3}0.002{col 75}{space 4}-.0639234{col 88}{space 3}-.0151137
{txt}{space 23}gdp_growth {c |}{col 35}{res}{space 2} -.010028{col 47}{space 2} .0040178{col 58}{space 1}   -2.50{col 67}{space 3}0.015{col 75}{space 4}-.0180676{col 88}{space 3}-.0019884
{txt}{space 26}log_pop {c |}{col 35}{res}{space 2} .0203207{col 47}{space 2} .0074891{col 58}{space 1}    2.71{col 67}{space 3}0.009{col 75}{space 4}  .005335{col 88}{space 3} .0353064
{txt}{space 27}kaopen {c |}{col 35}{res}{space 2}-.0128892{col 47}{space 2} .0065048{col 58}{space 1}   -1.98{col 67}{space 3}0.052{col 75}{space 4}-.0259053{col 88}{space 3} .0001269
{txt}{space 21}currency_peg {c |}{col 35}{res}{space 2} .0104098{col 47}{space 2}  .020605{col 58}{space 1}    0.51{col 67}{space 3}0.615{col 75}{space 4}-.0308207{col 88}{space 3} .0516403
{txt}{space 18}currency_binary {c |}{col 35}{res}{space 2} -.098638{col 47}{space 2} .0250127{col 58}{space 1}   -3.94{col 67}{space 3}0.000{col 75}{space 4}-.1486883{col 88}{space 3}-.0485877
{txt}{space 23}time_trend {c |}{col 35}{res}{space 2} .0014986{col 47}{space 2} .0013098{col 58}{space 1}    1.14{col 67}{space 3}0.257{col 75}{space 4}-.0011224{col 88}{space 3} .0041195
{txt}{space 13}north_middle_america {c |}{col 35}{res}{space 2} .0319347{col 47}{space 2} .0657274{col 58}{space 1}    0.49{col 67}{space 3}0.629{col 75}{space 4}-.0995855{col 88}{space 3} .1634549
{txt}{space 20}south_america {c |}{col 35}{res}{space 2} .0491288{col 47}{space 2} .0693986{col 58}{space 1}    0.71{col 67}{space 3}0.482{col 75}{space 4}-.0897374{col 88}{space 3}  .187995
{txt}{space 16}east_south_europe {c |}{col 35}{res}{space 2} .0686577{col 47}{space 2} .0590679{col 58}{space 1}    1.16{col 67}{space 3}0.250{col 75}{space 4}-.0495368{col 88}{space 3} .1868523
{txt}{space 14}west_central_europe {c |}{col 35}{res}{space 2}-.0303541{col 47}{space 2} .0534906{col 58}{space 1}   -0.57{col 67}{space 3}0.573{col 75}{space 4}-.1373885{col 88}{space 3} .0766804
{txt}{space 19}central_africa {c |}{col 35}{res}{space 2}-.0271647{col 47}{space 2} .0935678{col 58}{space 1}   -0.29{col 67}{space 3}0.773{col 75}{space 4}-.2143934{col 88}{space 3} .1600641
{txt}{space 18}southern_africa {c |}{col 35}{res}{space 2}-.0024173{col 47}{space 2} .0779006{col 58}{space 1}   -0.03{col 67}{space 3}0.975{col 75}{space 4}-.1582961{col 88}{space 3} .1534614
{txt}{space 29}asia {c |}{col 35}{res}{space 2} .0294354{col 47}{space 2}  .072174{col 58}{space 1}    0.41{col 67}{space 3}0.685{col 75}{space 4}-.1149845{col 88}{space 3} .1738552
{txt}{space 18}northern_africa {c |}{col 35}{res}{space 2} .1011164{col 47}{space 2} .0721226{col 58}{space 1}    1.40{col 67}{space 3}0.166{col 75}{space 4}-.0432005{col 88}{space 3} .2454334
{txt}{space 22}australasia {c |}{col 35}{res}{space 2} .0546308{col 47}{space 2} .0381302{col 58}{space 1}    1.43{col 67}{space 3}0.157{col 75}{space 4}-.0216675{col 88}{space 3} .1309291
{txt}{hline 34}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab24
{txt}
{com}. 
. * Table 32:
. *esttab tab21 tab22 tab23 tab24 using robust_regions6.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. * Tables 33-38: Heckman Selection Models
. 
. 
. * H1: purely political change
. 
. heckman log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit11_binary polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode, select(experience_crisis = log_gdppc gdp_growth kaopen currency_peg trade_balance t t2 t3) twostep
{res}
{txt}Heckman selection model -- two-step estimates   Number of obs      = {res}     2065
{txt}(regression model with sample selection)        Censored obs       = {res}      586
                                                {txt}Uncensored obs     = {res}     1479

                                                {txt}Wald chi2({res}74{txt})      = {res}  8300.94
                                                {txt}Prob > chi2        =    {res}0.0000

{txt}{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 20}{c |}      Coef.{col 32}   Std. Err.{col 44}      z{col 52}   P>|z|{col 60}     [95% Con{col 73}f. Interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}log_fi_res_totl_mo {txt}{c |}
log_fi_res_totl_mo {c |}
{space 15}L1. {c |}{col 20}{res}{space 2} .8054123{col 32}{space 2} .0161966{col 43}{space 1}   49.73{col 52}{space 3}0.000{col 60}{space 4} .7736675{col 73}{space 3} .8371572
{txt}{space 18} {c |}
sum_polit11_binary {c |}{col 20}{res}{space 2} .0561503{col 32}{space 2} .0221337{col 43}{space 1}    2.54{col 52}{space 3}0.011{col 60}{space 4} .0127692{col 73}{space 3} .0995315
{txt}{space 11}polity2 {c |}{col 20}{res}{space 2} .0061275{col 32}{space 2} .0024611{col 43}{space 1}    2.49{col 52}{space 3}0.013{col 60}{space 4} .0013038{col 73}{space 3} .0109512
{txt}{space 5}sum_imftotal5 {c |}{col 20}{res}{space 2}-.0146531{col 32}{space 2} .0259918{col 43}{space 1}   -0.56{col 52}{space 3}0.573{col 60}{space 4}-.0655961{col 73}{space 3} .0362898
{txt}{space 4}ne_imp_gnfs_zs {c |}{col 20}{res}{space 2}-.0033239{col 32}{space 2} .0013954{col 43}{space 1}   -2.38{col 52}{space 3}0.017{col 60}{space 4}-.0060588{col 73}{space 3} -.000589
{txt}{space 5}trade_balance {c |}{col 20}{res}{space 2} .0131998{col 32}{space 2} .0019277{col 43}{space 1}    6.85{col 52}{space 3}0.000{col 60}{space 4} .0094215{col 73}{space 3} .0169781
{txt}{space 9}cbi_irreg {c |}{col 20}{res}{space 2} .0149181{col 32}{space 2} .0148332{col 43}{space 1}    1.01{col 52}{space 3}0.315{col 60}{space 4}-.0141544{col 73}{space 3} .0439907
{txt}{space 6}presidential {c |}{col 20}{res}{space 2} .0879318{col 32}{space 2} .0488055{col 43}{space 1}    1.80{col 52}{space 3}0.072{col 60}{space 4}-.0077252{col 73}{space 3} .1835887
{txt}{space 9}log_gdppc {c |}{col 20}{res}{space 2}-.1175229{col 32}{space 2} .0334196{col 43}{space 1}   -3.52{col 52}{space 3}0.000{col 60}{space 4}-.1830242{col 73}{space 3}-.0520216
{txt}{space 8}gdp_growth {c |}{col 20}{res}{space 2} -.007227{col 32}{space 2} .0022685{col 43}{space 1}   -3.19{col 52}{space 3}0.001{col 60}{space 4}-.0116732{col 73}{space 3}-.0027808
{txt}{space 11}log_pop {c |}{col 20}{res}{space 2} .3113211{col 32}{space 2} .1341701{col 43}{space 1}    2.32{col 52}{space 3}0.020{col 60}{space 4} .0483525{col 73}{space 3} .5742896
{txt}{space 12}kaopen {c |}{col 20}{res}{space 2}-.0279095{col 32}{space 2} .0110149{col 43}{space 1}   -2.53{col 52}{space 3}0.011{col 60}{space 4}-.0494982{col 73}{space 3}-.0063208
{txt}{space 6}currency_peg {c |}{col 20}{res}{space 2} .0011383{col 32}{space 2} .0253258{col 43}{space 1}    0.04{col 52}{space 3}0.964{col 60}{space 4}-.0484994{col 73}{space 3} .0507759
{txt}{space 3}currency_binary {c |}{col 20}{res}{space 2}-.1209499{col 32}{space 2}  .020689{col 43}{space 1}   -5.85{col 52}{space 3}0.000{col 60}{space 4}-.1614996{col 73}{space 3}-.0804002
{txt}{space 8}time_trend {c |}{col 20}{res}{space 2} .0043442{col 32}{space 2} .0037561{col 43}{space 1}    1.16{col 52}{space 3}0.247{col 60}{space 4}-.0030177{col 73}{space 3} .0117061
{txt}{space 18} {c |}
{space 11}cowcode {c |}
{space 15}42  {c |}{col 20}{res}{space 2} .8550139{col 32}{space 2} .5297058{col 43}{space 1}    1.61{col 52}{space 3}0.106{col 60}{space 4}-.1831904{col 73}{space 3} 1.893218
{txt}{space 15}70  {c |}{col 20}{res}{space 2} .2877125{col 32}{space 2} .2002468{col 43}{space 1}    1.44{col 52}{space 3}0.151{col 60}{space 4} -.104764{col 73}{space 3}  .680189
{txt}{space 15}90  {c |}{col 20}{res}{space 2} 1.006737{col 32}{space 2} .5073939{col 43}{space 1}    1.98{col 52}{space 3}0.047{col 60}{space 4} .0122634{col 73}{space 3} 2.001211
{txt}{space 15}91  {c |}{col 20}{res}{space 2} 1.272585{col 32}{space 2}  .593705{col 43}{space 1}    2.14{col 52}{space 3}0.032{col 60}{space 4}  .108945{col 73}{space 3} 2.436226
{txt}{space 15}92  {c |}{col 20}{res}{space 2} 1.204569{col 32}{space 2} .5828714{col 43}{space 1}    2.07{col 52}{space 3}0.039{col 60}{space 4} .0621622{col 73}{space 3} 2.346976
{txt}{space 15}93  {c |}{col 20}{res}{space 2} 1.398098{col 32}{space 2} .6292383{col 43}{space 1}    2.22{col 52}{space 3}0.026{col 60}{space 4} .1648134{col 73}{space 3} 2.631382
{txt}{space 15}94  {c |}{col 20}{res}{space 2} 1.345014{col 32}{space 2} .6350346{col 43}{space 1}    2.12{col 52}{space 3}0.034{col 60}{space 4} .1003694{col 73}{space 3} 2.589659
{txt}{space 14}100  {c |}{col 20}{res}{space 2} .6122982{col 32}{space 2}  .339587{col 43}{space 1}    1.80{col 52}{space 3}0.071{col 60}{space 4}-.0532801{col 73}{space 3} 1.277876
{txt}{space 14}101  {c |}{col 20}{res}{space 2} .8162266{col 32}{space 2} .3871753{col 43}{space 1}    2.11{col 52}{space 3}0.035{col 60}{space 4}  .057377{col 73}{space 3} 1.575076
{txt}{space 14}130  {c |}{col 20}{res}{space 2} .8867431{col 32}{space 2} .4894627{col 43}{space 1}    1.81{col 52}{space 3}0.070{col 60}{space 4}-.0725863{col 73}{space 3} 1.846072
{txt}{space 14}135  {c |}{col 20}{res}{space 2} .8234511{col 32}{space 2}  .392435{col 43}{space 1}    2.10{col 52}{space 3}0.036{col 60}{space 4} .0542927{col 73}{space 3} 1.592609
{txt}{space 14}140  {c |}{col 20}{res}{space 2} .1903829{col 32}{space 2} .1466902{col 43}{space 1}    1.30{col 52}{space 3}0.194{col 60}{space 4}-.0971247{col 73}{space 3} .4778905
{txt}{space 14}145  {c |}{col 20}{res}{space 2} 1.107543{col 32}{space 2} .5565313{col 43}{space 1}    1.99{col 52}{space 3}0.047{col 60}{space 4} .0167614{col 73}{space 3} 2.198324
{txt}{space 14}150  {c |}{col 20}{res}{space 2} 1.252222{col 32}{space 2} .6064496{col 43}{space 1}    2.06{col 52}{space 3}0.039{col 60}{space 4} .0636029{col 73}{space 3} 2.440841
{txt}{space 14}155  {c |}{col 20}{res}{space 2} .9683662{col 32}{space 2} .4408771{col 43}{space 1}    2.20{col 52}{space 3}0.028{col 60}{space 4} .1042629{col 73}{space 3}  1.83247
{txt}{space 14}160  {c |}{col 20}{res}{space 2} .6740299{col 32}{space 2}  .319966{col 43}{space 1}    2.11{col 52}{space 3}0.035{col 60}{space 4} .0469081{col 73}{space 3} 1.301152
{txt}{space 14}165  {c |}{col 20}{res}{space 2} 1.520296{col 32}{space 2} .6329593{col 43}{space 1}    2.40{col 52}{space 3}0.016{col 60}{space 4} .2797187{col 73}{space 3} 2.760873
{txt}{space 14}200  {c |}{col 20}{res}{space 2} .4713091{col 32}{space 2} .2157947{col 43}{space 1}    2.18{col 52}{space 3}0.029{col 60}{space 4} .0483594{col 73}{space 3} .8942589
{txt}{space 14}205  {c |}{col 20}{res}{space 2} 1.209877{col 32}{space 2} .5835308{col 43}{space 1}    2.07{col 52}{space 3}0.038{col 60}{space 4} .0661775{col 73}{space 3} 2.353576
{txt}{space 14}210  {c |}{col 20}{res}{space 2} .8122432{col 32}{space 2} .4277054{col 43}{space 1}    1.90{col 52}{space 3}0.058{col 60}{space 4}-.0260439{col 73}{space 3}  1.65053
{txt}{space 14}211  {c |}{col 20}{res}{space 2}  1.03137{col 32}{space 2} .4505676{col 43}{space 1}    2.29{col 52}{space 3}0.022{col 60}{space 4} .1482735{col 73}{space 3} 1.914466
{txt}{space 14}220  {c |}{col 20}{res}{space 2} .5410688{col 32}{space 2}  .222036{col 43}{space 1}    2.44{col 52}{space 3}0.015{col 60}{space 4} .1058863{col 73}{space 3} .9762513
{txt}{space 14}225  {c |}{col 20}{res}{space 2} 1.427213{col 32}{space 2} .4994493{col 43}{space 1}    2.86{col 52}{space 3}0.004{col 60}{space 4} .4483104{col 73}{space 3} 2.406116
{txt}{space 14}230  {c |}{col 20}{res}{space 2} .6425728{col 32}{space 2} .2801548{col 43}{space 1}    2.29{col 52}{space 3}0.022{col 60}{space 4} .0934794{col 73}{space 3} 1.191666
{txt}{space 14}235  {c |}{col 20}{res}{space 2} 1.280191{col 32}{space 2}  .468688{col 43}{space 1}    2.73{col 52}{space 3}0.006{col 60}{space 4} .3615789{col 73}{space 3} 2.198802
{txt}{space 14}290  {c |}{col 20}{res}{space 2}  .671075{col 32}{space 2} .3222267{col 43}{space 1}    2.08{col 52}{space 3}0.037{col 60}{space 4} .0395224{col 73}{space 3} 1.302628
{txt}{space 14}305  {c |}{col 20}{res}{space 2} 1.158537{col 32}{space 2} .5115179{col 43}{space 1}    2.26{col 52}{space 3}0.024{col 60}{space 4}   .15598{col 73}{space 3} 2.161093
{txt}{space 14}310  {c |}{col 20}{res}{space 2} 1.163538{col 32}{space 2} .4805656{col 43}{space 1}    2.42{col 52}{space 3}0.015{col 60}{space 4} .2216466{col 73}{space 3} 2.105429
{txt}{space 14}325  {c |}{col 20}{res}{space 2} .5543282{col 32}{space 2} .2263093{col 43}{space 1}    2.45{col 52}{space 3}0.014{col 60}{space 4} .1107702{col 73}{space 3} .9978863
{txt}{space 14}350  {c |}{col 20}{res}{space 2} 1.171261{col 32}{space 2} .4564551{col 43}{space 1}    2.57{col 52}{space 3}0.010{col 60}{space 4} .2766252{col 73}{space 3} 2.065896
{txt}{space 14}360  {c |}{col 20}{res}{space 2} .9611368{col 32}{space 2} .4033122{col 43}{space 1}    2.38{col 52}{space 3}0.017{col 60}{space 4} .1706594{col 73}{space 3} 1.751614
{txt}{space 14}365  {c |}{col 20}{res}{space 2} .1552191{col 32}{space 2} .1883528{col 43}{space 1}    0.82{col 52}{space 3}0.410{col 60}{space 4}-.2139457{col 73}{space 3} .5243839
{txt}{space 14}375  {c |}{col 20}{res}{space 2} 1.264639{col 32}{space 2} .5449362{col 43}{space 1}    2.32{col 52}{space 3}0.020{col 60}{space 4} .1965839{col 73}{space 3} 2.332695
{txt}{space 14}380  {c |}{col 20}{res}{space 2} 1.184947{col 32}{space 2} .4579125{col 43}{space 1}    2.59{col 52}{space 3}0.010{col 60}{space 4} .2874548{col 73}{space 3} 2.082439
{txt}{space 14}385  {c |}{col 20}{res}{space 2} 1.556179{col 32}{space 2} .5500575{col 43}{space 1}    2.83{col 52}{space 3}0.005{col 60}{space 4} .4780861{col 73}{space 3} 2.634272
{txt}{space 14}452  {c |}{col 20}{res}{space 2}  .775098{col 32}{space 2} .4702361{col 43}{space 1}    1.65{col 52}{space 3}0.099{col 60}{space 4}-.1465479{col 73}{space 3} 1.696744
{txt}{space 14}475  {c |}{col 20}{res}{space 2} .0068265{col 32}{space 2}  .241637{col 43}{space 1}    0.03{col 52}{space 3}0.977{col 60}{space 4}-.4667734{col 73}{space 3} .4804264
{txt}{space 14}501  {c |}{col 20}{res}{space 2} .4846373{col 32}{space 2} .4118599{col 43}{space 1}    1.18{col 52}{space 3}0.239{col 60}{space 4}-.3225932{col 73}{space 3} 1.291868
{txt}{space 14}551  {c |}{col 20}{res}{space 2} .8336907{col 32}{space 2} .5395203{col 43}{space 1}    1.55{col 52}{space 3}0.122{col 60}{space 4}-.2237497{col 73}{space 3} 1.891131
{txt}{space 14}552  {c |}{col 20}{res}{space 2} .8368978{col 32}{space 2} .5021661{col 43}{space 1}    1.67{col 52}{space 3}0.096{col 60}{space 4}-.1473297{col 73}{space 3} 1.821125
{txt}{space 14}560  {c |}{col 20}{res}{space 2} .4696867{col 32}{space 2} .3086043{col 43}{space 1}    1.52{col 52}{space 3}0.128{col 60}{space 4}-.1351666{col 73}{space 3}  1.07454
{txt}{space 14}590  {c |}{col 20}{res}{space 2} 1.841983{col 32}{space 2} .7791482{col 43}{space 1}    2.36{col 52}{space 3}0.018{col 60}{space 4} .3148801{col 73}{space 3} 3.369085
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{txt}{space 14}616  {c |}{col 20}{res}{space 2} 1.010609{col 32}{space 2} .5195931{col 43}{space 1}    1.94{col 52}{space 3}0.052{col 60}{space 4}-.0077752{col 73}{space 3} 2.028992
{txt}{space 14}640  {c |}{col 20}{res}{space 2}  .536541{col 32}{space 2} .2603476{col 43}{space 1}    2.06{col 52}{space 3}0.039{col 60}{space 4}  .026269{col 73}{space 3} 1.046813
{txt}{space 14}651  {c |}{col 20}{res}{space 2} .6934463{col 32}{space 2}  .282193{col 43}{space 1}    2.46{col 52}{space 3}0.014{col 60}{space 4} .1403582{col 73}{space 3} 1.246534
{txt}{space 14}710  {c |}{col 20}{res}{space 2}-.3625267{col 32}{space 2} .2088989{col 43}{space 1}   -1.74{col 52}{space 3}0.083{col 60}{space 4} -.771961{col 73}{space 3} .0469077
{txt}{space 14}732  {c |}{col 20}{res}{space 2} .5999563{col 32}{space 2} .2773537{col 43}{space 1}    2.16{col 52}{space 3}0.031{col 60}{space 4}  .056353{col 73}{space 3}  1.14356
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{txt}{space 14}750  {c |}{col 20}{res}{space 2}-.5403715{col 32}{space 2} .1761276{col 43}{space 1}   -3.07{col 52}{space 3}0.002{col 60}{space 4}-.8855754{col 73}{space 3}-.1951677
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{txt}{space 14}840  {c |}{col 20}{res}{space 2} .3136333{col 32}{space 2} .2738391{col 43}{space 1}    1.15{col 52}{space 3}0.252{col 60}{space 4}-.2230816{col 73}{space 3} .8503482
{txt}{space 14}850  {c |}{col 20}{res}{space 2} .0181605{col 32}{space 2} .1666692{col 43}{space 1}    0.11{col 52}{space 3}0.913{col 60}{space 4}-.3085051{col 73}{space 3} .3448262
{txt}{space 14}900  {c |}{col 20}{res}{space 2} .9922622{col 32}{space 2} .3737494{col 43}{space 1}    2.65{col 52}{space 3}0.008{col 60}{space 4} .2597269{col 73}{space 3} 1.724798
{txt}{space 14}920  {c |}{col 20}{res}{space 2}  1.43945{col 32}{space 2} .5861998{col 43}{space 1}    2.46{col 52}{space 3}0.014{col 60}{space 4} .2905199{col 73}{space 3} 2.588381
{txt}{space 18} {c |}
{space 13}_cons {c |}{col 20}{res}{space 2}-5.047286{col 32}{space 2} 2.681896{col 43}{space 1}   -1.88{col 52}{space 3}0.060{col 60}{space 4}-10.30371{col 73}{space 3} .2091338
{txt}{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}experience_crisis  {txt}{c |}
{space 9}log_gdppc {c |}{col 20}{res}{space 2}-.0514213{col 32}{space 2} .0371857{col 43}{space 1}   -1.38{col 52}{space 3}0.167{col 60}{space 4}-.1243039{col 73}{space 3} .0214613
{txt}{space 8}gdp_growth {c |}{col 20}{res}{space 2}-.0024964{col 32}{space 2} .0105975{col 43}{space 1}   -0.24{col 52}{space 3}0.814{col 60}{space 4}-.0232671{col 73}{space 3} .0182744
{txt}{space 12}kaopen {c |}{col 20}{res}{space 2}-.2756026{col 32}{space 2} .0352976{col 43}{space 1}   -7.81{col 52}{space 3}0.000{col 60}{space 4}-.3447847{col 73}{space 3}-.2064205
{txt}{space 6}currency_peg {c |}{col 20}{res}{space 2}-.5792791{col 32}{space 2} .0842312{col 43}{space 1}   -6.88{col 52}{space 3}0.000{col 60}{space 4}-.7443691{col 73}{space 3} -.414189
{txt}{space 5}trade_balance {c |}{col 20}{res}{space 2} -.032254{col 32}{space 2}   .00669{col 43}{space 1}   -4.82{col 52}{space 3}0.000{col 60}{space 4}-.0453662{col 73}{space 3}-.0191418
{txt}{space 17}t {c |}{col 20}{res}{space 2} 1.013486{col 32}{space 2} .1414147{col 43}{space 1}    7.17{col 52}{space 3}0.000{col 60}{space 4} .7363184{col 73}{space 3} 1.290654
{txt}{space 16}t2 {c |}{col 20}{res}{space 2}-.0270373{col 32}{space 2} .0047919{col 43}{space 1}   -5.64{col 52}{space 3}0.000{col 60}{space 4}-.0364292{col 73}{space 3}-.0176455
{txt}{space 16}t3 {c |}{col 20}{res}{space 2} .0002507{col 32}{space 2} .0000517{col 43}{space 1}    4.85{col 52}{space 3}0.000{col 60}{space 4} .0001494{col 73}{space 3} .0003519
{txt}{space 13}_cons {c |}{col 20}{res}{space 2}-10.85823{col 32}{space 2}  1.33699{col 43}{space 1}   -8.12{col 52}{space 3}0.000{col 60}{space 4}-13.47869{col 73}{space 3}-8.237783
{txt}{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}mills              {txt}{c |}
{space 12}lambda {c |}{col 20}{res}{space 2} .1405984{col 32}{space 2} .0531156{col 43}{space 1}    2.65{col 52}{space 3}0.008{col 60}{space 4} .0364938{col 73}{space 3}  .244703
{txt}{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
               rho {c |} {res}   0.48375
             {txt}sigma {c |} {res} .29064272
{txt}{hline 19}{c BT}{hline 64}

{com}. 
. est store tab1
{txt}
{com}. 
. heckman log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit12_binary polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode, select(experience_crisis = log_gdppc gdp_growth kaopen currency_peg trade_balance t t2 t3) twostep
{res}
{txt}Heckman selection model -- two-step estimates   Number of obs      = {res}     2065
{txt}(regression model with sample selection)        Censored obs       = {res}      586
                                                {txt}Uncensored obs     = {res}     1479

                                                {txt}Wald chi2({res}74{txt})      = {res}  8306.57
                                                {txt}Prob > chi2        =    {res}0.0000

{txt}{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 20}{c |}      Coef.{col 32}   Std. Err.{col 44}      z{col 52}   P>|z|{col 60}     [95% Con{col 73}f. Interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}log_fi_res_totl_mo {txt}{c |}
log_fi_res_totl_mo {c |}
{space 15}L1. {c |}{col 20}{res}{space 2} .8064425{col 32}{space 2} .0161483{col 43}{space 1}   49.94{col 52}{space 3}0.000{col 60}{space 4} .7747924{col 73}{space 3} .8380925
{txt}{space 18} {c |}
sum_polit12_binary {c |}{col 20}{res}{space 2} .0633255{col 32}{space 2} .0231442{col 43}{space 1}    2.74{col 52}{space 3}0.006{col 60}{space 4} .0179638{col 73}{space 3} .1086872
{txt}{space 11}polity2 {c |}{col 20}{res}{space 2} .0060402{col 32}{space 2} .0024581{col 43}{space 1}    2.46{col 52}{space 3}0.014{col 60}{space 4} .0012225{col 73}{space 3} .0108579
{txt}{space 5}sum_imftotal5 {c |}{col 20}{res}{space 2}-.0220723{col 32}{space 2} .0261597{col 43}{space 1}   -0.84{col 52}{space 3}0.399{col 60}{space 4}-.0733443{col 73}{space 3} .0291998
{txt}{space 4}ne_imp_gnfs_zs {c |}{col 20}{res}{space 2}-.0032143{col 32}{space 2} .0013978{col 43}{space 1}   -2.30{col 52}{space 3}0.021{col 60}{space 4}-.0059539{col 73}{space 3}-.0004746
{txt}{space 5}trade_balance {c |}{col 20}{res}{space 2} .0132833{col 32}{space 2} .0019244{col 43}{space 1}    6.90{col 52}{space 3}0.000{col 60}{space 4} .0095115{col 73}{space 3} .0170552
{txt}{space 9}cbi_irreg {c |}{col 20}{res}{space 2} .0150775{col 32}{space 2} .0148282{col 43}{space 1}    1.02{col 52}{space 3}0.309{col 60}{space 4}-.0139853{col 73}{space 3} .0441402
{txt}{space 6}presidential {c |}{col 20}{res}{space 2} .0998274{col 32}{space 2} .0489642{col 43}{space 1}    2.04{col 52}{space 3}0.041{col 60}{space 4} .0038594{col 73}{space 3} .1957954
{txt}{space 9}log_gdppc {c |}{col 20}{res}{space 2}-.1149885{col 32}{space 2} .0333861{col 43}{space 1}   -3.44{col 52}{space 3}0.001{col 60}{space 4}-.1804241{col 73}{space 3} -.049553
{txt}{space 8}gdp_growth {c |}{col 20}{res}{space 2}-.0073411{col 32}{space 2} .0022681{col 43}{space 1}   -3.24{col 52}{space 3}0.001{col 60}{space 4}-.0117864{col 73}{space 3}-.0028957
{txt}{space 11}log_pop {c |}{col 20}{res}{space 2} .3161386{col 32}{space 2} .1339186{col 43}{space 1}    2.36{col 52}{space 3}0.018{col 60}{space 4}  .053663{col 73}{space 3} .5786142
{txt}{space 12}kaopen {c |}{col 20}{res}{space 2}-.0277077{col 32}{space 2} .0110081{col 43}{space 1}   -2.52{col 52}{space 3}0.012{col 60}{space 4}-.0492832{col 73}{space 3}-.0061323
{txt}{space 6}currency_peg {c |}{col 20}{res}{space 2}-.0017297{col 32}{space 2} .0253694{col 43}{space 1}   -0.07{col 52}{space 3}0.946{col 60}{space 4}-.0514527{col 73}{space 3} .0479934
{txt}{space 3}currency_binary {c |}{col 20}{res}{space 2}-.1222056{col 32}{space 2} .0206718{col 43}{space 1}   -5.91{col 52}{space 3}0.000{col 60}{space 4}-.1627217{col 73}{space 3}-.0816896
{txt}{space 8}time_trend {c |}{col 20}{res}{space 2} .0043348{col 32}{space 2} .0037529{col 43}{space 1}    1.16{col 52}{space 3}0.248{col 60}{space 4}-.0030208{col 73}{space 3} .0116905
{txt}{space 18} {c |}
{space 11}cowcode {c |}
{space 15}42  {c |}{col 20}{res}{space 2} .8631392{col 32}{space 2} .5290415{col 43}{space 1}    1.63{col 52}{space 3}0.103{col 60}{space 4}-.1737631{col 73}{space 3} 1.900042
{txt}{space 15}70  {c |}{col 20}{res}{space 2} .2482111{col 32}{space 2} .2009778{col 43}{space 1}    1.24{col 52}{space 3}0.217{col 60}{space 4}-.1456982{col 73}{space 3} .6421204
{txt}{space 15}90  {c |}{col 20}{res}{space 2} .9814871{col 32}{space 2}   .50769{col 43}{space 1}    1.93{col 52}{space 3}0.053{col 60}{space 4}-.0135669{col 73}{space 3} 1.976541
{txt}{space 15}91  {c |}{col 20}{res}{space 2} 1.253676{col 32}{space 2} .5937011{col 43}{space 1}    2.11{col 52}{space 3}0.035{col 60}{space 4} .0900435{col 73}{space 3} 2.417309
{txt}{space 15}92  {c |}{col 20}{res}{space 2} 1.220723{col 32}{space 2} .5820146{col 43}{space 1}    2.10{col 52}{space 3}0.036{col 60}{space 4} .0799951{col 73}{space 3} 2.361451
{txt}{space 15}93  {c |}{col 20}{res}{space 2} 1.376601{col 32}{space 2} .6292688{col 43}{space 1}    2.19{col 52}{space 3}0.029{col 60}{space 4} .1432572{col 73}{space 3} 2.609946
{txt}{space 15}94  {c |}{col 20}{res}{space 2} 1.324294{col 32}{space 2} .6350105{col 43}{space 1}    2.09{col 52}{space 3}0.037{col 60}{space 4}  .079696{col 73}{space 3} 2.568891
{txt}{space 14}100  {c |}{col 20}{res}{space 2} .6146641{col 32}{space 2} .3392008{col 43}{space 1}    1.81{col 52}{space 3}0.070{col 60}{space 4}-.0501572{col 73}{space 3} 1.279485
{txt}{space 14}101  {c |}{col 20}{res}{space 2} .7868276{col 32}{space 2}  .387502{col 43}{space 1}    2.03{col 52}{space 3}0.042{col 60}{space 4} .0273376{col 73}{space 3} 1.546318
{txt}{space 14}130  {c |}{col 20}{res}{space 2} .8642637{col 32}{space 2} .4896256{col 43}{space 1}    1.77{col 52}{space 3}0.078{col 60}{space 4}-.0953849{col 73}{space 3} 1.823912
{txt}{space 14}135  {c |}{col 20}{res}{space 2} .7964364{col 32}{space 2}  .392744{col 43}{space 1}    2.03{col 52}{space 3}0.043{col 60}{space 4} .0266723{col 73}{space 3} 1.566201
{txt}{space 14}140  {c |}{col 20}{res}{space 2} .1510419{col 32}{space 2} .1479222{col 43}{space 1}    1.02{col 52}{space 3}0.307{col 60}{space 4}-.1388804{col 73}{space 3} .4409641
{txt}{space 14}145  {c |}{col 20}{res}{space 2} 1.082838{col 32}{space 2} .5567317{col 43}{space 1}    1.94{col 52}{space 3}0.052{col 60}{space 4}-.0083357{col 73}{space 3} 2.174012
{txt}{space 14}150  {c |}{col 20}{res}{space 2} 1.239066{col 32}{space 2} .6062524{col 43}{space 1}    2.04{col 52}{space 3}0.041{col 60}{space 4}  .050833{col 73}{space 3} 2.427299
{txt}{space 14}155  {c |}{col 20}{res}{space 2} .9835739{col 32}{space 2}  .440126{col 43}{space 1}    2.23{col 52}{space 3}0.025{col 60}{space 4} .1209429{col 73}{space 3} 1.846205
{txt}{space 14}160  {c |}{col 20}{res}{space 2} .6373009{col 32}{space 2} .3208596{col 43}{space 1}    1.99{col 52}{space 3}0.047{col 60}{space 4} .0084275{col 73}{space 3} 1.266174
{txt}{space 14}165  {c |}{col 20}{res}{space 2} 1.549267{col 32}{space 2} .6316664{col 43}{space 1}    2.45{col 52}{space 3}0.014{col 60}{space 4}  .311224{col 73}{space 3} 2.787311
{txt}{space 14}200  {c |}{col 20}{res}{space 2} .4572933{col 32}{space 2} .2159191{col 43}{space 1}    2.12{col 52}{space 3}0.034{col 60}{space 4} .0340996{col 73}{space 3}  .880487
{txt}{space 14}205  {c |}{col 20}{res}{space 2} 1.186246{col 32}{space 2} .5836301{col 43}{space 1}    2.03{col 52}{space 3}0.042{col 60}{space 4} .0423522{col 73}{space 3}  2.33014
{txt}{space 14}210  {c |}{col 20}{res}{space 2} .7850643{col 32}{space 2} .4279106{col 43}{space 1}    1.83{col 52}{space 3}0.067{col 60}{space 4}-.0536251{col 73}{space 3} 1.623754
{txt}{space 14}211  {c |}{col 20}{res}{space 2} 1.056104{col 32}{space 2} .4492668{col 43}{space 1}    2.35{col 52}{space 3}0.019{col 60}{space 4}  .175557{col 73}{space 3}  1.93665
{txt}{space 14}220  {c |}{col 20}{res}{space 2} .5687845{col 32}{space 2} .2211409{col 43}{space 1}    2.57{col 52}{space 3}0.010{col 60}{space 4} .1353563{col 73}{space 3} 1.002213
{txt}{space 14}225  {c |}{col 20}{res}{space 2} 1.402402{col 32}{space 2} .4995202{col 43}{space 1}    2.81{col 52}{space 3}0.005{col 60}{space 4} .4233606{col 73}{space 3} 2.381444
{txt}{space 14}230  {c |}{col 20}{res}{space 2} .6454706{col 32}{space 2} .2797776{col 43}{space 1}    2.31{col 52}{space 3}0.021{col 60}{space 4} .0971167{col 73}{space 3} 1.193825
{txt}{space 14}235  {c |}{col 20}{res}{space 2} 1.252386{col 32}{space 2}  .469101{col 43}{space 1}    2.67{col 52}{space 3}0.008{col 60}{space 4} .3329651{col 73}{space 3} 2.171807
{txt}{space 14}290  {c |}{col 20}{res}{space 2} .6341309{col 32}{space 2} .3229468{col 43}{space 1}    1.96{col 52}{space 3}0.050{col 60}{space 4} .0011668{col 73}{space 3} 1.267095
{txt}{space 14}305  {c |}{col 20}{res}{space 2} 1.136383{col 32}{space 2} .5115468{col 43}{space 1}    2.22{col 52}{space 3}0.026{col 60}{space 4}   .13377{col 73}{space 3} 2.138997
{txt}{space 14}310  {c |}{col 20}{res}{space 2} 1.150558{col 32}{space 2} .4804852{col 43}{space 1}    2.39{col 52}{space 3}0.017{col 60}{space 4} .2088242{col 73}{space 3} 2.092292
{txt}{space 14}325  {c |}{col 20}{res}{space 2} .5197871{col 32}{space 2} .2273205{col 43}{space 1}    2.29{col 52}{space 3}0.022{col 60}{space 4} .0742471{col 73}{space 3} .9653271
{txt}{space 14}350  {c |}{col 20}{res}{space 2} 1.158838{col 32}{space 2} .4563554{col 43}{space 1}    2.54{col 52}{space 3}0.011{col 60}{space 4} .2643977{col 73}{space 3} 2.053278
{txt}{space 14}360  {c |}{col 20}{res}{space 2} .9457502{col 32}{space 2} .4033611{col 43}{space 1}    2.34{col 52}{space 3}0.019{col 60}{space 4} .1551771{col 73}{space 3} 1.736323
{txt}{space 14}365  {c |}{col 20}{res}{space 2} .1303809{col 32}{space 2} .1889729{col 43}{space 1}    0.69{col 52}{space 3}0.490{col 60}{space 4}-.2399992{col 73}{space 3} .5007611
{txt}{space 14}375  {c |}{col 20}{res}{space 2} 1.245715{col 32}{space 2} .5448717{col 43}{space 1}    2.29{col 52}{space 3}0.022{col 60}{space 4} .1777861{col 73}{space 3} 2.313644
{txt}{space 14}380  {c |}{col 20}{res}{space 2}  1.16011{col 32}{space 2} .4580948{col 43}{space 1}    2.53{col 52}{space 3}0.011{col 60}{space 4} .2622606{col 73}{space 3} 2.057959
{txt}{space 14}385  {c |}{col 20}{res}{space 2} 1.529505{col 32}{space 2} .5502822{col 43}{space 1}    2.78{col 52}{space 3}0.005{col 60}{space 4} .4509713{col 73}{space 3} 2.608038
{txt}{space 14}452  {c |}{col 20}{res}{space 2} .7589737{col 32}{space 2} .4702877{col 43}{space 1}    1.61{col 52}{space 3}0.107{col 60}{space 4}-.1627732{col 73}{space 3} 1.680721
{txt}{space 14}475  {c |}{col 20}{res}{space 2}-.0169408{col 32}{space 2} .2419662{col 43}{space 1}   -0.07{col 52}{space 3}0.944{col 60}{space 4}-.4911857{col 73}{space 3} .4573042
{txt}{space 14}501  {c |}{col 20}{res}{space 2} .5088673{col 32}{space 2} .4110426{col 43}{space 1}    1.24{col 52}{space 3}0.216{col 60}{space 4}-.2967614{col 73}{space 3} 1.314496
{txt}{space 14}551  {c |}{col 20}{res}{space 2}  .846092{col 32}{space 2} .5388204{col 43}{space 1}    1.57{col 52}{space 3}0.116{col 60}{space 4}-.2099766{col 73}{space 3} 1.902161
{txt}{space 14}552  {c |}{col 20}{res}{space 2} .8726646{col 32}{space 2} .5009321{col 43}{space 1}    1.74{col 52}{space 3}0.081{col 60}{space 4}-.1091443{col 73}{space 3} 1.854473
{txt}{space 14}560  {c |}{col 20}{res}{space 2} .4528583{col 32}{space 2} .3086438{col 43}{space 1}    1.47{col 52}{space 3}0.142{col 60}{space 4}-.1520723{col 73}{space 3} 1.057789
{txt}{space 14}590  {c |}{col 20}{res}{space 2} 1.888337{col 32}{space 2} .7771408{col 43}{space 1}    2.43{col 52}{space 3}0.015{col 60}{space 4} .3651694{col 73}{space 3} 3.411505
{txt}{space 14}600  {c |}{col 20}{res}{space 2} .8174365{col 32}{space 2} .3878034{col 43}{space 1}    2.11{col 52}{space 3}0.035{col 60}{space 4} .0573558{col 73}{space 3} 1.577517
{txt}{space 14}615  {c |}{col 20}{res}{space 2}  1.00506{col 32}{space 2}  .457209{col 43}{space 1}    2.20{col 52}{space 3}0.028{col 60}{space 4} .1089472{col 73}{space 3} 1.901174
{txt}{space 14}616  {c |}{col 20}{res}{space 2}  1.04019{col 32}{space 2}   .51828{col 43}{space 1}    2.01{col 52}{space 3}0.045{col 60}{space 4} .0243794{col 73}{space 3}    2.056
{txt}{space 14}640  {c |}{col 20}{res}{space 2} .5123772{col 32}{space 2} .2609361{col 43}{space 1}    1.96{col 52}{space 3}0.050{col 60}{space 4} .0009519{col 73}{space 3} 1.023803
{txt}{space 14}651  {c |}{col 20}{res}{space 2} .6760669{col 32}{space 2} .2821469{col 43}{space 1}    2.40{col 52}{space 3}0.017{col 60}{space 4} .1230692{col 73}{space 3} 1.229065
{txt}{space 14}710  {c |}{col 20}{res}{space 2}-.4108187{col 32}{space 2} .2065113{col 43}{space 1}   -1.99{col 52}{space 3}0.047{col 60}{space 4}-.8155734{col 73}{space 3} -.006064
{txt}{space 14}732  {c |}{col 20}{res}{space 2} .5863366{col 32}{space 2} .2775252{col 43}{space 1}    2.11{col 52}{space 3}0.035{col 60}{space 4} .0423972{col 73}{space 3} 1.130276
{txt}{space 14}740  {c |}{col 20}{res}{space 2} .5123295{col 32}{space 2} .1304548{col 43}{space 1}    3.93{col 52}{space 3}0.000{col 60}{space 4} .2566427{col 73}{space 3} .7680162
{txt}{space 14}750  {c |}{col 20}{res}{space 2}-.5329542{col 32}{space 2} .1761261{col 43}{space 1}   -3.03{col 52}{space 3}0.002{col 60}{space 4} -.878155{col 73}{space 3}-.1877535
{txt}{space 14}780  {c |}{col 20}{res}{space 2} .7718096{col 32}{space 2} .4487903{col 43}{space 1}    1.72{col 52}{space 3}0.085{col 60}{space 4}-.1078033{col 73}{space 3} 1.651422
{txt}{space 14}800  {c |}{col 20}{res}{space 2} .5900328{col 32}{space 2}  .275661{col 43}{space 1}    2.14{col 52}{space 3}0.032{col 60}{space 4} .0497471{col 73}{space 3} 1.130319
{txt}{space 14}820  {c |}{col 20}{res}{space 2} .8782053{col 32}{space 2} .4000515{col 43}{space 1}    2.20{col 52}{space 3}0.028{col 60}{space 4} .0941188{col 73}{space 3} 1.662292
{txt}{space 14}830  {c |}{col 20}{res}{space 2} 1.903236{col 32}{space 2} .6231072{col 43}{space 1}    3.05{col 52}{space 3}0.002{col 60}{space 4} .6819682{col 73}{space 3} 3.124504
{txt}{space 14}840  {c |}{col 20}{res}{space 2}   .31079{col 32}{space 2} .2737321{col 43}{space 1}    1.14{col 52}{space 3}0.256{col 60}{space 4} -.225715{col 73}{space 3} .8472949
{txt}{space 14}850  {c |}{col 20}{res}{space 2} .0423955{col 32}{space 2} .1663528{col 43}{space 1}    0.25{col 52}{space 3}0.799{col 60}{space 4}-.2836501{col 73}{space 3} .3684411
{txt}{space 14}900  {c |}{col 20}{res}{space 2} .9688997{col 32}{space 2} .3738406{col 43}{space 1}    2.59{col 52}{space 3}0.010{col 60}{space 4} .2361856{col 73}{space 3} 1.701614
{txt}{space 14}920  {c |}{col 20}{res}{space 2}   1.4182{col 32}{space 2} .5862146{col 43}{space 1}    2.42{col 52}{space 3}0.016{col 60}{space 4} .2692403{col 73}{space 3} 2.567159
{txt}{space 18} {c |}
{space 13}_cons {c |}{col 20}{res}{space 2}-5.129773{col 32}{space 2} 2.677841{col 43}{space 1}   -1.92{col 52}{space 3}0.055{col 60}{space 4}-10.37824{col 73}{space 3} .1186988
{txt}{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}experience_crisis  {txt}{c |}
{space 9}log_gdppc {c |}{col 20}{res}{space 2}-.0514213{col 32}{space 2} .0371857{col 43}{space 1}   -1.38{col 52}{space 3}0.167{col 60}{space 4}-.1243039{col 73}{space 3} .0214613
{txt}{space 8}gdp_growth {c |}{col 20}{res}{space 2}-.0024964{col 32}{space 2} .0105975{col 43}{space 1}   -0.24{col 52}{space 3}0.814{col 60}{space 4}-.0232671{col 73}{space 3} .0182744
{txt}{space 12}kaopen {c |}{col 20}{res}{space 2}-.2756026{col 32}{space 2} .0352976{col 43}{space 1}   -7.81{col 52}{space 3}0.000{col 60}{space 4}-.3447847{col 73}{space 3}-.2064205
{txt}{space 6}currency_peg {c |}{col 20}{res}{space 2}-.5792791{col 32}{space 2} .0842312{col 43}{space 1}   -6.88{col 52}{space 3}0.000{col 60}{space 4}-.7443691{col 73}{space 3} -.414189
{txt}{space 5}trade_balance {c |}{col 20}{res}{space 2} -.032254{col 32}{space 2}   .00669{col 43}{space 1}   -4.82{col 52}{space 3}0.000{col 60}{space 4}-.0453662{col 73}{space 3}-.0191418
{txt}{space 17}t {c |}{col 20}{res}{space 2} 1.013486{col 32}{space 2} .1414147{col 43}{space 1}    7.17{col 52}{space 3}0.000{col 60}{space 4} .7363184{col 73}{space 3} 1.290654
{txt}{space 16}t2 {c |}{col 20}{res}{space 2}-.0270373{col 32}{space 2} .0047919{col 43}{space 1}   -5.64{col 52}{space 3}0.000{col 60}{space 4}-.0364292{col 73}{space 3}-.0176455
{txt}{space 16}t3 {c |}{col 20}{res}{space 2} .0002507{col 32}{space 2} .0000517{col 43}{space 1}    4.85{col 52}{space 3}0.000{col 60}{space 4} .0001494{col 73}{space 3} .0003519
{txt}{space 13}_cons {c |}{col 20}{res}{space 2}-10.85823{col 32}{space 2}  1.33699{col 43}{space 1}   -8.12{col 52}{space 3}0.000{col 60}{space 4}-13.47869{col 73}{space 3}-8.237783
{txt}{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}mills              {txt}{c |}
{space 12}lambda {c |}{col 20}{res}{space 2} .1433192{col 32}{space 2} .0531289{col 43}{space 1}    2.70{col 52}{space 3}0.007{col 60}{space 4} .0391884{col 73}{space 3}   .24745
{txt}{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
               rho {c |} {res}   0.49263
             {txt}sigma {c |} {res} .29092431
{txt}{hline 19}{c BT}{hline 64}

{com}. 
. est store tab2
{txt}
{com}. 
. heckman log_fi_res_totl_mo l.log_fi_res_totl_mo polity_frac_polit11 polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode, select(experience_crisis = log_gdppc gdp_growth kaopen currency_peg trade_balance t t2 t3) twostep
{res}
{txt}Heckman selection model -- two-step estimates   Number of obs      = {res}     2063
{txt}(regression model with sample selection)        Censored obs       = {res}      586
                                                {txt}Uncensored obs     = {res}     1477

                                                {txt}Wald chi2({res}74{txt})      = {res}  8305.13
                                                {txt}Prob > chi2        =    {res}0.0000

{txt}{hline 20}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 21}{c |}      Coef.{col 33}   Std. Err.{col 45}      z{col 53}   P>|z|{col 61}     [95% Con{col 74}f. Interval]
{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}log_fi_res_totl_mo  {txt}{c |}
{space 1}log_fi_res_totl_mo {c |}
{space 16}L1. {c |}{col 21}{res}{space 2} .8040839{col 33}{space 2} .0162117{col 44}{space 1}   49.60{col 53}{space 3}0.000{col 61}{space 4} .7723096{col 74}{space 3} .8358582
{txt}{space 19} {c |}
polity_frac_polit11 {c |}{col 21}{res}{space 2} .0597169{col 33}{space 2} .0215554{col 44}{space 1}    2.77{col 53}{space 3}0.006{col 61}{space 4}  .017469{col 74}{space 3} .1019647
{txt}{space 12}polity2 {c |}{col 21}{res}{space 2} .0058769{col 33}{space 2} .0024585{col 44}{space 1}    2.39{col 53}{space 3}0.017{col 61}{space 4} .0010583{col 74}{space 3} .0106955
{txt}{space 6}sum_imftotal5 {c |}{col 21}{res}{space 2}-.0139588{col 33}{space 2}  .025986{col 44}{space 1}   -0.54{col 53}{space 3}0.591{col 61}{space 4}-.0648905{col 74}{space 3} .0369729
{txt}{space 5}ne_imp_gnfs_zs {c |}{col 21}{res}{space 2}-.0034479{col 33}{space 2} .0013903{col 44}{space 1}   -2.48{col 53}{space 3}0.013{col 61}{space 4}-.0061728{col 74}{space 3} -.000723
{txt}{space 6}trade_balance {c |}{col 21}{res}{space 2} .0130432{col 33}{space 2} .0019307{col 44}{space 1}    6.76{col 53}{space 3}0.000{col 61}{space 4}  .009259{col 74}{space 3} .0168274
{txt}{space 10}cbi_irreg {c |}{col 21}{res}{space 2} .0130153{col 33}{space 2} .0148312{col 44}{space 1}    0.88{col 53}{space 3}0.380{col 61}{space 4}-.0160534{col 74}{space 3}  .042084
{txt}{space 7}presidential {c |}{col 21}{res}{space 2}  .090359{col 33}{space 2} .0487956{col 44}{space 1}    1.85{col 53}{space 3}0.064{col 61}{space 4}-.0052787{col 74}{space 3} .1859967
{txt}{space 10}log_gdppc {c |}{col 21}{res}{space 2}-.1082606{col 33}{space 2}  .033486{col 44}{space 1}   -3.23{col 53}{space 3}0.001{col 61}{space 4} -.173892{col 74}{space 3}-.0426293
{txt}{space 9}gdp_growth {c |}{col 21}{res}{space 2}-.0074134{col 33}{space 2} .0022707{col 44}{space 1}   -3.26{col 53}{space 3}0.001{col 61}{space 4}-.0118638{col 74}{space 3}-.0029629
{txt}{space 12}log_pop {c |}{col 21}{res}{space 2} .3548999{col 33}{space 2} .1343722{col 44}{space 1}    2.64{col 53}{space 3}0.008{col 61}{space 4} .0915351{col 74}{space 3} .6182646
{txt}{space 13}kaopen {c |}{col 21}{res}{space 2} -.026354{col 33}{space 2} .0110123{col 44}{space 1}   -2.39{col 53}{space 3}0.017{col 61}{space 4}-.0479377{col 74}{space 3}-.0047703
{txt}{space 7}currency_peg {c |}{col 21}{res}{space 2}-.0021855{col 33}{space 2} .0254311{col 44}{space 1}   -0.09{col 53}{space 3}0.932{col 61}{space 4}-.0520297{col 74}{space 3} .0476586
{txt}{space 4}currency_binary {c |}{col 21}{res}{space 2} -.125443{col 33}{space 2} .0207244{col 44}{space 1}   -6.05{col 53}{space 3}0.000{col 61}{space 4} -.166062{col 74}{space 3}-.0848239
{txt}{space 9}time_trend {c |}{col 21}{res}{space 2}  .003336{col 33}{space 2} .0037568{col 44}{space 1}    0.89{col 53}{space 3}0.375{col 61}{space 4}-.0040271{col 74}{space 3} .0106992
{txt}{space 19} {c |}
{space 12}cowcode {c |}
{space 16}42  {c |}{col 21}{res}{space 2} 1.053659{col 33}{space 2}  .530917{col 44}{space 1}    1.98{col 53}{space 3}0.047{col 61}{space 4}  .013081{col 74}{space 3} 2.094237
{txt}{space 16}70  {c |}{col 21}{res}{space 2} .3651308{col 33}{space 2} .2016337{col 44}{space 1}    1.81{col 53}{space 3}0.070{col 61}{space 4} -.030064{col 74}{space 3} .7603257
{txt}{space 16}90  {c |}{col 21}{res}{space 2} 1.206824{col 33}{space 2} .5082092{col 44}{space 1}    2.37{col 53}{space 3}0.018{col 61}{space 4} .2107524{col 74}{space 3} 2.202896
{txt}{space 16}91  {c |}{col 21}{res}{space 2} 1.483431{col 33}{space 2} .5952517{col 44}{space 1}    2.49{col 53}{space 3}0.013{col 61}{space 4}  .316759{col 74}{space 3} 2.650103
{txt}{space 16}92  {c |}{col 21}{res}{space 2} 1.421457{col 33}{space 2} .5843291{col 44}{space 1}    2.43{col 53}{space 3}0.015{col 61}{space 4} .2761926{col 74}{space 3}  2.56672
{txt}{space 16}93  {c |}{col 21}{res}{space 2}  1.62587{col 33}{space 2} .6308109{col 44}{space 1}    2.58{col 53}{space 3}0.010{col 61}{space 4} .3895034{col 74}{space 3} 2.862237
{txt}{space 16}94  {c |}{col 21}{res}{space 2} 1.567298{col 33}{space 2} .6374089{col 44}{space 1}    2.46{col 53}{space 3}0.014{col 61}{space 4} .3179995{col 74}{space 3} 2.816596
{txt}{space 15}100  {c |}{col 21}{res}{space 2} .7378344{col 33}{space 2} .3404256{col 44}{space 1}    2.17{col 53}{space 3}0.030{col 61}{space 4} .0706125{col 74}{space 3} 1.405056
{txt}{space 15}101  {c |}{col 21}{res}{space 2} .9630578{col 33}{space 2} .3893822{col 44}{space 1}    2.47{col 53}{space 3}0.013{col 61}{space 4} .1998827{col 74}{space 3} 1.726233
{txt}{space 15}130  {c |}{col 21}{res}{space 2} 1.070856{col 33}{space 2} .4911638{col 44}{space 1}    2.18{col 53}{space 3}0.029{col 61}{space 4}  .108193{col 74}{space 3}  2.03352
{txt}{space 15}135  {c |}{col 21}{res}{space 2} .9808851{col 33}{space 2} .3944473{col 44}{space 1}    2.49{col 53}{space 3}0.013{col 61}{space 4} .2077825{col 74}{space 3} 1.753988
{txt}{space 15}140  {c |}{col 21}{res}{space 2} .2667213{col 33}{space 2} .1478608{col 44}{space 1}    1.80{col 53}{space 3}0.071{col 61}{space 4}-.0230806{col 74}{space 3} .5565233
{txt}{space 15}145  {c |}{col 21}{res}{space 2} 1.309129{col 33}{space 2}  .557863{col 44}{space 1}    2.35{col 53}{space 3}0.019{col 61}{space 4} .2157375{col 74}{space 3}  2.40252
{txt}{space 15}150  {c |}{col 21}{res}{space 2}  1.47226{col 33}{space 2} .6073683{col 44}{space 1}    2.42{col 53}{space 3}0.015{col 61}{space 4} .2818404{col 74}{space 3}  2.66268
{txt}{space 15}155  {c |}{col 21}{res}{space 2} 1.139982{col 33}{space 2}  .441989{col 44}{space 1}    2.58{col 53}{space 3}0.010{col 61}{space 4} .2736998{col 74}{space 3} 2.006265
{txt}{space 15}160  {c |}{col 21}{res}{space 2} .8158964{col 33}{space 2} .3211235{col 44}{space 1}    2.54{col 53}{space 3}0.011{col 61}{space 4} .1865059{col 74}{space 3} 1.445287
{txt}{space 15}165  {c |}{col 21}{res}{space 2} 1.771782{col 33}{space 2} .6342877{col 44}{space 1}    2.79{col 53}{space 3}0.005{col 61}{space 4} .5286005{col 74}{space 3} 3.014963
{txt}{space 15}200  {c |}{col 21}{res}{space 2} .5455633{col 33}{space 2} .2164075{col 44}{space 1}    2.52{col 53}{space 3}0.012{col 61}{space 4} .1214123{col 74}{space 3} .9697142
{txt}{space 15}205  {c |}{col 21}{res}{space 2} 1.415008{col 33}{space 2} .5843341{col 44}{space 1}    2.42{col 53}{space 3}0.015{col 61}{space 4} .2697347{col 74}{space 3} 2.560282
{txt}{space 15}210  {c |}{col 21}{res}{space 2} .9572558{col 33}{space 2} .4293287{col 44}{space 1}    2.23{col 53}{space 3}0.026{col 61}{space 4} .1157871{col 74}{space 3} 1.798724
{txt}{space 15}211  {c |}{col 21}{res}{space 2} 1.189953{col 33}{space 2} .4507812{col 44}{space 1}    2.64{col 53}{space 3}0.008{col 61}{space 4} .3064381{col 74}{space 3} 2.073468
{txt}{space 15}220  {c |}{col 21}{res}{space 2} .6343526{col 33}{space 2} .2223035{col 44}{space 1}    2.85{col 53}{space 3}0.004{col 61}{space 4} .1986457{col 74}{space 3}  1.07006
{txt}{space 15}225  {c |}{col 21}{res}{space 2} 1.596607{col 33}{space 2}  .501761{col 44}{space 1}    3.18{col 53}{space 3}0.001{col 61}{space 4} .6131737{col 74}{space 3} 2.580041
{txt}{space 15}230  {c |}{col 21}{res}{space 2}   .74657{col 33}{space 2} .2808011{col 44}{space 1}    2.66{col 53}{space 3}0.008{col 61}{space 4}   .19621{col 74}{space 3}  1.29693
{txt}{space 15}235  {c |}{col 21}{res}{space 2} 1.464448{col 33}{space 2} .4693514{col 44}{space 1}    3.12{col 53}{space 3}0.002{col 61}{space 4} .5445365{col 74}{space 3}  2.38436
{txt}{space 15}290  {c |}{col 21}{res}{space 2} .7987324{col 33}{space 2} .3237364{col 44}{space 1}    2.47{col 53}{space 3}0.014{col 61}{space 4} .1642208{col 74}{space 3} 1.433244
{txt}{space 15}305  {c |}{col 21}{res}{space 2} 1.330157{col 33}{space 2} .5134609{col 44}{space 1}    2.59{col 53}{space 3}0.010{col 61}{space 4} .3237925{col 74}{space 3} 2.336522
{txt}{space 15}310  {c |}{col 21}{res}{space 2} 1.340327{col 33}{space 2} .4824183{col 44}{space 1}    2.78{col 53}{space 3}0.005{col 61}{space 4} .3948043{col 74}{space 3} 2.285849
{txt}{space 15}325  {c |}{col 21}{res}{space 2} .6325251{col 33}{space 2} .2268207{col 44}{space 1}    2.79{col 53}{space 3}0.005{col 61}{space 4} .1879648{col 74}{space 3} 1.077085
{txt}{space 15}350  {c |}{col 21}{res}{space 2}  1.33024{col 33}{space 2} .4576861{col 44}{space 1}    2.91{col 53}{space 3}0.004{col 61}{space 4} .4331919{col 74}{space 3} 2.227288
{txt}{space 15}360  {c |}{col 21}{res}{space 2} 1.125931{col 33}{space 2} .4049679{col 44}{space 1}    2.78{col 53}{space 3}0.005{col 61}{space 4} .3322081{col 74}{space 3} 1.919653
{txt}{space 15}365  {c |}{col 21}{res}{space 2} .3027251{col 33}{space 2}  .197111{col 44}{space 1}    1.54{col 53}{space 3}0.125{col 61}{space 4}-.0836052{col 74}{space 3} .6890555
{txt}{space 15}375  {c |}{col 21}{res}{space 2} 1.452149{col 33}{space 2} .5474268{col 44}{space 1}    2.65{col 53}{space 3}0.008{col 61}{space 4} .3792124{col 74}{space 3} 2.525086
{txt}{space 15}380  {c |}{col 21}{res}{space 2}  1.34319{col 33}{space 2} .4595084{col 44}{space 1}    2.92{col 53}{space 3}0.003{col 61}{space 4} .4425699{col 74}{space 3}  2.24381
{txt}{space 15}385  {c |}{col 21}{res}{space 2} 1.741953{col 33}{space 2}  .551215{col 44}{space 1}    3.16{col 53}{space 3}0.002{col 61}{space 4} .6615912{col 74}{space 3} 2.822314
{txt}{space 15}452  {c |}{col 21}{res}{space 2} .9584885{col 33}{space 2} .4713109{col 44}{space 1}    2.03{col 53}{space 3}0.042{col 61}{space 4} .0347362{col 74}{space 3} 1.882241
{txt}{space 15}475  {c |}{col 21}{res}{space 2} .1048134{col 33}{space 2} .2431644{col 44}{space 1}    0.43{col 53}{space 3}0.666{col 61}{space 4}-.3717801{col 74}{space 3} .5814069
{txt}{space 15}501  {c |}{col 21}{res}{space 2} .6497752{col 33}{space 2} .4129479{col 44}{space 1}    1.57{col 53}{space 3}0.116{col 61}{space 4}-.1595879{col 74}{space 3} 1.459138
{txt}{space 15}551  {c |}{col 21}{res}{space 2} 1.025973{col 33}{space 2} .5409018{col 44}{space 1}    1.90{col 53}{space 3}0.058{col 61}{space 4}-.0341751{col 74}{space 3} 2.086121
{txt}{space 15}552  {c |}{col 21}{res}{space 2} 1.031788{col 33}{space 2} .5032026{col 44}{space 1}    2.05{col 53}{space 3}0.040{col 61}{space 4} .0455291{col 74}{space 3} 2.018047
{txt}{space 15}560  {c |}{col 21}{res}{space 2} .5852845{col 33}{space 2} .3106493{col 44}{space 1}    1.88{col 53}{space 3}0.060{col 61}{space 4}-.0235769{col 74}{space 3} 1.194146
{txt}{space 15}590  {c |}{col 21}{res}{space 2} 2.114961{col 33}{space 2} .7801981{col 44}{space 1}    2.71{col 53}{space 3}0.007{col 61}{space 4} .5858012{col 74}{space 3} 3.644122
{txt}{space 15}600  {c |}{col 21}{res}{space 2} .9442782{col 33}{space 2} .3897835{col 44}{space 1}    2.42{col 53}{space 3}0.015{col 61}{space 4} .1803166{col 74}{space 3}  1.70824
{txt}{space 15}615  {c |}{col 21}{res}{space 2} 1.154737{col 33}{space 2} .4588689{col 44}{space 1}    2.52{col 53}{space 3}0.012{col 61}{space 4} .2553708{col 74}{space 3} 2.054104
{txt}{space 15}616  {c |}{col 21}{res}{space 2} 1.231573{col 33}{space 2} .5204043{col 44}{space 1}    2.37{col 53}{space 3}0.018{col 61}{space 4} .2115987{col 74}{space 3} 2.251546
{txt}{space 15}640  {c |}{col 21}{res}{space 2} .6642886{col 33}{space 2} .2609659{col 44}{space 1}    2.55{col 53}{space 3}0.011{col 61}{space 4} .1528049{col 74}{space 3} 1.175772
{txt}{space 15}651  {c |}{col 21}{res}{space 2} .7969764{col 33}{space 2} .2844204{col 44}{space 1}    2.80{col 53}{space 3}0.005{col 61}{space 4} .2395226{col 74}{space 3}  1.35443
{txt}{space 15}710  {c |}{col 21}{res}{space 2}-.3798862{col 33}{space 2} .2080613{col 44}{space 1}   -1.83{col 53}{space 3}0.068{col 61}{space 4}-.7876788{col 74}{space 3} .0279064
{txt}{space 15}732  {c |}{col 21}{res}{space 2} .7376596{col 33}{space 2} .2783042{col 44}{space 1}    2.65{col 53}{space 3}0.008{col 61}{space 4} .1921933{col 74}{space 3} 1.283126
{txt}{space 15}740  {c |}{col 21}{res}{space 2} .5262966{col 33}{space 2} .1309631{col 44}{space 1}    4.02{col 53}{space 3}0.000{col 61}{space 4} .2696136{col 74}{space 3} .7829796
{txt}{space 15}750  {c |}{col 21}{res}{space 2}-.5288063{col 33}{space 2} .1763498{col 44}{space 1}   -3.00{col 53}{space 3}0.003{col 61}{space 4}-.8744456{col 74}{space 3} -.183167
{txt}{space 15}780  {c |}{col 21}{res}{space 2} .9236889{col 33}{space 2} .4506409{col 44}{space 1}    2.05{col 53}{space 3}0.040{col 61}{space 4}  .040449{col 74}{space 3} 1.806929
{txt}{space 15}800  {c |}{col 21}{res}{space 2} .7198763{col 33}{space 2}   .27759{col 44}{space 1}    2.59{col 53}{space 3}0.010{col 61}{space 4} .1758099{col 74}{space 3} 1.263943
{txt}{space 15}820  {c |}{col 21}{res}{space 2} 1.059843{col 33}{space 2} .4022053{col 44}{space 1}    2.64{col 53}{space 3}0.008{col 61}{space 4} .2715352{col 74}{space 3} 1.848151
{txt}{space 15}830  {c |}{col 21}{res}{space 2} 2.165046{col 33}{space 2} .6239073{col 44}{space 1}    3.47{col 53}{space 3}0.001{col 61}{space 4} .9422099{col 74}{space 3} 3.387882
{txt}{space 15}840  {c |}{col 21}{res}{space 2} .4231054{col 33}{space 2} .2754032{col 44}{space 1}    1.54{col 53}{space 3}0.124{col 61}{space 4}-.1166751{col 74}{space 3} .9628858
{txt}{space 15}850  {c |}{col 21}{res}{space 2} .0785697{col 33}{space 2} .1671172{col 44}{space 1}    0.47{col 53}{space 3}0.638{col 61}{space 4} -.248974{col 74}{space 3} .4061133
{txt}{space 15}900  {c |}{col 21}{res}{space 2} 1.122461{col 33}{space 2} .3758283{col 44}{space 1}    2.99{col 53}{space 3}0.003{col 61}{space 4} .3858515{col 74}{space 3} 1.859071
{txt}{space 15}920  {c |}{col 21}{res}{space 2} 1.638158{col 33}{space 2} .5872597{col 44}{space 1}    2.79{col 53}{space 3}0.005{col 61}{space 4} .4871498{col 74}{space 3} 2.789166
{txt}{space 19} {c |}
{space 14}_cons {c |}{col 21}{res}{space 2}-5.952329{col 33}{space 2} 2.688452{col 44}{space 1}   -2.21{col 53}{space 3}0.027{col 61}{space 4} -11.2216{col 74}{space 3}-.6830607
{txt}{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}experience_crisis   {txt}{c |}
{space 10}log_gdppc {c |}{col 21}{res}{space 2}-.0512983{col 33}{space 2}  .037183{col 44}{space 1}   -1.38{col 53}{space 3}0.168{col 61}{space 4}-.1241756{col 74}{space 3}  .021579
{txt}{space 9}gdp_growth {c |}{col 21}{res}{space 2}-.0024183{col 33}{space 2} .0105997{col 44}{space 1}   -0.23{col 53}{space 3}0.820{col 61}{space 4}-.0231933{col 74}{space 3} .0183567
{txt}{space 13}kaopen {c |}{col 21}{res}{space 2}-.2754742{col 33}{space 2} .0352946{col 44}{space 1}   -7.80{col 53}{space 3}0.000{col 61}{space 4}-.3446503{col 74}{space 3}-.2062981
{txt}{space 7}currency_peg {c |}{col 21}{res}{space 2}-.5786558{col 33}{space 2} .0842467{col 44}{space 1}   -6.87{col 53}{space 3}0.000{col 61}{space 4}-.7437764{col 74}{space 3}-.4135352
{txt}{space 6}trade_balance {c |}{col 21}{res}{space 2}-.0322724{col 33}{space 2} .0066894{col 44}{space 1}   -4.82{col 53}{space 3}0.000{col 61}{space 4}-.0453834{col 74}{space 3}-.0191615
{txt}{space 18}t {c |}{col 21}{res}{space 2} 1.014401{col 33}{space 2} .1414721{col 44}{space 1}    7.17{col 53}{space 3}0.000{col 61}{space 4} .7371205{col 74}{space 3} 1.291681
{txt}{space 17}t2 {c |}{col 21}{res}{space 2}-.0270717{col 33}{space 2}  .004794{col 44}{space 1}   -5.65{col 53}{space 3}0.000{col 61}{space 4}-.0364677{col 74}{space 3}-.0176757
{txt}{space 17}t3 {c |}{col 21}{res}{space 2}  .000251{col 33}{space 2} .0000517{col 44}{space 1}    4.86{col 53}{space 3}0.000{col 61}{space 4} .0001497{col 74}{space 3} .0003523
{txt}{space 14}_cons {c |}{col 21}{res}{space 2}-10.86729{col 33}{space 2} 1.337613{col 44}{space 1}   -8.12{col 53}{space 3}0.000{col 61}{space 4}-13.48896{col 74}{space 3}-8.245612
{txt}{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}mills               {txt}{c |}
{space 13}lambda {c |}{col 21}{res}{space 2} .1407757{col 33}{space 2} .0530776{col 44}{space 1}    2.65{col 53}{space 3}0.008{col 61}{space 4} .0367456{col 74}{space 3} .2448059
{txt}{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                rho {c |} {res}   0.48449
              {txt}sigma {c |} {res} .29056699
{txt}{hline 20}{c BT}{hline 64}

{com}. 
. est store tab3
{txt}
{com}. 
. heckman log_fi_res_totl_mo l.log_fi_res_totl_mo polity_frac_polit12 polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode, select(experience_crisis = log_gdppc gdp_growth kaopen currency_peg trade_balance t t2 t3) twostep
{res}
{txt}Heckman selection model -- two-step estimates   Number of obs      = {res}     2063
{txt}(regression model with sample selection)        Censored obs       = {res}      586
                                                {txt}Uncensored obs     = {res}     1477

                                                {txt}Wald chi2({res}74{txt})      = {res}  8307.76
                                                {txt}Prob > chi2        =    {res}0.0000

{txt}{hline 20}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 21}{c |}      Coef.{col 33}   Std. Err.{col 45}      z{col 53}   P>|z|{col 61}     [95% Con{col 74}f. Interval]
{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}log_fi_res_totl_mo  {txt}{c |}
{space 1}log_fi_res_totl_mo {c |}
{space 16}L1. {c |}{col 21}{res}{space 2} .8031735{col 33}{space 2} .0162368{col 44}{space 1}   49.47{col 53}{space 3}0.000{col 61}{space 4} .7713499{col 74}{space 3}  .834997
{txt}{space 19} {c |}
polity_frac_polit12 {c |}{col 21}{res}{space 2} .0716902{col 33}{space 2}  .025209{col 44}{space 1}    2.84{col 53}{space 3}0.004{col 61}{space 4} .0222814{col 74}{space 3}  .121099
{txt}{space 12}polity2 {c |}{col 21}{res}{space 2} .0055229{col 33}{space 2}  .002459{col 44}{space 1}    2.25{col 53}{space 3}0.025{col 61}{space 4} .0007034{col 74}{space 3} .0103425
{txt}{space 6}sum_imftotal5 {c |}{col 21}{res}{space 2}-.0192345{col 33}{space 2} .0260592{col 44}{space 1}   -0.74{col 53}{space 3}0.460{col 61}{space 4}-.0703097{col 74}{space 3} .0318407
{txt}{space 5}ne_imp_gnfs_zs {c |}{col 21}{res}{space 2}-.0032168{col 33}{space 2} .0013962{col 44}{space 1}   -2.30{col 53}{space 3}0.021{col 61}{space 4}-.0059532{col 74}{space 3}-.0004803
{txt}{space 6}trade_balance {c |}{col 21}{res}{space 2} .0131796{col 33}{space 2} .0019273{col 44}{space 1}    6.84{col 53}{space 3}0.000{col 61}{space 4} .0094022{col 74}{space 3} .0169571
{txt}{space 10}cbi_irreg {c |}{col 21}{res}{space 2} .0124603{col 33}{space 2} .0148232{col 44}{space 1}    0.84{col 53}{space 3}0.401{col 61}{space 4}-.0165926{col 74}{space 3} .0415133
{txt}{space 7}presidential {c |}{col 21}{res}{space 2} .1050111{col 33}{space 2} .0491715{col 44}{space 1}    2.14{col 53}{space 3}0.033{col 61}{space 4} .0086368{col 74}{space 3} .2013855
{txt}{space 10}log_gdppc {c |}{col 21}{res}{space 2}-.1076978{col 33}{space 2} .0334855{col 44}{space 1}   -3.22{col 53}{space 3}0.001{col 61}{space 4}-.1733281{col 74}{space 3}-.0420674
{txt}{space 9}gdp_growth {c |}{col 21}{res}{space 2}-.0074017{col 33}{space 2} .0022692{col 44}{space 1}   -3.26{col 53}{space 3}0.001{col 61}{space 4}-.0118493{col 74}{space 3}-.0029541
{txt}{space 12}log_pop {c |}{col 21}{res}{space 2} .3466373{col 33}{space 2} .1344226{col 44}{space 1}    2.58{col 53}{space 3}0.010{col 61}{space 4} .0831739{col 74}{space 3} .6101007
{txt}{space 13}kaopen {c |}{col 21}{res}{space 2}-.0257563{col 33}{space 2} .0110032{col 44}{space 1}   -2.34{col 53}{space 3}0.019{col 61}{space 4}-.0473222{col 74}{space 3}-.0041904
{txt}{space 7}currency_peg {c |}{col 21}{res}{space 2} .0009919{col 33}{space 2} .0254192{col 44}{space 1}    0.04{col 53}{space 3}0.969{col 61}{space 4}-.0488289{col 74}{space 3} .0508127
{txt}{space 4}currency_binary {c |}{col 21}{res}{space 2}-.1255139{col 33}{space 2} .0207238{col 44}{space 1}   -6.06{col 53}{space 3}0.000{col 61}{space 4}-.1661318{col 74}{space 3} -.084896
{txt}{space 9}time_trend {c |}{col 21}{res}{space 2} .0033073{col 33}{space 2} .0037563{col 44}{space 1}    0.88{col 53}{space 3}0.379{col 61}{space 4} -.004055{col 74}{space 3} .0106696
{txt}{space 19} {c |}
{space 12}cowcode {c |}
{space 16}42  {c |}{col 21}{res}{space 2} .9869042{col 33}{space 2} .5310877{col 44}{space 1}    1.86{col 53}{space 3}0.063{col 61}{space 4}-.0540086{col 74}{space 3} 2.027817
{txt}{space 16}70  {c |}{col 21}{res}{space 2} .2977148{col 33}{space 2} .2014878{col 44}{space 1}    1.48{col 53}{space 3}0.140{col 61}{space 4}-.0971941{col 74}{space 3} .6926237
{txt}{space 16}90  {c |}{col 21}{res}{space 2} 1.121755{col 33}{space 2} .5086722{col 44}{space 1}    2.21{col 53}{space 3}0.027{col 61}{space 4} .1247757{col 74}{space 3} 2.118734
{txt}{space 16}91  {c |}{col 21}{res}{space 2} 1.391646{col 33}{space 2} .5957207{col 44}{space 1}    2.34{col 53}{space 3}0.019{col 61}{space 4} .2240549{col 74}{space 3} 2.559237
{txt}{space 16}92  {c |}{col 21}{res}{space 2} 1.355219{col 33}{space 2} .5844325{col 44}{space 1}    2.32{col 53}{space 3}0.020{col 61}{space 4} .2097527{col 74}{space 3} 2.500686
{txt}{space 16}93  {c |}{col 21}{res}{space 2} 1.531387{col 33}{space 2} .6310542{col 44}{space 1}    2.43{col 53}{space 3}0.015{col 61}{space 4} .2945439{col 74}{space 3} 2.768231
{txt}{space 16}94  {c |}{col 21}{res}{space 2} 1.472731{col 33}{space 2} .6375892{col 44}{space 1}    2.31{col 53}{space 3}0.021{col 61}{space 4} .2230794{col 74}{space 3} 2.722383
{txt}{space 15}100  {c |}{col 21}{res}{space 2} .7048821{col 33}{space 2} .3405484{col 44}{space 1}    2.07{col 53}{space 3}0.038{col 61}{space 4} .0374194{col 74}{space 3} 1.372345
{txt}{space 15}101  {c |}{col 21}{res}{space 2} .8922412{col 33}{space 2} .3891257{col 44}{space 1}    2.29{col 53}{space 3}0.022{col 61}{space 4}  .129569{col 74}{space 3} 1.654914
{txt}{space 15}130  {c |}{col 21}{res}{space 2} .9892599{col 33}{space 2} .4912439{col 44}{space 1}    2.01{col 53}{space 3}0.044{col 61}{space 4} .0264396{col 74}{space 3}  1.95208
{txt}{space 15}135  {c |}{col 21}{res}{space 2} .9092365{col 33}{space 2} .3941122{col 44}{space 1}    2.31{col 53}{space 3}0.021{col 61}{space 4} .1367909{col 74}{space 3} 1.681682
{txt}{space 15}140  {c |}{col 21}{res}{space 2} .2120867{col 33}{space 2} .1472952{col 44}{space 1}    1.44{col 53}{space 3}0.150{col 61}{space 4}-.0766066{col 74}{space 3}   .50078
{txt}{space 15}145  {c |}{col 21}{res}{space 2} 1.218122{col 33}{space 2} .5584922{col 44}{space 1}    2.18{col 53}{space 3}0.029{col 61}{space 4} .1234974{col 74}{space 3} 2.312747
{txt}{space 15}150  {c |}{col 21}{res}{space 2} 1.381229{col 33}{space 2} .6081185{col 44}{space 1}    2.27{col 53}{space 3}0.023{col 61}{space 4} .1893382{col 74}{space 3} 2.573119
{txt}{space 15}155  {c |}{col 21}{res}{space 2} 1.095454{col 33}{space 2} .4420193{col 44}{space 1}    2.48{col 53}{space 3}0.013{col 61}{space 4} .2291123{col 74}{space 3} 1.961796
{txt}{space 15}160  {c |}{col 21}{res}{space 2} .7422623{col 33}{space 2} .3211711{col 44}{space 1}    2.31{col 53}{space 3}0.021{col 61}{space 4} .1127785{col 74}{space 3} 1.371746
{txt}{space 15}165  {c |}{col 21}{res}{space 2} 1.704483{col 33}{space 2} .6342998{col 44}{space 1}    2.69{col 53}{space 3}0.007{col 61}{space 4}  .461278{col 74}{space 3} 2.947688
{txt}{space 15}200  {c |}{col 21}{res}{space 2} .5076068{col 33}{space 2} .2165082{col 44}{space 1}    2.34{col 53}{space 3}0.019{col 61}{space 4} .0832586{col 74}{space 3}  .931955
{txt}{space 15}205  {c |}{col 21}{res}{space 2} 1.317845{col 33}{space 2} .5855676{col 44}{space 1}    2.25{col 53}{space 3}0.024{col 61}{space 4} .1701538{col 74}{space 3} 2.465537
{txt}{space 15}210  {c |}{col 21}{res}{space 2} .8786778{col 33}{space 2} .4294316{col 44}{space 1}    2.05{col 53}{space 3}0.041{col 61}{space 4} .0370073{col 74}{space 3} 1.720348
{txt}{space 15}211  {c |}{col 21}{res}{space 2}  1.16115{col 33}{space 2} .4510294{col 44}{space 1}    2.57{col 53}{space 3}0.010{col 61}{space 4} .2771489{col 74}{space 3} 2.045152
{txt}{space 15}220  {c |}{col 21}{res}{space 2} .6209166{col 33}{space 2} .2223066{col 44}{space 1}    2.79{col 53}{space 3}0.005{col 61}{space 4} .1852037{col 74}{space 3}  1.05663
{txt}{space 15}225  {c |}{col 21}{res}{space 2} 1.521376{col 33}{space 2} .5015777{col 44}{space 1}    3.03{col 53}{space 3}0.002{col 61}{space 4} .5383013{col 74}{space 3}  2.50445
{txt}{space 15}230  {c |}{col 21}{res}{space 2} .7111081{col 33}{space 2}  .280999{col 44}{space 1}    2.53{col 53}{space 3}0.011{col 61}{space 4} .1603601{col 74}{space 3} 1.261856
{txt}{space 15}235  {c |}{col 21}{res}{space 2} 1.384278{col 33}{space 2} .4699369{col 44}{space 1}    2.95{col 53}{space 3}0.003{col 61}{space 4} .4632187{col 74}{space 3} 2.305338
{txt}{space 15}290  {c |}{col 21}{res}{space 2}  .727337{col 33}{space 2} .3236466{col 44}{space 1}    2.25{col 53}{space 3}0.025{col 61}{space 4} .0930013{col 74}{space 3} 1.361673
{txt}{space 15}305  {c |}{col 21}{res}{space 2} 1.249394{col 33}{space 2} .5134988{col 44}{space 1}    2.43{col 53}{space 3}0.015{col 61}{space 4} .2429546{col 74}{space 3} 2.255833
{txt}{space 15}310  {c |}{col 21}{res}{space 2} 1.268486{col 33}{space 2} .4824333{col 44}{space 1}    2.63{col 53}{space 3}0.009{col 61}{space 4} .3229345{col 74}{space 3} 2.214038
{txt}{space 15}325  {c |}{col 21}{res}{space 2} .5676984{col 33}{space 2} .2279792{col 44}{space 1}    2.49{col 53}{space 3}0.013{col 61}{space 4} .1208674{col 74}{space 3} 1.014529
{txt}{space 15}350  {c |}{col 21}{res}{space 2} 1.264582{col 33}{space 2} .4580177{col 44}{space 1}    2.76{col 53}{space 3}0.006{col 61}{space 4} .3668842{col 74}{space 3} 2.162281
{txt}{space 15}360  {c |}{col 21}{res}{space 2} 1.069148{col 33}{space 2} .4045741{col 44}{space 1}    2.64{col 53}{space 3}0.008{col 61}{space 4} .2761975{col 74}{space 3} 1.862099
{txt}{space 15}365  {c |}{col 21}{res}{space 2} .2472194{col 33}{space 2} .1966619{col 44}{space 1}    1.26{col 53}{space 3}0.209{col 61}{space 4}-.1382309{col 74}{space 3} .6326697
{txt}{space 15}375  {c |}{col 21}{res}{space 2} 1.373142{col 33}{space 2} .5473367{col 44}{space 1}    2.51{col 53}{space 3}0.012{col 61}{space 4} .3003822{col 74}{space 3} 2.445902
{txt}{space 15}380  {c |}{col 21}{res}{space 2} 1.266761{col 33}{space 2} .4598041{col 44}{space 1}    2.76{col 53}{space 3}0.006{col 61}{space 4} .3655614{col 74}{space 3}  2.16796
{txt}{space 15}385  {c |}{col 21}{res}{space 2} 1.655618{col 33}{space 2} .5520377{col 44}{space 1}    3.00{col 53}{space 3}0.003{col 61}{space 4} .5736438{col 74}{space 3} 2.737592
{txt}{space 15}452  {c |}{col 21}{res}{space 2} .8797171{col 33}{space 2}  .471591{col 44}{space 1}    1.87{col 53}{space 3}0.062{col 61}{space 4}-.0445844{col 74}{space 3} 1.804019
{txt}{space 15}475  {c |}{col 21}{res}{space 2} .0440687{col 33}{space 2} .2428117{col 44}{space 1}    0.18{col 53}{space 3}0.856{col 61}{space 4}-.4318335{col 74}{space 3} .5199708
{txt}{space 15}501  {c |}{col 21}{res}{space 2} .6026812{col 33}{space 2} .4128739{col 44}{space 1}    1.46{col 53}{space 3}0.144{col 61}{space 4}-.2065368{col 74}{space 3} 1.411899
{txt}{space 15}551  {c |}{col 21}{res}{space 2} .9716404{col 33}{space 2} .5409522{col 44}{space 1}    1.80{col 53}{space 3}0.072{col 61}{space 4}-.0886064{col 74}{space 3} 2.031887
{txt}{space 15}552  {c |}{col 21}{res}{space 2} .9940961{col 33}{space 2} .5031637{col 44}{space 1}    1.98{col 53}{space 3}0.048{col 61}{space 4} .0079134{col 74}{space 3} 1.980279
{txt}{space 15}560  {c |}{col 21}{res}{space 2}  .536256{col 33}{space 2} .3101443{col 44}{space 1}    1.73{col 53}{space 3}0.084{col 61}{space 4}-.0716158{col 74}{space 3} 1.144128
{txt}{space 15}590  {c |}{col 21}{res}{space 2} 2.077373{col 33}{space 2} .7803813{col 44}{space 1}    2.66{col 53}{space 3}0.008{col 61}{space 4} .5478535{col 74}{space 3} 3.606892
{txt}{space 15}600  {c |}{col 21}{res}{space 2} .9029733{col 33}{space 2} .3897577{col 44}{space 1}    2.32{col 53}{space 3}0.021{col 61}{space 4} .1390622{col 74}{space 3} 1.666884
{txt}{space 15}615  {c |}{col 21}{res}{space 2} 1.090851{col 33}{space 2} .4583215{col 44}{space 1}    2.38{col 53}{space 3}0.017{col 61}{space 4} .1925578{col 74}{space 3} 1.989145
{txt}{space 15}616  {c |}{col 21}{res}{space 2} 1.157419{col 33}{space 2} .5205817{col 44}{space 1}    2.22{col 53}{space 3}0.026{col 61}{space 4} .1370974{col 74}{space 3}  2.17774
{txt}{space 15}640  {c |}{col 21}{res}{space 2} .6129083{col 33}{space 2} .2607521{col 44}{space 1}    2.35{col 53}{space 3}0.019{col 61}{space 4} .1018435{col 74}{space 3} 1.123973
{txt}{space 15}651  {c |}{col 21}{res}{space 2} .7424987{col 33}{space 2} .2835486{col 44}{space 1}    2.62{col 53}{space 3}0.009{col 61}{space 4} .1867537{col 74}{space 3} 1.298244
{txt}{space 15}710  {c |}{col 21}{res}{space 2}-.4261969{col 33}{space 2} .2064713{col 44}{space 1}   -2.06{col 53}{space 3}0.039{col 61}{space 4}-.8308733{col 74}{space 3}-.0215206
{txt}{space 15}732  {c |}{col 21}{res}{space 2} .6774899{col 33}{space 2} .2780814{col 44}{space 1}    2.44{col 53}{space 3}0.015{col 61}{space 4} .1324603{col 74}{space 3} 1.222519
{txt}{space 15}740  {c |}{col 21}{res}{space 2} .5429276{col 33}{space 2} .1311139{col 44}{space 1}    4.14{col 53}{space 3}0.000{col 61}{space 4} .2859491{col 74}{space 3} .7999061
{txt}{space 15}750  {c |}{col 21}{res}{space 2}-.5346432{col 33}{space 2} .1761412{col 44}{space 1}   -3.04{col 53}{space 3}0.002{col 61}{space 4}-.8798736{col 74}{space 3}-.1894128
{txt}{space 15}780  {c |}{col 21}{res}{space 2} .8801687{col 33}{space 2} .4507197{col 44}{space 1}    1.95{col 53}{space 3}0.051{col 61}{space 4}-.0032256{col 74}{space 3} 1.763563
{txt}{space 15}800  {c |}{col 21}{res}{space 2}  .661228{col 33}{space 2} .2770208{col 44}{space 1}    2.39{col 53}{space 3}0.017{col 61}{space 4} .1182772{col 74}{space 3} 1.204179
{txt}{space 15}820  {c |}{col 21}{res}{space 2} .9780452{col 33}{space 2} .4019883{col 44}{space 1}    2.43{col 53}{space 3}0.015{col 61}{space 4} .1901628{col 74}{space 3} 1.765928
{txt}{space 15}830  {c |}{col 21}{res}{space 2} 2.044536{col 33}{space 2} .6247986{col 44}{space 1}    3.27{col 53}{space 3}0.001{col 61}{space 4} .8199536{col 74}{space 3} 3.269119
{txt}{space 15}840  {c |}{col 21}{res}{space 2} .3745163{col 33}{space 2} .2750353{col 44}{space 1}    1.36{col 53}{space 3}0.173{col 61}{space 4}-.1645431{col 74}{space 3} .9135756
{txt}{space 15}850  {c |}{col 21}{res}{space 2} .0796221{col 33}{space 2} .1671253{col 44}{space 1}    0.48{col 53}{space 3}0.634{col 61}{space 4}-.2479374{col 74}{space 3} .4071816
{txt}{space 15}900  {c |}{col 21}{res}{space 2} 1.061234{col 33}{space 2} .3754426{col 44}{space 1}    2.83{col 53}{space 3}0.005{col 61}{space 4} .3253803{col 74}{space 3} 1.797088
{txt}{space 15}920  {c |}{col 21}{res}{space 2} 1.551504{col 33}{space 2} .5880425{col 44}{space 1}    2.64{col 53}{space 3}0.008{col 61}{space 4} .3989619{col 74}{space 3} 2.704046
{txt}{space 19} {c |}
{space 14}_cons {c |}{col 21}{res}{space 2}-5.754718{col 33}{space 2} 2.688924{col 44}{space 1}   -2.14{col 53}{space 3}0.032{col 61}{space 4}-11.02491{col 74}{space 3}-.4845234
{txt}{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}experience_crisis   {txt}{c |}
{space 10}log_gdppc {c |}{col 21}{res}{space 2}-.0512983{col 33}{space 2}  .037183{col 44}{space 1}   -1.38{col 53}{space 3}0.168{col 61}{space 4}-.1241756{col 74}{space 3}  .021579
{txt}{space 9}gdp_growth {c |}{col 21}{res}{space 2}-.0024183{col 33}{space 2} .0105997{col 44}{space 1}   -0.23{col 53}{space 3}0.820{col 61}{space 4}-.0231933{col 74}{space 3} .0183567
{txt}{space 13}kaopen {c |}{col 21}{res}{space 2}-.2754742{col 33}{space 2} .0352946{col 44}{space 1}   -7.80{col 53}{space 3}0.000{col 61}{space 4}-.3446503{col 74}{space 3}-.2062981
{txt}{space 7}currency_peg {c |}{col 21}{res}{space 2}-.5786558{col 33}{space 2} .0842467{col 44}{space 1}   -6.87{col 53}{space 3}0.000{col 61}{space 4}-.7437764{col 74}{space 3}-.4135352
{txt}{space 6}trade_balance {c |}{col 21}{res}{space 2}-.0322724{col 33}{space 2} .0066894{col 44}{space 1}   -4.82{col 53}{space 3}0.000{col 61}{space 4}-.0453834{col 74}{space 3}-.0191615
{txt}{space 18}t {c |}{col 21}{res}{space 2} 1.014401{col 33}{space 2} .1414721{col 44}{space 1}    7.17{col 53}{space 3}0.000{col 61}{space 4} .7371205{col 74}{space 3} 1.291681
{txt}{space 17}t2 {c |}{col 21}{res}{space 2}-.0270717{col 33}{space 2}  .004794{col 44}{space 1}   -5.65{col 53}{space 3}0.000{col 61}{space 4}-.0364677{col 74}{space 3}-.0176757
{txt}{space 17}t3 {c |}{col 21}{res}{space 2}  .000251{col 33}{space 2} .0000517{col 44}{space 1}    4.86{col 53}{space 3}0.000{col 61}{space 4} .0001497{col 74}{space 3} .0003523
{txt}{space 14}_cons {c |}{col 21}{res}{space 2}-10.86729{col 33}{space 2} 1.337613{col 44}{space 1}   -8.12{col 53}{space 3}0.000{col 61}{space 4}-13.48896{col 74}{space 3}-8.245612
{txt}{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}mills               {txt}{c |}
{space 13}lambda {c |}{col 21}{res}{space 2} .1386177{col 33}{space 2} .0530432{col 44}{space 1}    2.61{col 53}{space 3}0.009{col 61}{space 4} .0346549{col 74}{space 3} .2425805
{txt}{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                rho {c |} {res}   0.47760
              {txt}sigma {c |} {res} .29024065
{txt}{hline 20}{c BT}{hline 64}

{com}. 
. est store tab4
{txt}
{com}. 
. 
. * Table 33:
. **esttab tab1 tab2 tab3 tab4 using robust_heckman.tex, b(%8.3f) se(%8.3f) title("Log Reserves in Months of Imports - Heckman Selection") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. * H2: multiple currency crises
. 
. heckman log_fi_res_totl_mo lag_log_fi_res_totl_mo sum_polit11_binary##c.crises_reg_yr1_nor polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode, select(experience_crisis = log_gdppc gdp_growth kaopen currency_peg trade_balance t t2 t3) twostep
{res}
{txt}Heckman selection model -- two-step estimates   Number of obs      = {res}     2065
{txt}(regression model with sample selection)        Censored obs       = {res}      586
                                                {txt}Uncensored obs     = {res}     1479

                                                {txt}Wald chi2({res}76{txt})      = {res}  8314.68
                                                {txt}Prob > chi2        =    {res}0.0000

{txt}{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      z{col 73}   P>|z|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}log_fi_res_totl_mo                      {txt}{c |}
{space 17}lag_log_fi_res_totl_mo {c |}{col 41}{res}{space 2} .8040506{col 53}{space 2} .0162208{col 64}{space 1}   49.57{col 73}{space 3}0.000{col 81}{space 4} .7722583{col 94}{space 3} .8358429
{txt}{space 19}1.sum_polit11_binary {c |}{col 41}{res}{space 2} .0288942{col 53}{space 2} .0312799{col 64}{space 1}    0.92{col 73}{space 3}0.356{col 81}{space 4}-.0324132{col 94}{space 3} .0902016
{txt}{space 21}crises_reg_yr1_nor {c |}{col 41}{res}{space 2}-.0121096{col 53}{space 2} .0092344{col 64}{space 1}   -1.31{col 73}{space 3}0.190{col 81}{space 4}-.0302086{col 94}{space 3} .0059894
{txt}{space 39} {c |}
sum_polit11_binary#c.crises_reg_yr1_nor {c |}
{space 37}1  {c |}{col 41}{res}{space 2} .0118375{col 53}{space 2} .0095564{col 64}{space 1}    1.24{col 73}{space 3}0.215{col 81}{space 4}-.0068927{col 94}{space 3} .0305678
{txt}{space 39} {c |}
{space 32}polity2 {c |}{col 41}{res}{space 2} .0058385{col 53}{space 2} .0025033{col 64}{space 1}    2.33{col 73}{space 3}0.020{col 81}{space 4}  .000932{col 94}{space 3} .0107449
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2}-.0170818{col 53}{space 2} .0260358{col 64}{space 1}   -0.66{col 73}{space 3}0.512{col 81}{space 4} -.068111{col 94}{space 3} .0339474
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2}-.0034246{col 53}{space 2}  .001397{col 64}{space 1}   -2.45{col 73}{space 3}0.014{col 81}{space 4}-.0061627{col 94}{space 3}-.0006865
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} .0130621{col 53}{space 2} .0019305{col 64}{space 1}    6.77{col 73}{space 3}0.000{col 81}{space 4} .0092783{col 94}{space 3} .0168458
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2} .0153197{col 53}{space 2}  .014872{col 64}{space 1}    1.03{col 73}{space 3}0.303{col 81}{space 4}-.0138289{col 94}{space 3} .0444682
{txt}{space 27}presidential {c |}{col 41}{res}{space 2} .0902099{col 53}{space 2} .0488349{col 64}{space 1}    1.85{col 73}{space 3}0.065{col 81}{space 4}-.0055048{col 94}{space 3} .1859246
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2}-.1197971{col 53}{space 2} .0334585{col 64}{space 1}   -3.58{col 73}{space 3}0.000{col 81}{space 4}-.1853745{col 94}{space 3}-.0542197
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0070594{col 53}{space 2} .0022686{col 64}{space 1}   -3.11{col 73}{space 3}0.002{col 81}{space 4}-.0115058{col 94}{space 3}-.0026131
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2} .2930349{col 53}{space 2} .1348222{col 64}{space 1}    2.17{col 73}{space 3}0.030{col 81}{space 4} .0287883{col 94}{space 3} .5572816
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0275968{col 53}{space 2} .0110389{col 64}{space 1}   -2.50{col 73}{space 3}0.012{col 81}{space 4}-.0492326{col 94}{space 3} -.005961
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2} .0003739{col 53}{space 2} .0254489{col 64}{space 1}    0.01{col 73}{space 3}0.988{col 81}{space 4}-.0495051{col 94}{space 3} .0502529
{txt}{space 24}currency_binary {c |}{col 41}{res}{space 2}-.1193299{col 53}{space 2} .0207102{col 64}{space 1}   -5.76{col 73}{space 3}0.000{col 81}{space 4}-.1599212{col 94}{space 3}-.0787386
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2} .0047955{col 53}{space 2} .0037742{col 64}{space 1}    1.27{col 73}{space 3}0.204{col 81}{space 4}-.0026017{col 94}{space 3} .0121928
{txt}{space 39} {c |}
{space 32}cowcode {c |}
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{txt}{space 36}70  {c |}{col 41}{res}{space 2} .2532792{col 53}{space 2} .2016355{col 64}{space 1}    1.26{col 73}{space 3}0.209{col 81}{space 4}-.1419191{col 94}{space 3} .6484774
{txt}{space 36}90  {c |}{col 41}{res}{space 2} .9433487{col 53}{space 2} .5092393{col 64}{space 1}    1.85{col 73}{space 3}0.064{col 81}{space 4} -.054742{col 94}{space 3} 1.941439
{txt}{space 36}91  {c |}{col 41}{res}{space 2} 1.179958{col 53}{space 2} .5972714{col 64}{space 1}    1.98{col 73}{space 3}0.048{col 81}{space 4} .0093273{col 94}{space 3} 2.350588
{txt}{space 36}92  {c |}{col 41}{res}{space 2} 1.120798{col 53}{space 2} .5858109{col 64}{space 1}    1.91{col 73}{space 3}0.056{col 81}{space 4}-.0273704{col 94}{space 3} 2.268966
{txt}{space 36}93  {c |}{col 41}{res}{space 2} 1.304923{col 53}{space 2} .6326599{col 64}{space 1}    2.06{col 73}{space 3}0.039{col 81}{space 4} .0649325{col 94}{space 3} 2.544914
{txt}{space 36}94  {c |}{col 41}{res}{space 2} 1.250286{col 53}{space 2} .6385394{col 64}{space 1}    1.96{col 73}{space 3}0.050{col 81}{space 4}-.0012282{col 94}{space 3}   2.5018
{txt}{space 35}100  {c |}{col 41}{res}{space 2} .5729494{col 53}{space 2} .3407567{col 64}{space 1}    1.68{col 73}{space 3}0.093{col 81}{space 4}-.0949216{col 94}{space 3}  1.24082
{txt}{space 35}101  {c |}{col 41}{res}{space 2} .7851783{col 53}{space 2}  .388256{col 64}{space 1}    2.02{col 73}{space 3}0.043{col 81}{space 4} .0242106{col 94}{space 3} 1.546146
{txt}{space 35}130  {c |}{col 41}{res}{space 2} .8375797{col 53}{space 2} .4905728{col 64}{space 1}    1.71{col 73}{space 3}0.088{col 81}{space 4}-.1239254{col 94}{space 3} 1.799085
{txt}{space 35}135  {c |}{col 41}{res}{space 2}  .781105{col 53}{space 2} .3935851{col 64}{space 1}    1.98{col 73}{space 3}0.047{col 81}{space 4} .0096925{col 94}{space 3} 1.552518
{txt}{space 35}140  {c |}{col 41}{res}{space 2} .1789442{col 53}{space 2} .1474156{col 64}{space 1}    1.21{col 73}{space 3}0.225{col 81}{space 4}-.1099852{col 94}{space 3} .4678735
{txt}{space 35}145  {c |}{col 41}{res}{space 2} 1.044266{col 53}{space 2} .5589086{col 64}{space 1}    1.87{col 73}{space 3}0.062{col 81}{space 4}-.0511745{col 94}{space 3} 2.139707
{txt}{space 35}150  {c |}{col 41}{res}{space 2} 1.185577{col 53}{space 2} .6081215{col 64}{space 1}    1.95{col 73}{space 3}0.051{col 81}{space 4}-.0063197{col 94}{space 3} 2.377473
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{txt}{space 35}200  {c |}{col 41}{res}{space 2} .4574468{col 53}{space 2} .2160897{col 64}{space 1}    2.12{col 73}{space 3}0.034{col 81}{space 4} .0339188{col 94}{space 3} .8809749
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{txt}{space 35}220  {c |}{col 41}{res}{space 2}  .520672{col 53}{space 2} .2235238{col 64}{space 1}    2.33{col 73}{space 3}0.020{col 81}{space 4} .0825735{col 94}{space 3} .9587706
{txt}{space 35}225  {c |}{col 41}{res}{space 2} 1.373032{col 53}{space 2} .5007679{col 64}{space 1}    2.74{col 73}{space 3}0.006{col 81}{space 4} .3915453{col 94}{space 3}  2.35452
{txt}{space 35}230  {c |}{col 41}{res}{space 2} .6205153{col 53}{space 2} .2810093{col 64}{space 1}    2.21{col 73}{space 3}0.027{col 81}{space 4} .0697471{col 94}{space 3} 1.171283
{txt}{space 35}235  {c |}{col 41}{res}{space 2} 1.225095{col 53}{space 2} .4701475{col 64}{space 1}    2.61{col 73}{space 3}0.009{col 81}{space 4} .3036227{col 94}{space 3} 2.146567
{txt}{space 35}290  {c |}{col 41}{res}{space 2} .6371596{col 53}{space 2} .3229729{col 64}{space 1}    1.97{col 73}{space 3}0.049{col 81}{space 4} .0041444{col 94}{space 3} 1.270175
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{txt}{space 35}365  {c |}{col 41}{res}{space 2} .1413951{col 53}{space 2} .1885692{col 64}{space 1}    0.75{col 73}{space 3}0.453{col 81}{space 4}-.2281938{col 94}{space 3}  .510984
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{txt}{space 35}452  {c |}{col 41}{res}{space 2} .7088487{col 53}{space 2} .4726424{col 64}{space 1}    1.50{col 73}{space 3}0.134{col 81}{space 4}-.2175133{col 94}{space 3} 1.635211
{txt}{space 35}475  {c |}{col 41}{res}{space 2}-.0311284{col 53}{space 2} .2430385{col 64}{space 1}   -0.13{col 73}{space 3}0.898{col 81}{space 4}-.5074752{col 94}{space 3} .4452184
{txt}{space 35}501  {c |}{col 41}{res}{space 2} .4279123{col 53}{space 2} .4136412{col 64}{space 1}    1.03{col 73}{space 3}0.301{col 81}{space 4}-.3828096{col 94}{space 3} 1.238634
{txt}{space 35}551  {c |}{col 41}{res}{space 2} .7665049{col 53}{space 2} .5413895{col 64}{space 1}    1.42{col 73}{space 3}0.157{col 81}{space 4} -.294599{col 94}{space 3} 1.827609
{txt}{space 35}552  {c |}{col 41}{res}{space 2} .7717667{col 53}{space 2} .5041085{col 64}{space 1}    1.53{col 73}{space 3}0.126{col 81}{space 4}-.2162678{col 94}{space 3} 1.759801
{txt}{space 35}560  {c |}{col 41}{res}{space 2} .4353584{col 53}{space 2}  .309453{col 64}{space 1}    1.41{col 73}{space 3}0.159{col 81}{space 4}-.1711585{col 94}{space 3} 1.041875
{txt}{space 35}590  {c |}{col 41}{res}{space 2} 1.746069{col 53}{space 2} .7819693{col 64}{space 1}    2.23{col 73}{space 3}0.026{col 81}{space 4} .2134369{col 94}{space 3}   3.2787
{txt}{space 35}600  {c |}{col 41}{res}{space 2} .7354847{col 53}{space 2} .3903146{col 64}{space 1}    1.88{col 73}{space 3}0.060{col 81}{space 4}-.0295178{col 94}{space 3} 1.500487
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{txt}{space 35}616  {c |}{col 41}{res}{space 2} .9421902{col 53}{space 2} .5217562{col 64}{space 1}    1.81{col 73}{space 3}0.071{col 81}{space 4}-.0804332{col 94}{space 3} 1.964814
{txt}{space 35}640  {c |}{col 41}{res}{space 2} .5083454{col 53}{space 2} .2613228{col 64}{space 1}    1.95{col 73}{space 3}0.052{col 81}{space 4}-.0038378{col 94}{space 3} 1.020529
{txt}{space 35}651  {c |}{col 41}{res}{space 2} .6476836{col 53}{space 2} .2839397{col 64}{space 1}    2.28{col 73}{space 3}0.023{col 81}{space 4} .0911721{col 94}{space 3} 1.204195
{txt}{space 35}710  {c |}{col 41}{res}{space 2} -.365563{col 53}{space 2} .2093933{col 64}{space 1}   -1.75{col 73}{space 3}0.081{col 81}{space 4}-.7759663{col 94}{space 3} .0448403
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{txt}{space 35}740  {c |}{col 41}{res}{space 2} .4819667{col 53}{space 2} .1310234{col 64}{space 1}    3.68{col 73}{space 3}0.000{col 81}{space 4} .2251656{col 94}{space 3} .7387679
{txt}{space 35}750  {c |}{col 41}{res}{space 2}-.5253257{col 53}{space 2} .1763797{col 64}{space 1}   -2.98{col 73}{space 3}0.003{col 81}{space 4}-.8710236{col 94}{space 3}-.1796279
{txt}{space 35}780  {c |}{col 41}{res}{space 2} .7004457{col 53}{space 2} .4512502{col 64}{space 1}    1.55{col 73}{space 3}0.121{col 81}{space 4}-.1839884{col 94}{space 3}  1.58488
{txt}{space 35}800  {c |}{col 41}{res}{space 2} .5913939{col 53}{space 2} .2759674{col 64}{space 1}    2.14{col 73}{space 3}0.032{col 81}{space 4} .0505077{col 94}{space 3}  1.13228
{txt}{space 35}820  {c |}{col 41}{res}{space 2} .9035912{col 53}{space 2} .3998257{col 64}{space 1}    2.26{col 73}{space 3}0.024{col 81}{space 4} .1199473{col 94}{space 3} 1.687235
{txt}{space 35}830  {c |}{col 41}{res}{space 2} 1.920174{col 53}{space 2}  .622758{col 64}{space 1}    3.08{col 73}{space 3}0.002{col 81}{space 4} .6995907{col 94}{space 3} 3.140757
{txt}{space 35}840  {c |}{col 41}{res}{space 2} .2868573{col 53}{space 2} .2743872{col 64}{space 1}    1.05{col 73}{space 3}0.296{col 81}{space 4}-.2509317{col 94}{space 3} .8246464
{txt}{space 35}850  {c |}{col 41}{res}{space 2} .0079525{col 53}{space 2} .1673035{col 64}{space 1}    0.05{col 73}{space 3}0.962{col 81}{space 4}-.3199564{col 94}{space 3} .3358614
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{txt}{space 39} {c |}
{space 34}_cons {c |}{col 41}{res}{space 2}-4.652615{col 53}{space 2} 2.696608{col 64}{space 1}   -1.73{col 73}{space 3}0.084{col 81}{space 4} -9.93787{col 94}{space 3} .6326389
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}experience_crisis                       {txt}{c |}
{space 30}log_gdppc {c |}{col 41}{res}{space 2}-.0514213{col 53}{space 2} .0371857{col 64}{space 1}   -1.38{col 73}{space 3}0.167{col 81}{space 4}-.1243039{col 94}{space 3} .0214613
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0024964{col 53}{space 2} .0105975{col 64}{space 1}   -0.24{col 73}{space 3}0.814{col 81}{space 4}-.0232671{col 94}{space 3} .0182744
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.2756026{col 53}{space 2} .0352976{col 64}{space 1}   -7.81{col 73}{space 3}0.000{col 81}{space 4}-.3447847{col 94}{space 3}-.2064205
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2}-.5792791{col 53}{space 2} .0842312{col 64}{space 1}   -6.88{col 73}{space 3}0.000{col 81}{space 4}-.7443691{col 94}{space 3} -.414189
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} -.032254{col 53}{space 2}   .00669{col 64}{space 1}   -4.82{col 73}{space 3}0.000{col 81}{space 4}-.0453662{col 94}{space 3}-.0191418
{txt}{space 38}t {c |}{col 41}{res}{space 2} 1.013486{col 53}{space 2} .1414147{col 64}{space 1}    7.17{col 73}{space 3}0.000{col 81}{space 4} .7363184{col 94}{space 3} 1.290654
{txt}{space 37}t2 {c |}{col 41}{res}{space 2}-.0270373{col 53}{space 2} .0047919{col 64}{space 1}   -5.64{col 73}{space 3}0.000{col 81}{space 4}-.0364292{col 94}{space 3}-.0176455
{txt}{space 37}t3 {c |}{col 41}{res}{space 2} .0002507{col 53}{space 2} .0000517{col 64}{space 1}    4.85{col 73}{space 3}0.000{col 81}{space 4} .0001494{col 94}{space 3} .0003519
{txt}{space 34}_cons {c |}{col 41}{res}{space 2}-10.85823{col 53}{space 2}  1.33699{col 64}{space 1}   -8.12{col 73}{space 3}0.000{col 81}{space 4}-13.47869{col 94}{space 3}-8.237783
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}mills                                   {txt}{c |}
{space 33}lambda {c |}{col 41}{res}{space 2} .1358804{col 53}{space 2} .0533999{col 64}{space 1}    2.54{col 73}{space 3}0.011{col 81}{space 4} .0312184{col 94}{space 3} .2405423
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                    rho {c |} {res}   0.46882
                                  {txt}sigma {c |} {res} .28983434
{txt}{hline 40}{c BT}{hline 64}

{com}. est store tab5
{txt}
{com}. 
. heckman log_fi_res_totl_mo lag_log_fi_res_totl_mo c.polity_frac_polit11##c.crises_reg_yr1_nor polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode, select(experience_crisis = log_gdppc gdp_growth kaopen currency_peg trade_balance t t2 t3) twostep
{res}
{txt}Heckman selection model -- two-step estimates   Number of obs      = {res}     2063
{txt}(regression model with sample selection)        Censored obs       = {res}      586
                                                {txt}Uncensored obs     = {res}     1477

                                                {txt}Wald chi2({res}76{txt})      = {res}  8313.20
                                                {txt}Prob > chi2        =    {res}0.0000

{txt}{hline 43}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 44}{c |}      Coef.{col 56}   Std. Err.{col 68}      z{col 76}   P>|z|{col 84}     [95% Con{col 97}f. Interval]
{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}log_fi_res_totl_mo                         {txt}{c |}
{space 20}lag_log_fi_res_totl_mo {c |}{col 44}{res}{space 2} .8030279{col 56}{space 2} .0162388{col 67}{space 1}   49.45{col 76}{space 3}0.000{col 84}{space 4} .7712004{col 97}{space 3} .8348554
{txt}{space 23}polity_frac_polit11 {c |}{col 44}{res}{space 2} .0468441{col 56}{space 2} .0313492{col 67}{space 1}    1.49{col 76}{space 3}0.135{col 84}{space 4}-.0145992{col 97}{space 3} .1082875
{txt}{space 24}crises_reg_yr1_nor {c |}{col 44}{res}{space 2}-.0084168{col 56}{space 2} .0081531{col 67}{space 1}   -1.03{col 76}{space 3}0.302{col 84}{space 4}-.0243967{col 97}{space 3}  .007563
{txt}{space 42} {c |}
c.polity_frac_polit11#c.crises_reg_yr1_nor {c |}{col 44}{res}{space 2} .0059191{col 56}{space 2} .0094347{col 67}{space 1}    0.63{col 76}{space 3}0.530{col 84}{space 4}-.0125726{col 97}{space 3} .0244107
{txt}{space 42} {c |}
{space 35}polity2 {c |}{col 44}{res}{space 2} .0058876{col 56}{space 2} .0024991{col 67}{space 1}    2.36{col 76}{space 3}0.018{col 84}{space 4} .0009894{col 97}{space 3} .0107858
{txt}{space 29}sum_imftotal5 {c |}{col 44}{res}{space 2}-.0146602{col 56}{space 2} .0259781{col 67}{space 1}   -0.56{col 76}{space 3}0.573{col 84}{space 4}-.0655764{col 97}{space 3}  .036256
{txt}{space 28}ne_imp_gnfs_zs {c |}{col 44}{res}{space 2}-.0034937{col 56}{space 2} .0013916{col 67}{space 1}   -2.51{col 76}{space 3}0.012{col 84}{space 4}-.0062212{col 97}{space 3}-.0007662
{txt}{space 29}trade_balance {c |}{col 44}{res}{space 2} .0129881{col 56}{space 2} .0019361{col 67}{space 1}    6.71{col 76}{space 3}0.000{col 84}{space 4} .0091934{col 97}{space 3} .0167828
{txt}{space 33}cbi_irreg {c |}{col 44}{res}{space 2} .0140642{col 56}{space 2} .0148725{col 67}{space 1}    0.95{col 76}{space 3}0.344{col 84}{space 4}-.0150854{col 97}{space 3} .0432137
{txt}{space 30}presidential {c |}{col 44}{res}{space 2} .0937128{col 56}{space 2} .0489163{col 67}{space 1}    1.92{col 76}{space 3}0.055{col 84}{space 4}-.0021613{col 97}{space 3} .1895869
{txt}{space 33}log_gdppc {c |}{col 44}{res}{space 2}-.1096184{col 56}{space 2} .0335173{col 67}{space 1}   -3.27{col 76}{space 3}0.001{col 84}{space 4}-.1753112{col 97}{space 3}-.0439256
{txt}{space 32}gdp_growth {c |}{col 44}{res}{space 2}-.0073996{col 56}{space 2} .0022669{col 67}{space 1}   -3.26{col 76}{space 3}0.001{col 84}{space 4}-.0118426{col 97}{space 3}-.0029566
{txt}{space 35}log_pop {c |}{col 44}{res}{space 2}  .345149{col 56}{space 2} .1347332{col 67}{space 1}    2.56{col 76}{space 3}0.010{col 84}{space 4} .0810767{col 97}{space 3} .6092213
{txt}{space 36}kaopen {c |}{col 44}{res}{space 2}-.0258723{col 56}{space 2} .0111468{col 67}{space 1}   -2.32{col 76}{space 3}0.020{col 84}{space 4}-.0477196{col 97}{space 3}-.0040251
{txt}{space 30}currency_peg {c |}{col 44}{res}{space 2}-.0014501{col 56}{space 2} .0255472{col 67}{space 1}   -0.06{col 76}{space 3}0.955{col 84}{space 4}-.0515217{col 97}{space 3} .0486216
{txt}{space 27}currency_binary {c |}{col 44}{res}{space 2}-.1241901{col 56}{space 2} .0207859{col 67}{space 1}   -5.97{col 76}{space 3}0.000{col 84}{space 4}-.1649296{col 97}{space 3}-.0834506
{txt}{space 32}time_trend {c |}{col 44}{res}{space 2} .0035846{col 56}{space 2} .0037712{col 67}{space 1}    0.95{col 76}{space 3}0.342{col 84}{space 4}-.0038068{col 97}{space 3}  .010976
{txt}{space 42} {c |}
{space 35}cowcode {c |}
{space 39}42  {c |}{col 44}{res}{space 2} 1.020747{col 56}{space 2} .5317513{col 67}{space 1}    1.92{col 76}{space 3}0.055{col 84}{space 4}-.0214663{col 97}{space 3} 2.062961
{txt}{space 39}70  {c |}{col 44}{res}{space 2} .3469638{col 56}{space 2} .2023633{col 67}{space 1}    1.71{col 76}{space 3}0.086{col 84}{space 4}-.0496609{col 97}{space 3} .7435886
{txt}{space 39}90  {c |}{col 44}{res}{space 2} 1.176161{col 56}{space 2} .5089921{col 67}{space 1}    2.31{col 76}{space 3}0.021{col 84}{space 4} .1785546{col 97}{space 3} 2.173767
{txt}{space 39}91  {c |}{col 44}{res}{space 2} 1.434522{col 56}{space 2}  .596989{col 67}{space 1}    2.40{col 76}{space 3}0.016{col 84}{space 4} .2644453{col 97}{space 3} 2.604599
{txt}{space 39}92  {c |}{col 44}{res}{space 2} 1.379523{col 56}{space 2} .5856489{col 67}{space 1}    2.36{col 76}{space 3}0.018{col 84}{space 4} .2316721{col 97}{space 3} 2.527373
{txt}{space 39}93  {c |}{col 44}{res}{space 2} 1.576839{col 56}{space 2} .6324882{col 67}{space 1}    2.49{col 76}{space 3}0.013{col 84}{space 4} .3371845{col 97}{space 3} 2.816493
{txt}{space 39}94  {c |}{col 44}{res}{space 2} 1.518516{col 56}{space 2} .6390632{col 67}{space 1}    2.38{col 76}{space 3}0.017{col 84}{space 4} .2659754{col 97}{space 3} 2.771057
{txt}{space 38}100  {c |}{col 44}{res}{space 2} .7266811{col 56}{space 2}  .340694{col 67}{space 1}    2.13{col 76}{space 3}0.033{col 84}{space 4} .0589331{col 97}{space 3} 1.394429
{txt}{space 38}101  {c |}{col 44}{res}{space 2} .9661017{col 56}{space 2} .3896319{col 67}{space 1}    2.48{col 76}{space 3}0.013{col 84}{space 4} .2024371{col 97}{space 3} 1.729766
{txt}{space 38}130  {c |}{col 44}{res}{space 2} 1.057787{col 56}{space 2} .4913043{col 67}{space 1}    2.15{col 76}{space 3}0.031{col 84}{space 4} .0948479{col 97}{space 3} 2.020725
{txt}{space 38}135  {c |}{col 44}{res}{space 2} .9744242{col 56}{space 2} .3944975{col 67}{space 1}    2.47{col 76}{space 3}0.014{col 84}{space 4} .2012233{col 97}{space 3} 1.747625
{txt}{space 38}140  {c |}{col 44}{res}{space 2} .2716275{col 56}{space 2} .1481885{col 67}{space 1}    1.83{col 76}{space 3}0.067{col 84}{space 4}-.0188167{col 97}{space 3} .5620717
{txt}{space 38}145  {c |}{col 44}{res}{space 2} 1.297349{col 56}{space 2}  .558563{col 67}{space 1}    2.32{col 76}{space 3}0.020{col 84}{space 4} .2025853{col 97}{space 3} 2.392112
{txt}{space 38}150  {c |}{col 44}{res}{space 2} 1.448831{col 56}{space 2}  .607787{col 67}{space 1}    2.38{col 76}{space 3}0.017{col 84}{space 4}   .25759{col 97}{space 3} 2.640071
{txt}{space 38}155  {c |}{col 44}{res}{space 2} 1.138538{col 56}{space 2} .4427793{col 67}{space 1}    2.57{col 76}{space 3}0.010{col 84}{space 4} .2707062{col 97}{space 3} 2.006369
{txt}{space 38}160  {c |}{col 44}{res}{space 2} .8031857{col 56}{space 2} .3214347{col 67}{space 1}    2.50{col 76}{space 3}0.012{col 84}{space 4} .1731853{col 97}{space 3} 1.433186
{txt}{space 38}165  {c |}{col 44}{res}{space 2} 1.733711{col 56}{space 2} .6352639{col 67}{space 1}    2.73{col 76}{space 3}0.006{col 84}{space 4}  .488617{col 97}{space 3} 2.978806
{txt}{space 38}200  {c |}{col 44}{res}{space 2} .5448375{col 56}{space 2} .2164989{col 67}{space 1}    2.52{col 76}{space 3}0.012{col 84}{space 4} .1205074{col 97}{space 3} .9691676
{txt}{space 38}205  {c |}{col 44}{res}{space 2} 1.392504{col 56}{space 2}  .584689{col 67}{space 1}    2.38{col 76}{space 3}0.017{col 84}{space 4} .2465348{col 97}{space 3} 2.538473
{txt}{space 38}210  {c |}{col 44}{res}{space 2} .9846247{col 56}{space 2} .4302743{col 67}{space 1}    2.29{col 76}{space 3}0.022{col 84}{space 4} .1413025{col 97}{space 3} 1.827947
{txt}{space 38}211  {c |}{col 44}{res}{space 2} 1.179982{col 56}{space 2} .4512836{col 67}{space 1}    2.61{col 76}{space 3}0.009{col 84}{space 4} .2954824{col 97}{space 3} 2.064482
{txt}{space 38}220  {c |}{col 44}{res}{space 2} .6380705{col 56}{space 2}  .223061{col 67}{space 1}    2.86{col 76}{space 3}0.004{col 84}{space 4}  .200879{col 97}{space 3} 1.075262
{txt}{space 38}225  {c |}{col 44}{res}{space 2} 1.575733{col 56}{space 2} .5021292{col 67}{space 1}    3.14{col 76}{space 3}0.002{col 84}{space 4} .5915776{col 97}{space 3} 2.559888
{txt}{space 38}230  {c |}{col 44}{res}{space 2}  .745812{col 56}{space 2} .2811973{col 67}{space 1}    2.65{col 76}{space 3}0.008{col 84}{space 4} .1946754{col 97}{space 3} 1.296948
{txt}{space 38}235  {c |}{col 44}{res}{space 2} 1.442663{col 56}{space 2} .4697644{col 67}{space 1}    3.07{col 76}{space 3}0.002{col 84}{space 4} .5219414{col 97}{space 3} 2.363384
{txt}{space 38}290  {c |}{col 44}{res}{space 2} .7836248{col 56}{space 2} .3239793{col 67}{space 1}    2.42{col 76}{space 3}0.016{col 84}{space 4}  .148637{col 97}{space 3} 1.418613
{txt}{space 38}305  {c |}{col 44}{res}{space 2} 1.351372{col 56}{space 2} .5139525{col 67}{space 1}    2.63{col 76}{space 3}0.009{col 84}{space 4} .3440433{col 97}{space 3}   2.3587
{txt}{space 38}310  {c |}{col 44}{res}{space 2} 1.320511{col 56}{space 2} .4826999{col 67}{space 1}    2.74{col 76}{space 3}0.006{col 84}{space 4} .3744366{col 97}{space 3} 2.266585
{txt}{space 38}325  {c |}{col 44}{res}{space 2} .6329012{col 56}{space 2} .2269546{col 67}{space 1}    2.79{col 76}{space 3}0.005{col 84}{space 4} .1880784{col 97}{space 3} 1.077724
{txt}{space 38}350  {c |}{col 44}{res}{space 2} 1.299464{col 56}{space 2} .4586588{col 67}{space 1}    2.83{col 76}{space 3}0.005{col 84}{space 4} .4005088{col 97}{space 3} 2.198418
{txt}{space 38}360  {c |}{col 44}{res}{space 2} 1.105147{col 56}{space 2} .4053728{col 67}{space 1}    2.73{col 76}{space 3}0.006{col 84}{space 4} .3106312{col 97}{space 3} 1.899663
{txt}{space 38}365  {c |}{col 44}{res}{space 2} .2920758{col 56}{space 2} .1973091{col 67}{space 1}    1.48{col 76}{space 3}0.139{col 84}{space 4}-.0946429{col 97}{space 3} .6787945
{txt}{space 38}375  {c |}{col 44}{res}{space 2} 1.412639{col 56}{space 2} .5486859{col 67}{space 1}    2.57{col 76}{space 3}0.010{col 84}{space 4} .3372345{col 97}{space 3} 2.488044
{txt}{space 38}380  {c |}{col 44}{res}{space 2} 1.310775{col 56}{space 2} .4605301{col 67}{space 1}    2.85{col 76}{space 3}0.004{col 84}{space 4} .4081526{col 97}{space 3} 2.213398
{txt}{space 38}385  {c |}{col 44}{res}{space 2} 1.707017{col 56}{space 2} .5523929{col 67}{space 1}    3.09{col 76}{space 3}0.002{col 84}{space 4}  .624347{col 97}{space 3} 2.789687
{txt}{space 38}452  {c |}{col 44}{res}{space 2} .9210528{col 56}{space 2}  .472659{col 67}{space 1}    1.95{col 76}{space 3}0.051{col 84}{space 4}-.0053419{col 97}{space 3} 1.847448
{txt}{space 38}475  {c |}{col 44}{res}{space 2} .0857969{col 56}{space 2} .2438152{col 67}{space 1}    0.35{col 76}{space 3}0.725{col 84}{space 4} -.392072{col 97}{space 3} .5636659
{txt}{space 38}501  {c |}{col 44}{res}{space 2} .6224497{col 56}{space 2} .4136406{col 67}{space 1}    1.50{col 76}{space 3}0.132{col 84}{space 4} -.188271{col 97}{space 3}  1.43317
{txt}{space 38}551  {c |}{col 44}{res}{space 2} .9947763{col 56}{space 2} .5416018{col 67}{space 1}    1.84{col 76}{space 3}0.066{col 84}{space 4}-.0667437{col 97}{space 3} 2.056296
{txt}{space 38}552  {c |}{col 44}{res}{space 2} .9998583{col 56}{space 2} .5040181{col 67}{space 1}    1.98{col 76}{space 3}0.047{col 84}{space 4}  .012001{col 97}{space 3} 1.987716
{txt}{space 38}560  {c |}{col 44}{res}{space 2} .5749918{col 56}{space 2} .3107642{col 67}{space 1}    1.85{col 76}{space 3}0.064{col 84}{space 4}-.0340949{col 97}{space 3} 1.184079
{txt}{space 38}590  {c |}{col 44}{res}{space 2} 2.068601{col 56}{space 2} .7814824{col 67}{space 1}    2.65{col 76}{space 3}0.008{col 84}{space 4} .5369239{col 97}{space 3} 3.600279
{txt}{space 38}600  {c |}{col 44}{res}{space 2} .9181262{col 56}{space 2} .3905101{col 67}{space 1}    2.35{col 76}{space 3}0.019{col 84}{space 4} .1527405{col 97}{space 3} 1.683512
{txt}{space 38}615  {c |}{col 44}{res}{space 2}  1.12663{col 56}{space 2} .4593089{col 67}{space 1}    2.45{col 76}{space 3}0.014{col 84}{space 4} .2264008{col 97}{space 3} 2.026859
{txt}{space 38}616  {c |}{col 44}{res}{space 2} 1.193599{col 56}{space 2}  .521546{col 67}{space 1}    2.29{col 76}{space 3}0.022{col 84}{space 4} .1713876{col 97}{space 3}  2.21581
{txt}{space 38}640  {c |}{col 44}{res}{space 2} .6435328{col 56}{space 2} .2617273{col 67}{space 1}    2.46{col 76}{space 3}0.014{col 84}{space 4} .1305566{col 97}{space 3} 1.156509
{txt}{space 38}651  {c |}{col 44}{res}{space 2} .7794029{col 56}{space 2} .2849243{col 67}{space 1}    2.74{col 76}{space 3}0.006{col 84}{space 4} .2209614{col 97}{space 3} 1.337844
{txt}{space 38}710  {c |}{col 44}{res}{space 2}-.3745396{col 56}{space 2} .2088584{col 67}{space 1}   -1.79{col 76}{space 3}0.073{col 84}{space 4}-.7838947{col 97}{space 3} .0348154
{txt}{space 38}732  {c |}{col 44}{res}{space 2}  .727188{col 56}{space 2} .2785479{col 67}{space 1}    2.61{col 76}{space 3}0.009{col 84}{space 4} .1812441{col 97}{space 3} 1.273132
{txt}{space 38}740  {c |}{col 44}{res}{space 2} .5253069{col 56}{space 2} .1310449{col 67}{space 1}    4.01{col 76}{space 3}0.000{col 84}{space 4} .2684637{col 97}{space 3} .7821501
{txt}{space 38}750  {c |}{col 44}{res}{space 2}-.5220445{col 56}{space 2} .1764325{col 67}{space 1}   -2.96{col 76}{space 3}0.003{col 84}{space 4} -.867846{col 97}{space 3}-.1762431
{txt}{space 38}780  {c |}{col 44}{res}{space 2} .8948883{col 56}{space 2}  .451526{col 67}{space 1}    1.98{col 76}{space 3}0.047{col 84}{space 4} .0099136{col 97}{space 3} 1.779863
{txt}{space 38}800  {c |}{col 44}{res}{space 2} .7165427{col 56}{space 2} .2776597{col 67}{space 1}    2.58{col 76}{space 3}0.010{col 84}{space 4} .1723397{col 97}{space 3} 1.260746
{txt}{space 38}820  {c |}{col 44}{res}{space 2} 1.070138{col 56}{space 2} .4023844{col 67}{space 1}    2.66{col 76}{space 3}0.008{col 84}{space 4} .2814787{col 97}{space 3} 1.858797
{txt}{space 38}830  {c |}{col 44}{res}{space 2} 2.164742{col 56}{space 2} .6240638{col 67}{space 1}    3.47{col 76}{space 3}0.001{col 84}{space 4} .9415989{col 97}{space 3} 3.387884
{txt}{space 38}840  {c |}{col 44}{res}{space 2} .4091459{col 56}{space 2} .2756552{col 67}{space 1}    1.48{col 76}{space 3}0.138{col 84}{space 4}-.1311283{col 97}{space 3}   .94942
{txt}{space 38}850  {c |}{col 44}{res}{space 2} .0816184{col 56}{space 2} .1675549{col 67}{space 1}    0.49{col 76}{space 3}0.626{col 84}{space 4}-.2467832{col 97}{space 3}   .41002
{txt}{space 38}900  {c |}{col 44}{res}{space 2} 1.088781{col 56}{space 2} .3771475{col 67}{space 1}    2.89{col 76}{space 3}0.004{col 84}{space 4}  .349585{col 97}{space 3} 1.827976
{txt}{space 38}920  {c |}{col 44}{res}{space 2} 1.598944{col 56}{space 2} .5885646{col 67}{space 1}    2.72{col 76}{space 3}0.007{col 84}{space 4} .4453788{col 97}{space 3}  2.75251
{txt}{space 42} {c |}
{space 37}_cons {c |}{col 44}{res}{space 2}-5.745853{col 56}{space 2} 2.695858{col 67}{space 1}   -2.13{col 76}{space 3}0.033{col 84}{space 4}-11.02964{col 97}{space 3}-.4620671
{txt}{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}experience_crisis                          {txt}{c |}
{space 33}log_gdppc {c |}{col 44}{res}{space 2}-.0512983{col 56}{space 2}  .037183{col 67}{space 1}   -1.38{col 76}{space 3}0.168{col 84}{space 4}-.1241756{col 97}{space 3}  .021579
{txt}{space 32}gdp_growth {c |}{col 44}{res}{space 2}-.0024183{col 56}{space 2} .0105997{col 67}{space 1}   -0.23{col 76}{space 3}0.820{col 84}{space 4}-.0231933{col 97}{space 3} .0183567
{txt}{space 36}kaopen {c |}{col 44}{res}{space 2}-.2754742{col 56}{space 2} .0352946{col 67}{space 1}   -7.80{col 76}{space 3}0.000{col 84}{space 4}-.3446503{col 97}{space 3}-.2062981
{txt}{space 30}currency_peg {c |}{col 44}{res}{space 2}-.5786558{col 56}{space 2} .0842467{col 67}{space 1}   -6.87{col 76}{space 3}0.000{col 84}{space 4}-.7437764{col 97}{space 3}-.4135352
{txt}{space 29}trade_balance {c |}{col 44}{res}{space 2}-.0322724{col 56}{space 2} .0066894{col 67}{space 1}   -4.82{col 76}{space 3}0.000{col 84}{space 4}-.0453834{col 97}{space 3}-.0191615
{txt}{space 41}t {c |}{col 44}{res}{space 2} 1.014401{col 56}{space 2} .1414721{col 67}{space 1}    7.17{col 76}{space 3}0.000{col 84}{space 4} .7371205{col 97}{space 3} 1.291681
{txt}{space 40}t2 {c |}{col 44}{res}{space 2}-.0270717{col 56}{space 2}  .004794{col 67}{space 1}   -5.65{col 76}{space 3}0.000{col 84}{space 4}-.0364677{col 97}{space 3}-.0176757
{txt}{space 40}t3 {c |}{col 44}{res}{space 2}  .000251{col 56}{space 2} .0000517{col 67}{space 1}    4.86{col 76}{space 3}0.000{col 84}{space 4} .0001497{col 97}{space 3} .0003523
{txt}{space 37}_cons {c |}{col 44}{res}{space 2}-10.86729{col 56}{space 2} 1.337613{col 67}{space 1}   -8.12{col 76}{space 3}0.000{col 84}{space 4}-13.48896{col 97}{space 3}-8.245612
{txt}{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}mills                                      {txt}{c |}
{space 36}lambda {c |}{col 44}{res}{space 2} .1352417{col 56}{space 2}   .05339{col 67}{space 1}    2.53{col 76}{space 3}0.011{col 84}{space 4} .0305993{col 97}{space 3} .2398841
{txt}{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                       rho {c |} {res}   0.46679
                                     {txt}sigma {c |} {res} .28972822
{txt}{hline 43}{c BT}{hline 64}

{com}. est store tab6
{txt}
{com}. 
. 
. heckman log_fi_res_totl_mo lag_log_fi_res_totl_mo sum_polit12_binary##c.crises_reg_yr1_nor polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode, select(experience_crisis = log_gdppc gdp_growth kaopen currency_peg trade_balance t t2 t3) twostep
{res}
{txt}Heckman selection model -- two-step estimates   Number of obs      = {res}     2065
{txt}(regression model with sample selection)        Censored obs       = {res}      586
                                                {txt}Uncensored obs     = {res}     1479

                                                {txt}Wald chi2({res}76{txt})      = {res}  8315.75
                                                {txt}Prob > chi2        =    {res}0.0000

{txt}{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      z{col 73}   P>|z|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}log_fi_res_totl_mo                      {txt}{c |}
{space 17}lag_log_fi_res_totl_mo {c |}{col 41}{res}{space 2} .8057565{col 53}{space 2} .0161598{col 64}{space 1}   49.86{col 73}{space 3}0.000{col 81}{space 4} .7740839{col 94}{space 3} .8374291
{txt}{space 19}1.sum_polit12_binary {c |}{col 41}{res}{space 2} .0427974{col 53}{space 2} .0335895{col 64}{space 1}    1.27{col 73}{space 3}0.203{col 81}{space 4}-.0230367{col 94}{space 3} .1086316
{txt}{space 21}crises_reg_yr1_nor {c |}{col 41}{res}{space 2}-.0086682{col 53}{space 2} .0080617{col 64}{space 1}   -1.08{col 73}{space 3}0.282{col 81}{space 4}-.0244689{col 94}{space 3} .0071325
{txt}{space 39} {c |}
sum_polit12_binary#c.crises_reg_yr1_nor {c |}
{space 37}1  {c |}{col 41}{res}{space 2} .0084294{col 53}{space 2} .0096742{col 64}{space 1}    0.87{col 73}{space 3}0.384{col 81}{space 4}-.0105317{col 94}{space 3} .0273904
{txt}{space 39} {c |}
{space 32}polity2 {c |}{col 41}{res}{space 2} .0062642{col 53}{space 2}  .002475{col 64}{space 1}    2.53{col 73}{space 3}0.011{col 81}{space 4} .0014133{col 94}{space 3} .0111151
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2}-.0262774{col 53}{space 2} .0265567{col 64}{space 1}   -0.99{col 73}{space 3}0.322{col 81}{space 4}-.0783275{col 94}{space 3} .0257728
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2} -.003278{col 53}{space 2}  .001399{col 64}{space 1}   -2.34{col 73}{space 3}0.019{col 81}{space 4}  -.00602{col 94}{space 3} -.000536
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} .0133142{col 53}{space 2} .0019325{col 64}{space 1}    6.89{col 73}{space 3}0.000{col 81}{space 4} .0095267{col 94}{space 3} .0171018
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2} .0161724{col 53}{space 2}  .014871{col 64}{space 1}    1.09{col 73}{space 3}0.277{col 81}{space 4}-.0129742{col 94}{space 3} .0453189
{txt}{space 27}presidential {c |}{col 41}{res}{space 2} .1010784{col 53}{space 2} .0490025{col 64}{space 1}    2.06{col 73}{space 3}0.039{col 81}{space 4} .0050353{col 94}{space 3} .1971216
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2}-.1167668{col 53}{space 2} .0334249{col 64}{space 1}   -3.49{col 73}{space 3}0.000{col 81}{space 4}-.1822784{col 94}{space 3}-.0512552
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0072628{col 53}{space 2} .0022666{col 64}{space 1}   -3.20{col 73}{space 3}0.001{col 81}{space 4}-.0117053{col 94}{space 3}-.0028203
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2} .2957286{col 53}{space 2} .1350959{col 64}{space 1}    2.19{col 73}{space 3}0.029{col 81}{space 4} .0309455{col 94}{space 3} .5605117
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0277802{col 53}{space 2} .0110303{col 64}{space 1}   -2.52{col 73}{space 3}0.012{col 81}{space 4}-.0493992{col 94}{space 3}-.0061613
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2}-.0019073{col 53}{space 2} .0255104{col 64}{space 1}   -0.07{col 73}{space 3}0.940{col 81}{space 4}-.0519067{col 94}{space 3} .0480921
{txt}{space 24}currency_binary {c |}{col 41}{res}{space 2}-.1208551{col 53}{space 2} .0207064{col 64}{space 1}   -5.84{col 73}{space 3}0.000{col 81}{space 4} -.161439{col 94}{space 3}-.0802713
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2} .0047582{col 53}{space 2}  .003773{col 64}{space 1}    1.26{col 73}{space 3}0.207{col 81}{space 4}-.0026367{col 94}{space 3} .0121532
{txt}{space 39} {c |}
{space 32}cowcode {c |}
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{txt}{space 36}70  {c |}{col 41}{res}{space 2} .2354191{col 53}{space 2} .2013795{col 64}{space 1}    1.17{col 73}{space 3}0.242{col 81}{space 4}-.1592775{col 94}{space 3} .6301156
{txt}{space 36}90  {c |}{col 41}{res}{space 2} .9340817{col 53}{space 2} .5092623{col 64}{space 1}    1.83{col 73}{space 3}0.067{col 81}{space 4} -.064054{col 94}{space 3} 1.932217
{txt}{space 36}91  {c |}{col 41}{res}{space 2} 1.179529{col 53}{space 2} .5970945{col 64}{space 1}    1.98{col 73}{space 3}0.048{col 81}{space 4} .0092451{col 94}{space 3} 2.349813
{txt}{space 36}92  {c |}{col 41}{res}{space 2} 1.150732{col 53}{space 2} .5851045{col 64}{space 1}    1.97{col 73}{space 3}0.049{col 81}{space 4} .0039479{col 94}{space 3} 2.297515
{txt}{space 36}93  {c |}{col 41}{res}{space 2}  1.30089{col 53}{space 2} .6326139{col 64}{space 1}    2.06{col 73}{space 3}0.040{col 81}{space 4} .0609893{col 94}{space 3}  2.54079
{txt}{space 36}94  {c |}{col 41}{res}{space 2} 1.241225{col 53}{space 2} .6390185{col 64}{space 1}    1.94{col 73}{space 3}0.052{col 81}{space 4}-.0112281{col 94}{space 3} 2.493678
{txt}{space 35}100  {c |}{col 41}{res}{space 2} .5974297{col 53}{space 2} .3395118{col 64}{space 1}    1.76{col 73}{space 3}0.078{col 81}{space 4}-.0680013{col 94}{space 3} 1.262861
{txt}{space 35}101  {c |}{col 41}{res}{space 2} .7647811{col 53}{space 2}  .388811{col 64}{space 1}    1.97{col 73}{space 3}0.049{col 81}{space 4} .0027255{col 94}{space 3} 1.526837
{txt}{space 35}130  {c |}{col 41}{res}{space 2} .8261914{col 53}{space 2} .4908943{col 64}{space 1}    1.68{col 73}{space 3}0.092{col 81}{space 4}-.1359438{col 94}{space 3} 1.788327
{txt}{space 35}135  {c |}{col 41}{res}{space 2} .7692738{col 53}{space 2} .3936014{col 64}{space 1}    1.95{col 73}{space 3}0.051{col 81}{space 4}-.0021707{col 94}{space 3} 1.540718
{txt}{space 35}140  {c |}{col 41}{res}{space 2} .1584824{col 53}{space 2} .1480865{col 64}{space 1}    1.07{col 73}{space 3}0.285{col 81}{space 4}-.1317618{col 94}{space 3} .4487266
{txt}{space 35}145  {c |}{col 41}{res}{space 2} 1.031664{col 53}{space 2} .5600149{col 64}{space 1}    1.84{col 73}{space 3}0.065{col 81}{space 4}-.0659451{col 94}{space 3} 2.129273
{txt}{space 35}150  {c |}{col 41}{res}{space 2} 1.180704{col 53}{space 2} .6087554{col 64}{space 1}    1.94{col 73}{space 3}0.052{col 81}{space 4}-.0124351{col 94}{space 3} 2.373842
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{txt}{space 35}200  {c |}{col 41}{res}{space 2}  .452023{col 53}{space 2} .2160244{col 64}{space 1}    2.09{col 73}{space 3}0.036{col 81}{space 4}  .028623{col 94}{space 3}  .875423
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{txt}{space 35}230  {c |}{col 41}{res}{space 2}  .637292{col 53}{space 2} .2802429{col 64}{space 1}    2.27{col 73}{space 3}0.023{col 81}{space 4}  .088026{col 94}{space 3} 1.186558
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{txt}{space 35}290  {c |}{col 41}{res}{space 2} .6124583{col 53}{space 2} .3234051{col 64}{space 1}    1.89{col 73}{space 3}0.058{col 81}{space 4}-.0214041{col 94}{space 3} 1.246321
{txt}{space 35}305  {c |}{col 41}{res}{space 2} 1.131432{col 53}{space 2}  .512014{col 64}{space 1}    2.21{col 73}{space 3}0.027{col 81}{space 4} .1279032{col 94}{space 3} 2.134961
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{txt}{space 35}360  {c |}{col 41}{res}{space 2} .9115224{col 53}{space 2}  .404351{col 64}{space 1}    2.25{col 73}{space 3}0.024{col 81}{space 4} .1190089{col 94}{space 3} 1.704036
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{txt}{space 35}452  {c |}{col 41}{res}{space 2}  .711062{col 53}{space 2}  .472212{col 64}{space 1}    1.51{col 73}{space 3}0.132{col 81}{space 4}-.2144564{col 94}{space 3} 1.636581
{txt}{space 35}475  {c |}{col 41}{res}{space 2}-.0346959{col 53}{space 2} .2424469{col 64}{space 1}   -0.14{col 73}{space 3}0.886{col 81}{space 4}-.5098831{col 94}{space 3} .4404914
{txt}{space 35}501  {c |}{col 41}{res}{space 2}  .471145{col 53}{space 2}  .412221{col 64}{space 1}    1.14{col 73}{space 3}0.253{col 81}{space 4}-.3367934{col 94}{space 3} 1.279083
{txt}{space 35}551  {c |}{col 41}{res}{space 2} .7929222{col 53}{space 2} .5406665{col 64}{space 1}    1.47{col 73}{space 3}0.142{col 81}{space 4}-.2667646{col 94}{space 3} 1.852609
{txt}{space 35}552  {c |}{col 41}{res}{space 2} .8171133{col 53}{space 2} .5031247{col 64}{space 1}    1.62{col 73}{space 3}0.104{col 81}{space 4}-.1689929{col 94}{space 3}  1.80322
{txt}{space 35}560  {c |}{col 41}{res}{space 2} .4302736{col 53}{space 2} .3092347{col 64}{space 1}    1.39{col 73}{space 3}0.164{col 81}{space 4}-.1758153{col 94}{space 3} 1.036362
{txt}{space 35}590  {c |}{col 41}{res}{space 2} 1.793874{col 53}{space 2} .7814066{col 64}{space 1}    2.30{col 73}{space 3}0.022{col 81}{space 4} .2623449{col 94}{space 3} 3.325403
{txt}{space 35}600  {c |}{col 41}{res}{space 2} .7794657{col 53}{space 2} .3891126{col 64}{space 1}    2.00{col 73}{space 3}0.045{col 81}{space 4}  .016819{col 94}{space 3} 1.542112
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{txt}{space 35}616  {c |}{col 41}{res}{space 2} .9769484{col 53}{space 2} .5210796{col 64}{space 1}    1.87{col 73}{space 3}0.061{col 81}{space 4}-.0443488{col 94}{space 3} 1.998246
{txt}{space 35}640  {c |}{col 41}{res}{space 2} .5012203{col 53}{space 2} .2618097{col 64}{space 1}    1.91{col 73}{space 3}0.056{col 81}{space 4}-.0119173{col 94}{space 3} 1.014358
{txt}{space 35}651  {c |}{col 41}{res}{space 2} .6570022{col 53}{space 2} .2825506{col 64}{space 1}    2.33{col 73}{space 3}0.020{col 81}{space 4} .1032132{col 94}{space 3} 1.210791
{txt}{space 35}710  {c |}{col 41}{res}{space 2}-.3780034{col 53}{space 2} .2086129{col 64}{space 1}   -1.81{col 73}{space 3}0.070{col 81}{space 4}-.7868772{col 94}{space 3} .0308704
{txt}{space 35}732  {c |}{col 41}{res}{space 2} .5783855{col 53}{space 2} .2775594{col 64}{space 1}    2.08{col 73}{space 3}0.037{col 81}{space 4} .0343791{col 94}{space 3} 1.122392
{txt}{space 35}740  {c |}{col 41}{res}{space 2} .5053016{col 53}{space 2} .1307278{col 64}{space 1}    3.87{col 73}{space 3}0.000{col 81}{space 4} .2490798{col 94}{space 3} .7615235
{txt}{space 35}750  {c |}{col 41}{res}{space 2}-.5080911{col 53}{space 2}  .177918{col 64}{space 1}   -2.86{col 73}{space 3}0.004{col 81}{space 4} -.856804{col 94}{space 3}-.1593782
{txt}{space 35}780  {c |}{col 41}{res}{space 2} .7254173{col 53}{space 2} .4505289{col 64}{space 1}    1.61{col 73}{space 3}0.107{col 81}{space 4}-.1576031{col 94}{space 3} 1.608438
{txt}{space 35}800  {c |}{col 41}{res}{space 2} .5801712{col 53}{space 2} .2757986{col 64}{space 1}    2.10{col 73}{space 3}0.035{col 81}{space 4} .0396158{col 94}{space 3} 1.120727
{txt}{space 35}820  {c |}{col 41}{res}{space 2} .8718208{col 53}{space 2} .4003702{col 64}{space 1}    2.18{col 73}{space 3}0.029{col 81}{space 4} .0871096{col 94}{space 3} 1.656532
{txt}{space 35}830  {c |}{col 41}{res}{space 2} 1.870714{col 53}{space 2} .6244543{col 64}{space 1}    3.00{col 73}{space 3}0.003{col 81}{space 4} .6468063{col 94}{space 3} 3.094622
{txt}{space 35}840  {c |}{col 41}{res}{space 2} .2933377{col 53}{space 2} .2740956{col 64}{space 1}    1.07{col 73}{space 3}0.285{col 81}{space 4}-.2438798{col 94}{space 3} .8305552
{txt}{space 35}850  {c |}{col 41}{res}{space 2} .0512697{col 53}{space 2} .1665994{col 64}{space 1}    0.31{col 73}{space 3}0.758{col 81}{space 4}-.2752591{col 94}{space 3} .3777986
{txt}{space 35}900  {c |}{col 41}{res}{space 2} .9151101{col 53}{space 2} .3767657{col 64}{space 1}    2.43{col 73}{space 3}0.015{col 81}{space 4}  .176663{col 94}{space 3} 1.653557
{txt}{space 35}920  {c |}{col 41}{res}{space 2} 1.347369{col 53}{space 2} .5894114{col 64}{space 1}    2.29{col 73}{space 3}0.022{col 81}{space 4}  .192144{col 94}{space 3} 2.502594
{txt}{space 39} {c |}
{space 34}_cons {c |}{col 41}{res}{space 2}-4.731096{col 53}{space 2} 2.700102{col 64}{space 1}   -1.75{col 73}{space 3}0.080{col 81}{space 4} -10.0232{col 94}{space 3} .5610059
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}experience_crisis                       {txt}{c |}
{space 30}log_gdppc {c |}{col 41}{res}{space 2}-.0514213{col 53}{space 2} .0371857{col 64}{space 1}   -1.38{col 73}{space 3}0.167{col 81}{space 4}-.1243039{col 94}{space 3} .0214613
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0024964{col 53}{space 2} .0105975{col 64}{space 1}   -0.24{col 73}{space 3}0.814{col 81}{space 4}-.0232671{col 94}{space 3} .0182744
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.2756026{col 53}{space 2} .0352976{col 64}{space 1}   -7.81{col 73}{space 3}0.000{col 81}{space 4}-.3447847{col 94}{space 3}-.2064205
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2}-.5792791{col 53}{space 2} .0842312{col 64}{space 1}   -6.88{col 73}{space 3}0.000{col 81}{space 4}-.7443691{col 94}{space 3} -.414189
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} -.032254{col 53}{space 2}   .00669{col 64}{space 1}   -4.82{col 73}{space 3}0.000{col 81}{space 4}-.0453662{col 94}{space 3}-.0191418
{txt}{space 38}t {c |}{col 41}{res}{space 2} 1.013486{col 53}{space 2} .1414147{col 64}{space 1}    7.17{col 73}{space 3}0.000{col 81}{space 4} .7363184{col 94}{space 3} 1.290654
{txt}{space 37}t2 {c |}{col 41}{res}{space 2}-.0270373{col 53}{space 2} .0047919{col 64}{space 1}   -5.64{col 73}{space 3}0.000{col 81}{space 4}-.0364292{col 94}{space 3}-.0176455
{txt}{space 37}t3 {c |}{col 41}{res}{space 2} .0002507{col 53}{space 2} .0000517{col 64}{space 1}    4.85{col 73}{space 3}0.000{col 81}{space 4} .0001494{col 94}{space 3} .0003519
{txt}{space 34}_cons {c |}{col 41}{res}{space 2}-10.85823{col 53}{space 2}  1.33699{col 64}{space 1}   -8.12{col 73}{space 3}0.000{col 81}{space 4}-13.47869{col 94}{space 3}-8.237783
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}mills                                   {txt}{c |}
{space 33}lambda {c |}{col 41}{res}{space 2} .1389083{col 53}{space 2} .0534055{col 64}{space 1}    2.60{col 73}{space 3}0.009{col 81}{space 4} .0342356{col 94}{space 3} .2435811
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                    rho {c |} {res}   0.47865
                                  {txt}sigma {c |} {res} .29020744
{txt}{hline 40}{c BT}{hline 64}

{com}. 
. 
. est store tab7
{txt}
{com}. 
. 
. 
. heckman log_fi_res_totl_mo lag_log_fi_res_totl_mo c.polity_frac_polit12##c.crises_reg_yr1_nor polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode, select(experience_crisis = log_gdppc gdp_growth kaopen currency_peg trade_balance t t2 t3) twostep
{res}
{txt}Heckman selection model -- two-step estimates   Number of obs      = {res}     2063
{txt}(regression model with sample selection)        Censored obs       = {res}      586
                                                {txt}Uncensored obs     = {res}     1477

                                                {txt}Wald chi2({res}76{txt})      = {res}  8314.65
                                                {txt}Prob > chi2        =    {res}0.0000

{txt}{hline 43}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 44}{c |}      Coef.{col 56}   Std. Err.{col 68}      z{col 76}   P>|z|{col 84}     [95% Con{col 97}f. Interval]
{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}log_fi_res_totl_mo                         {txt}{c |}
{space 20}lag_log_fi_res_totl_mo {c |}{col 44}{res}{space 2} .8023234{col 56}{space 2}  .016257{col 67}{space 1}   49.35{col 76}{space 3}0.000{col 84}{space 4} .7704602{col 97}{space 3} .8341866
{txt}{space 23}polity_frac_polit12 {c |}{col 44}{res}{space 2} .0675832{col 56}{space 2} .0356286{col 67}{space 1}    1.90{col 76}{space 3}0.058{col 84}{space 4}-.0022476{col 97}{space 3} .1374141
{txt}{space 24}crises_reg_yr1_nor {c |}{col 44}{res}{space 2} -.007058{col 56}{space 2} .0075714{col 67}{space 1}   -0.93{col 76}{space 3}0.351{col 84}{space 4}-.0218976{col 97}{space 3} .0077817
{txt}{space 42} {c |}
c.polity_frac_polit12#c.crises_reg_yr1_nor {c |}{col 44}{res}{space 2} .0026642{col 56}{space 2} .0099852{col 67}{space 1}    0.27{col 76}{space 3}0.790{col 84}{space 4}-.0169065{col 97}{space 3} .0222349
{txt}{space 42} {c |}
{space 35}polity2 {c |}{col 44}{res}{space 2} .0057563{col 56}{space 2} .0024753{col 67}{space 1}    2.33{col 76}{space 3}0.020{col 84}{space 4} .0009047{col 97}{space 3} .0106078
{txt}{space 29}sum_imftotal5 {c |}{col 44}{res}{space 2}-.0204526{col 56}{space 2} .0262504{col 67}{space 1}   -0.78{col 76}{space 3}0.436{col 84}{space 4}-.0719024{col 97}{space 3} .0309973
{txt}{space 28}ne_imp_gnfs_zs {c |}{col 44}{res}{space 2} -.003272{col 56}{space 2}  .001397{col 67}{space 1}   -2.34{col 76}{space 3}0.019{col 84}{space 4}-.0060101{col 97}{space 3}-.0005339
{txt}{space 29}trade_balance {c |}{col 44}{res}{space 2}  .013099{col 56}{space 2} .0019373{col 67}{space 1}    6.76{col 76}{space 3}0.000{col 84}{space 4} .0093021{col 97}{space 3}  .016896
{txt}{space 33}cbi_irreg {c |}{col 44}{res}{space 2} .0136815{col 56}{space 2} .0148697{col 67}{space 1}    0.92{col 76}{space 3}0.358{col 84}{space 4}-.0154626{col 97}{space 3} .0428257
{txt}{space 30}presidential {c |}{col 44}{res}{space 2} .1073794{col 56}{space 2} .0492378{col 67}{space 1}    2.18{col 76}{space 3}0.029{col 84}{space 4} .0108752{col 97}{space 3} .2038837
{txt}{space 33}log_gdppc {c |}{col 44}{res}{space 2}-.1092926{col 56}{space 2} .0335172{col 67}{space 1}   -3.26{col 76}{space 3}0.001{col 84}{space 4} -.174985{col 97}{space 3}-.0436001
{txt}{space 32}gdp_growth {c |}{col 44}{res}{space 2}-.0073998{col 56}{space 2} .0022658{col 67}{space 1}   -3.27{col 76}{space 3}0.001{col 84}{space 4}-.0118408{col 97}{space 3}-.0029588
{txt}{space 35}log_pop {c |}{col 44}{res}{space 2} .3348889{col 56}{space 2} .1350074{col 67}{space 1}    2.48{col 76}{space 3}0.013{col 84}{space 4} .0702791{col 97}{space 3} .5994986
{txt}{space 36}kaopen {c |}{col 44}{res}{space 2}-.0261214{col 56}{space 2} .0110564{col 67}{space 1}   -2.36{col 76}{space 3}0.018{col 84}{space 4}-.0477916{col 97}{space 3}-.0044513
{txt}{space 30}currency_peg {c |}{col 44}{res}{space 2} .0026219{col 56}{space 2} .0255532{col 67}{space 1}    0.10{col 76}{space 3}0.918{col 84}{space 4}-.0474615{col 97}{space 3} .0527054
{txt}{space 27}currency_binary {c |}{col 44}{res}{space 2}-.1248909{col 56}{space 2} .0207806{col 67}{space 1}   -6.01{col 76}{space 3}0.000{col 84}{space 4}-.1656201{col 97}{space 3}-.0841617
{txt}{space 32}time_trend {c |}{col 44}{res}{space 2} .0036449{col 56}{space 2}  .003772{col 67}{space 1}    0.97{col 76}{space 3}0.334{col 84}{space 4}-.0037481{col 97}{space 3} .0110379
{txt}{space 42} {c |}
{space 35}cowcode {c |}
{space 39}42  {c |}{col 44}{res}{space 2} .9545137{col 56}{space 2} .5320415{col 67}{space 1}    1.79{col 76}{space 3}0.073{col 84}{space 4}-.0882685{col 97}{space 3} 1.997296
{txt}{space 39}70  {c |}{col 44}{res}{space 2} .2853575{col 56}{space 2} .2019274{col 67}{space 1}    1.41{col 76}{space 3}0.158{col 84}{space 4} -.110413{col 97}{space 3}  .681128
{txt}{space 39}90  {c |}{col 44}{res}{space 2}  1.09086{col 56}{space 2} .5095636{col 67}{space 1}    2.14{col 76}{space 3}0.032{col 84}{space 4}  .092134{col 97}{space 3} 2.089587
{txt}{space 39}91  {c |}{col 44}{res}{space 2} 1.343092{col 56}{space 2} .5976805{col 67}{space 1}    2.25{col 76}{space 3}0.025{col 84}{space 4} .1716592{col 97}{space 3} 2.514524
{txt}{space 39}92  {c |}{col 44}{res}{space 2}  1.31301{col 56}{space 2} .5859829{col 67}{space 1}    2.24{col 76}{space 3}0.025{col 84}{space 4} .1645045{col 97}{space 3} 2.461515
{txt}{space 39}93  {c |}{col 44}{res}{space 2} 1.481632{col 56}{space 2} .6330071{col 67}{space 1}    2.34{col 76}{space 3}0.019{col 84}{space 4} .2409613{col 97}{space 3} 2.722303
{txt}{space 39}94  {c |}{col 44}{res}{space 2} 1.421998{col 56}{space 2} .6396466{col 67}{space 1}    2.22{col 76}{space 3}0.026{col 84}{space 4} .1683138{col 97}{space 3} 2.675682
{txt}{space 38}100  {c |}{col 44}{res}{space 2} .7009226{col 56}{space 2} .3405167{col 67}{space 1}    2.06{col 76}{space 3}0.040{col 84}{space 4} .0335221{col 97}{space 3} 1.368323
{txt}{space 38}101  {c |}{col 44}{res}{space 2} .8972184{col 56}{space 2} .3893228{col 67}{space 1}    2.30{col 76}{space 3}0.021{col 84}{space 4} .1341597{col 97}{space 3} 1.660277
{txt}{space 38}130  {c |}{col 44}{res}{space 2} .9773523{col 56}{space 2} .4914569{col 67}{space 1}    1.99{col 76}{space 3}0.047{col 84}{space 4} .0141143{col 97}{space 3}  1.94059
{txt}{space 38}135  {c |}{col 44}{res}{space 2} .9042281{col 56}{space 2} .3941256{col 67}{space 1}    2.29{col 76}{space 3}0.022{col 84}{space 4}  .131756{col 97}{space 3}   1.6767
{txt}{space 38}140  {c |}{col 44}{res}{space 2} .2212576{col 56}{space 2}  .147741{col 67}{space 1}    1.50{col 76}{space 3}0.134{col 84}{space 4}-.0683096{col 97}{space 3} .5108247
{txt}{space 38}145  {c |}{col 44}{res}{space 2} 1.211494{col 56}{space 2} .5596154{col 67}{space 1}    2.16{col 76}{space 3}0.030{col 84}{space 4} .1146675{col 97}{space 3}  2.30832
{txt}{space 38}150  {c |}{col 44}{res}{space 2}  1.35918{col 56}{space 2} .6089752{col 67}{space 1}    2.23{col 76}{space 3}0.026{col 84}{space 4}  .165611{col 97}{space 3}  2.55275
{txt}{space 38}155  {c |}{col 44}{res}{space 2} 1.110152{col 56}{space 2} .4423274{col 67}{space 1}    2.51{col 76}{space 3}0.012{col 84}{space 4} .2432065{col 97}{space 3} 1.977098
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{txt}{space 38}165  {c |}{col 44}{res}{space 2} 1.666026{col 56}{space 2} .6355667{col 67}{space 1}    2.62{col 76}{space 3}0.009{col 84}{space 4} .4203386{col 97}{space 3} 2.911714
{txt}{space 38}200  {c |}{col 44}{res}{space 2} .5086986{col 56}{space 2} .2165757{col 67}{space 1}    2.35{col 76}{space 3}0.019{col 84}{space 4}  .084218{col 97}{space 3} .9331793
{txt}{space 38}205  {c |}{col 44}{res}{space 2} 1.293036{col 56}{space 2} .5863903{col 67}{space 1}    2.21{col 76}{space 3}0.027{col 84}{space 4} .1437322{col 97}{space 3}  2.44234
{txt}{space 38}210  {c |}{col 44}{res}{space 2} .8994654{col 56}{space 2} .4300905{col 67}{space 1}    2.09{col 76}{space 3}0.036{col 84}{space 4} .0565036{col 97}{space 3} 1.742427
{txt}{space 38}211  {c |}{col 44}{res}{space 2} 1.161769{col 56}{space 2} .4510762{col 67}{space 1}    2.58{col 76}{space 3}0.010{col 84}{space 4} .2776756{col 97}{space 3} 2.045862
{txt}{space 38}220  {c |}{col 44}{res}{space 2} .6343485{col 56}{space 2} .2228484{col 67}{space 1}    2.85{col 76}{space 3}0.004{col 84}{space 4} .1975737{col 97}{space 3} 1.071123
{txt}{space 38}225  {c |}{col 44}{res}{space 2} 1.499794{col 56}{space 2} .5022146{col 67}{space 1}    2.99{col 76}{space 3}0.003{col 84}{space 4} .5154711{col 97}{space 3} 2.484116
{txt}{space 38}230  {c |}{col 44}{res}{space 2}   .71581{col 56}{space 2} .2811575{col 67}{space 1}    2.55{col 76}{space 3}0.011{col 84}{space 4} .1647514{col 97}{space 3} 1.266869
{txt}{space 38}235  {c |}{col 44}{res}{space 2} 1.361941{col 56}{space 2}  .470566{col 67}{space 1}    2.89{col 76}{space 3}0.004{col 84}{space 4}  .439649{col 97}{space 3} 2.284234
{txt}{space 38}290  {c |}{col 44}{res}{space 2} .7132887{col 56}{space 2}  .323898{col 67}{space 1}    2.20{col 76}{space 3}0.028{col 84}{space 4} .0784604{col 97}{space 3} 1.348117
{txt}{space 38}305  {c |}{col 44}{res}{space 2}  1.26258{col 56}{space 2} .5137694{col 67}{space 1}    2.46{col 76}{space 3}0.014{col 84}{space 4} .2556105{col 97}{space 3}  2.26955
{txt}{space 38}310  {c |}{col 44}{res}{space 2} 1.247193{col 56}{space 2}  .482908{col 67}{space 1}    2.58{col 76}{space 3}0.010{col 84}{space 4} .3007105{col 97}{space 3} 2.193675
{txt}{space 38}325  {c |}{col 44}{res}{space 2} .5692094{col 56}{space 2} .2280229{col 67}{space 1}    2.50{col 76}{space 3}0.013{col 84}{space 4} .1222927{col 97}{space 3} 1.016126
{txt}{space 38}350  {c |}{col 44}{res}{space 2} 1.232055{col 56}{space 2}  .459182{col 67}{space 1}    2.68{col 76}{space 3}0.007{col 84}{space 4}  .332075{col 97}{space 3} 2.132035
{txt}{space 38}360  {c |}{col 44}{res}{space 2} 1.049312{col 56}{space 2} .4050047{col 67}{space 1}    2.59{col 76}{space 3}0.010{col 84}{space 4} .2555169{col 97}{space 3} 1.843106
{txt}{space 38}365  {c |}{col 44}{res}{space 2} .2402158{col 56}{space 2} .1969297{col 67}{space 1}    1.22{col 76}{space 3}0.223{col 84}{space 4}-.1457593{col 97}{space 3} .6261909
{txt}{space 38}375  {c |}{col 44}{res}{space 2} 1.333902{col 56}{space 2} .5490022{col 67}{space 1}    2.43{col 76}{space 3}0.015{col 84}{space 4} .2578771{col 97}{space 3} 2.409926
{txt}{space 38}380  {c |}{col 44}{res}{space 2} 1.234559{col 56}{space 2} .4610423{col 67}{space 1}    2.68{col 76}{space 3}0.007{col 84}{space 4} .3309331{col 97}{space 3} 2.138186
{txt}{space 38}385  {c |}{col 44}{res}{space 2} 1.614871{col 56}{space 2} .5535116{col 67}{space 1}    2.92{col 76}{space 3}0.004{col 84}{space 4} .5300083{col 97}{space 3} 2.699734
{txt}{space 38}452  {c |}{col 44}{res}{space 2} .8423969{col 56}{space 2}  .473041{col 67}{space 1}    1.78{col 76}{space 3}0.075{col 84}{space 4}-.0847464{col 97}{space 3}  1.76954
{txt}{space 38}475  {c |}{col 44}{res}{space 2} .0306433{col 56}{space 2} .2431658{col 67}{space 1}    0.13{col 76}{space 3}0.900{col 84}{space 4}-.4459529{col 97}{space 3} .5072396
{txt}{space 38}501  {c |}{col 44}{res}{space 2} .5794964{col 56}{space 2} .4134442{col 67}{space 1}    1.40{col 76}{space 3}0.161{col 84}{space 4}-.2308393{col 97}{space 3} 1.389832
{txt}{space 38}551  {c |}{col 44}{res}{space 2} .9414261{col 56}{space 2} .5417645{col 67}{space 1}    1.74{col 76}{space 3}0.082{col 84}{space 4}-.1204129{col 97}{space 3} 2.003265
{txt}{space 38}552  {c |}{col 44}{res}{space 2} .9623325{col 56}{space 2} .5041408{col 67}{space 1}    1.91{col 76}{space 3}0.056{col 84}{space 4}-.0257654{col 97}{space 3}  1.95043
{txt}{space 38}560  {c |}{col 44}{res}{space 2}  .527302{col 56}{space 2} .3102423{col 67}{space 1}    1.70{col 76}{space 3}0.089{col 84}{space 4}-.0807616{col 97}{space 3} 1.135366
{txt}{space 38}590  {c |}{col 44}{res}{space 2} 2.024918{col 56}{space 2} .7822553{col 67}{space 1}    2.59{col 76}{space 3}0.010{col 84}{space 4} .4917261{col 97}{space 3}  3.55811
{txt}{space 38}600  {c |}{col 44}{res}{space 2} .8780803{col 56}{space 2}  .390499{col 67}{space 1}    2.25{col 76}{space 3}0.025{col 84}{space 4} .1127164{col 97}{space 3} 1.643444
{txt}{space 38}615  {c |}{col 44}{res}{space 2} 1.068232{col 56}{space 2} .4586169{col 67}{space 1}    2.33{col 76}{space 3}0.020{col 84}{space 4} .1693593{col 97}{space 3} 1.967104
{txt}{space 38}616  {c |}{col 44}{res}{space 2} 1.119796{col 56}{space 2} .5219512{col 67}{space 1}    2.15{col 76}{space 3}0.032{col 84}{space 4} .0967903{col 97}{space 3} 2.142801
{txt}{space 38}640  {c |}{col 44}{res}{space 2} .5942578{col 56}{space 2} .2615931{col 67}{space 1}    2.27{col 76}{space 3}0.023{col 84}{space 4} .0815447{col 97}{space 3} 1.106971
{txt}{space 38}651  {c |}{col 44}{res}{space 2} .7315747{col 56}{space 2} .2837193{col 67}{space 1}    2.58{col 76}{space 3}0.010{col 84}{space 4} .1754951{col 97}{space 3} 1.287654
{txt}{space 38}710  {c |}{col 44}{res}{space 2} -.408271{col 56}{space 2} .2076627{col 67}{space 1}   -1.97{col 76}{space 3}0.049{col 84}{space 4}-.8152824{col 97}{space 3}-.0012596
{txt}{space 38}732  {c |}{col 44}{res}{space 2} .6721592{col 56}{space 2} .2781214{col 67}{space 1}    2.42{col 76}{space 3}0.016{col 84}{space 4} .1270512{col 97}{space 3} 1.217267
{txt}{space 38}740  {c |}{col 44}{res}{space 2} .5424526{col 56}{space 2} .1312128{col 67}{space 1}    4.13{col 76}{space 3}0.000{col 84}{space 4} .2852803{col 97}{space 3} .7996249
{txt}{space 38}750  {c |}{col 44}{res}{space 2} -.524842{col 56}{space 2} .1771308{col 67}{space 1}   -2.96{col 76}{space 3}0.003{col 84}{space 4} -.872012{col 97}{space 3}-.1776721
{txt}{space 38}780  {c |}{col 44}{res}{space 2} .8491571{col 56}{space 2} .4517483{col 67}{space 1}    1.88{col 76}{space 3}0.060{col 84}{space 4}-.0362532{col 97}{space 3} 1.734567
{txt}{space 38}800  {c |}{col 44}{res}{space 2} .6605959{col 56}{space 2} .2769999{col 67}{space 1}    2.38{col 76}{space 3}0.017{col 84}{space 4}  .117686{col 97}{space 3} 1.203506
{txt}{space 38}820  {c |}{col 44}{res}{space 2} .9862149{col 56}{space 2} .4021019{col 67}{space 1}    2.45{col 76}{space 3}0.014{col 84}{space 4} .1981097{col 97}{space 3}  1.77432
{txt}{space 38}830  {c |}{col 44}{res}{space 2} 2.043647{col 56}{space 2} .6251191{col 67}{space 1}    3.27{col 76}{space 3}0.001{col 84}{space 4} .8184358{col 97}{space 3} 3.268857
{txt}{space 38}840  {c |}{col 44}{res}{space 2} .3623184{col 56}{space 2} .2752755{col 67}{space 1}    1.32{col 76}{space 3}0.188{col 84}{space 4}-.1772116{col 97}{space 3} .9018484
{txt}{space 38}850  {c |}{col 44}{res}{space 2} .0898523{col 56}{space 2} .1674844{col 67}{space 1}    0.54{col 76}{space 3}0.592{col 84}{space 4}-.2384111{col 97}{space 3} .4181157
{txt}{space 38}900  {c |}{col 44}{res}{space 2} 1.031178{col 56}{space 2}  .376801{col 67}{space 1}    2.74{col 76}{space 3}0.006{col 84}{space 4} .2926611{col 97}{space 3} 1.769694
{txt}{space 38}920  {c |}{col 44}{res}{space 2} 1.507503{col 56}{space 2} .5896844{col 67}{space 1}    2.56{col 76}{space 3}0.011{col 84}{space 4} .3517432{col 97}{space 3} 2.663264
{txt}{space 42} {c |}
{space 37}_cons {c |}{col 44}{res}{space 2}-5.523296{col 56}{space 2} 2.700074{col 67}{space 1}   -2.05{col 76}{space 3}0.041{col 84}{space 4}-10.81534{col 97}{space 3} -.231248
{txt}{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}experience_crisis                          {txt}{c |}
{space 33}log_gdppc {c |}{col 44}{res}{space 2}-.0512983{col 56}{space 2}  .037183{col 67}{space 1}   -1.38{col 76}{space 3}0.168{col 84}{space 4}-.1241756{col 97}{space 3}  .021579
{txt}{space 32}gdp_growth {c |}{col 44}{res}{space 2}-.0024183{col 56}{space 2} .0105997{col 67}{space 1}   -0.23{col 76}{space 3}0.820{col 84}{space 4}-.0231933{col 97}{space 3} .0183567
{txt}{space 36}kaopen {c |}{col 44}{res}{space 2}-.2754742{col 56}{space 2} .0352946{col 67}{space 1}   -7.80{col 76}{space 3}0.000{col 84}{space 4}-.3446503{col 97}{space 3}-.2062981
{txt}{space 30}currency_peg {c |}{col 44}{res}{space 2}-.5786558{col 56}{space 2} .0842467{col 67}{space 1}   -6.87{col 76}{space 3}0.000{col 84}{space 4}-.7437764{col 97}{space 3}-.4135352
{txt}{space 29}trade_balance {c |}{col 44}{res}{space 2}-.0322724{col 56}{space 2} .0066894{col 67}{space 1}   -4.82{col 76}{space 3}0.000{col 84}{space 4}-.0453834{col 97}{space 3}-.0191615
{txt}{space 41}t {c |}{col 44}{res}{space 2} 1.014401{col 56}{space 2} .1414721{col 67}{space 1}    7.17{col 76}{space 3}0.000{col 84}{space 4} .7371205{col 97}{space 3} 1.291681
{txt}{space 40}t2 {c |}{col 44}{res}{space 2}-.0270717{col 56}{space 2}  .004794{col 67}{space 1}   -5.65{col 76}{space 3}0.000{col 84}{space 4}-.0364677{col 97}{space 3}-.0176757
{txt}{space 40}t3 {c |}{col 44}{res}{space 2}  .000251{col 56}{space 2} .0000517{col 67}{space 1}    4.86{col 76}{space 3}0.000{col 84}{space 4} .0001497{col 97}{space 3} .0003523
{txt}{space 37}_cons {c |}{col 44}{res}{space 2}-10.86729{col 56}{space 2} 1.337613{col 67}{space 1}   -8.12{col 76}{space 3}0.000{col 84}{space 4}-13.48896{col 97}{space 3}-8.245612
{txt}{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}mills                                      {txt}{c |}
{space 36}lambda {c |}{col 44}{res}{space 2} .1336898{col 56}{space 2} .0533191{col 67}{space 1}    2.51{col 76}{space 3}0.012{col 84}{space 4} .0291863{col 97}{space 3} .2381934
{txt}{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                       rho {c |} {res}   0.46179
                                     {txt}sigma {c |} {res} .28950536
{txt}{hline 43}{c BT}{hline 64}

{com}. 
. est store tab8
{txt}
{com}. 
. 
. 
. * Table 34:
. *esttab tab5 tab6 tab7 tab8 using robust_heckman2.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports - Crises in Neighbourhood when Own Occurs with Heckman Selection Model") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H3: econ severity
. 
. 
. heckman log_fi_res_totl_mo lag_log_fi_res_totl_mo sum_polit11_binary##c.gdp_ch1_polit11 polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode, select(experience_crisis = log_gdppc gdp_growth kaopen currency_peg trade_balance t t2 t3) twostep
{res}
{txt}Heckman selection model -- two-step estimates   Number of obs      = {res}     2015
{txt}(regression model with sample selection)        Censored obs       = {res}      586
                                                {txt}Uncensored obs     = {res}     1429

                                                {txt}Wald chi2({res}75{txt})      = {res}  8226.38
                                                {txt}Prob > chi2        =    {res}0.0000

{txt}{hline 37}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 38}{c |}      Coef.{col 50}   Std. Err.{col 62}      z{col 70}   P>|z|{col 78}     [95% Con{col 91}f. Interval]
{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}log_fi_res_totl_mo                   {txt}{c |}
{space 14}lag_log_fi_res_totl_mo {c |}{col 38}{res}{space 2} .7912066{col 50}{space 2} .0167365{col 61}{space 1}   47.27{col 70}{space 3}0.000{col 78}{space 4} .7584035{col 91}{space 3} .8240096
{txt}{space 16}1.sum_polit11_binary {c |}{col 38}{res}{space 2} .0469777{col 50}{space 2} .0226504{col 61}{space 1}    2.07{col 70}{space 3}0.038{col 78}{space 4} .0025837{col 91}{space 3} .0913717
{txt}{space 21}gdp_ch1_polit11 {c |}{col 38}{res}{space 2} -.134047{col 50}{space 2} .1256632{col 61}{space 1}   -1.07{col 70}{space 3}0.286{col 78}{space 4}-.3803424{col 91}{space 3} .1122485
{txt}{space 36} {c |}
sum_polit11_binary#c.gdp_ch1_polit11 {c |}
{space 34}1  {c |}{col 38}{res}{space 2} .2441747{col 50}{space 2}  .142071{col 61}{space 1}    1.72{col 70}{space 3}0.086{col 78}{space 4}-.0342794{col 91}{space 3} .5226288
{txt}{space 36} {c |}
{space 29}polity2 {c |}{col 38}{res}{space 2} .0042828{col 50}{space 2}  .002514{col 61}{space 1}    1.70{col 70}{space 3}0.088{col 78}{space 4}-.0006446{col 91}{space 3} .0092102
{txt}{space 23}sum_imftotal5 {c |}{col 38}{res}{space 2}-.0025203{col 50}{space 2} .0273708{col 61}{space 1}   -0.09{col 70}{space 3}0.927{col 78}{space 4}-.0561661{col 91}{space 3} .0511256
{txt}{space 22}ne_imp_gnfs_zs {c |}{col 38}{res}{space 2}-.0038384{col 50}{space 2} .0014227{col 61}{space 1}   -2.70{col 70}{space 3}0.007{col 78}{space 4}-.0066268{col 91}{space 3}  -.00105
{txt}{space 23}trade_balance {c |}{col 38}{res}{space 2} .0127425{col 50}{space 2} .0019601{col 61}{space 1}    6.50{col 70}{space 3}0.000{col 78}{space 4} .0089008{col 91}{space 3} .0165843
{txt}{space 27}cbi_irreg {c |}{col 38}{res}{space 2}-.0006182{col 50}{space 2} .0151416{col 61}{space 1}   -0.04{col 70}{space 3}0.967{col 78}{space 4}-.0302952{col 91}{space 3} .0290588
{txt}{space 24}presidential {c |}{col 38}{res}{space 2} .0623818{col 50}{space 2} .0495797{col 61}{space 1}    1.26{col 70}{space 3}0.208{col 78}{space 4}-.0347926{col 91}{space 3} .1595563
{txt}{space 27}log_gdppc {c |}{col 38}{res}{space 2} -.127368{col 50}{space 2} .0360572{col 61}{space 1}   -3.53{col 70}{space 3}0.000{col 78}{space 4}-.1980388{col 91}{space 3}-.0566971
{txt}{space 26}gdp_growth {c |}{col 38}{res}{space 2}-.0067048{col 50}{space 2}  .002381{col 61}{space 1}   -2.82{col 70}{space 3}0.005{col 78}{space 4}-.0113715{col 91}{space 3} -.002038
{txt}{space 29}log_pop {c |}{col 38}{res}{space 2}  .434451{col 50}{space 2} .1410475{col 61}{space 1}    3.08{col 70}{space 3}0.002{col 78}{space 4}  .158003{col 91}{space 3}  .710899
{txt}{space 30}kaopen {c |}{col 38}{res}{space 2}-.0291188{col 50}{space 2} .0112892{col 61}{space 1}   -2.58{col 70}{space 3}0.010{col 78}{space 4}-.0512453{col 91}{space 3}-.0069923
{txt}{space 24}currency_peg {c |}{col 38}{res}{space 2} .0226443{col 50}{space 2} .0261474{col 61}{space 1}    0.87{col 70}{space 3}0.386{col 78}{space 4}-.0286036{col 91}{space 3} .0738922
{txt}{space 21}currency_binary {c |}{col 38}{res}{space 2}-.1158106{col 50}{space 2} .0209751{col 61}{space 1}   -5.52{col 70}{space 3}0.000{col 78}{space 4} -.156921{col 91}{space 3}-.0747002
{txt}{space 26}time_trend {c |}{col 38}{res}{space 2} .0030127{col 50}{space 2} .0039034{col 61}{space 1}    0.77{col 70}{space 3}0.440{col 78}{space 4}-.0046379{col 91}{space 3} .0106632
{txt}{space 36} {c |}
{space 29}cowcode {c |}
{space 33}42  {c |}{col 38}{res}{space 2}  1.20032{col 50}{space 2} .5535128{col 61}{space 1}    2.17{col 70}{space 3}0.030{col 78}{space 4} .1154546{col 91}{space 3} 2.285185
{txt}{space 33}70  {c |}{col 38}{res}{space 2} .3930563{col 50}{space 2} .2100695{col 61}{space 1}    1.87{col 70}{space 3}0.061{col 78}{space 4}-.0186724{col 91}{space 3}  .804785
{txt}{space 33}90  {c |}{col 38}{res}{space 2}  1.33918{col 50}{space 2} .5336103{col 61}{space 1}    2.51{col 70}{space 3}0.012{col 78}{space 4} .2933233{col 91}{space 3} 2.385037
{txt}{space 33}91  {c |}{col 38}{res}{space 2} 1.696747{col 50}{space 2} .6241013{col 61}{space 1}    2.72{col 70}{space 3}0.007{col 78}{space 4} .4735312{col 91}{space 3} 2.919963
{txt}{space 33}92  {c |}{col 38}{res}{space 2} 1.623278{col 50}{space 2} .6137083{col 61}{space 1}    2.65{col 70}{space 3}0.008{col 78}{space 4} .4204321{col 91}{space 3} 2.826125
{txt}{space 33}93  {c |}{col 38}{res}{space 2}  1.83651{col 50}{space 2} .6589327{col 61}{space 1}    2.79{col 70}{space 3}0.005{col 78}{space 4} .5450258{col 91}{space 3} 3.127994
{txt}{space 33}94  {c |}{col 38}{res}{space 2} 1.834661{col 50}{space 2} .6656294{col 61}{space 1}    2.76{col 70}{space 3}0.006{col 78}{space 4}  .530051{col 91}{space 3}  3.13927
{txt}{space 32}100  {c |}{col 38}{res}{space 2} .8206754{col 50}{space 2} .3581962{col 61}{space 1}    2.29{col 70}{space 3}0.022{col 78}{space 4} .1186236{col 91}{space 3} 1.522727
{txt}{space 32}101  {c |}{col 38}{res}{space 2} 1.121334{col 50}{space 2} .4065857{col 61}{space 1}    2.76{col 70}{space 3}0.006{col 78}{space 4} .3244408{col 91}{space 3} 1.918227
{txt}{space 32}130  {c |}{col 38}{res}{space 2} 1.212022{col 50}{space 2} .5138233{col 61}{space 1}    2.36{col 70}{space 3}0.018{col 78}{space 4} .2049464{col 91}{space 3} 2.219097
{txt}{space 32}135  {c |}{col 38}{res}{space 2} 1.064789{col 50}{space 2} .4125319{col 61}{space 1}    2.58{col 70}{space 3}0.010{col 78}{space 4} .2562411{col 91}{space 3} 1.873336
{txt}{space 32}140  {c |}{col 38}{res}{space 2}  .171224{col 50}{space 2} .1542943{col 61}{space 1}    1.11{col 70}{space 3}0.267{col 78}{space 4}-.1311873{col 91}{space 3} .4736352
{txt}{space 32}145  {c |}{col 38}{res}{space 2} 1.466784{col 50}{space 2}  .588849{col 61}{space 1}    2.49{col 70}{space 3}0.013{col 78}{space 4} .3126614{col 91}{space 3} 2.620907
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{txt}{space 32}220  {c |}{col 38}{res}{space 2}   .68707{col 50}{space 2} .2295146{col 61}{space 1}    2.99{col 70}{space 3}0.003{col 78}{space 4} .2372296{col 91}{space 3}  1.13691
{txt}{space 32}225  {c |}{col 38}{res}{space 2} 1.864611{col 50}{space 2} .5207897{col 61}{space 1}    3.58{col 70}{space 3}0.000{col 78}{space 4} .8438816{col 91}{space 3}  2.88534
{txt}{space 32}230  {c |}{col 38}{res}{space 2}  .840921{col 50}{space 2} .2906219{col 61}{space 1}    2.89{col 70}{space 3}0.004{col 78}{space 4} .2713126{col 91}{space 3} 1.410529
{txt}{space 32}235  {c |}{col 38}{res}{space 2} 1.647984{col 50}{space 2} .4900742{col 61}{space 1}    3.36{col 70}{space 3}0.001{col 78}{space 4} .6874558{col 91}{space 3} 2.608511
{txt}{space 32}290  {c |}{col 38}{res}{space 2} .9419763{col 50}{space 2}  .345411{col 61}{space 1}    2.73{col 70}{space 3}0.006{col 78}{space 4} .2649833{col 91}{space 3} 1.618969
{txt}{space 32}305  {c |}{col 38}{res}{space 2} 1.556108{col 50}{space 2} .5314831{col 61}{space 1}    2.93{col 70}{space 3}0.003{col 78}{space 4} .5144206{col 91}{space 3} 2.597796
{txt}{space 32}310  {c |}{col 38}{res}{space 2} 1.515965{col 50}{space 2}  .502772{col 61}{space 1}    3.02{col 70}{space 3}0.003{col 78}{space 4} .5305504{col 91}{space 3}  2.50138
{txt}{space 32}325  {c |}{col 38}{res}{space 2} .7030806{col 50}{space 2} .2342167{col 61}{space 1}    3.00{col 70}{space 3}0.003{col 78}{space 4} .2440242{col 91}{space 3} 1.162137
{txt}{space 32}350  {c |}{col 38}{res}{space 2}  1.50362{col 50}{space 2} .4773224{col 61}{space 1}    3.15{col 70}{space 3}0.002{col 78}{space 4} .5680852{col 91}{space 3} 2.439154
{txt}{space 32}360  {c |}{col 38}{res}{space 2}  1.43257{col 50}{space 2} .4393301{col 61}{space 1}    3.26{col 70}{space 3}0.001{col 78}{space 4} .5714988{col 91}{space 3} 2.293641
{txt}{space 32}375  {c |}{col 38}{res}{space 2} 1.696826{col 50}{space 2} .5667903{col 61}{space 1}    2.99{col 70}{space 3}0.003{col 78}{space 4} .5859374{col 91}{space 3} 2.807715
{txt}{space 32}380  {c |}{col 38}{res}{space 2} 1.587841{col 50}{space 2} .4778605{col 61}{space 1}    3.32{col 70}{space 3}0.001{col 78}{space 4} .6512518{col 91}{space 3} 2.524431
{txt}{space 32}385  {c |}{col 38}{res}{space 2} 2.034972{col 50}{space 2} .5769148{col 61}{space 1}    3.53{col 70}{space 3}0.000{col 78}{space 4} .9042397{col 91}{space 3} 3.165704
{txt}{space 32}452  {c |}{col 38}{res}{space 2} 1.043934{col 50}{space 2} .4956744{col 61}{space 1}    2.11{col 70}{space 3}0.035{col 78}{space 4}   .07243{col 91}{space 3} 2.015438
{txt}{space 32}475  {c |}{col 38}{res}{space 2}  .063061{col 50}{space 2} .2551154{col 61}{space 1}    0.25{col 70}{space 3}0.805{col 78}{space 4} -.436956{col 91}{space 3} .5630779
{txt}{space 32}501  {c |}{col 38}{res}{space 2} .6924403{col 50}{space 2} .4330426{col 61}{space 1}    1.60{col 70}{space 3}0.110{col 78}{space 4}-.1563076{col 91}{space 3} 1.541188
{txt}{space 32}551  {c |}{col 38}{res}{space 2} 1.193029{col 50}{space 2} .5667935{col 61}{space 1}    2.10{col 70}{space 3}0.035{col 78}{space 4} .0821344{col 91}{space 3} 2.303924
{txt}{space 32}552  {c |}{col 38}{res}{space 2} 1.137968{col 50}{space 2}  .528903{col 61}{space 1}    2.15{col 70}{space 3}0.031{col 78}{space 4} .1013373{col 91}{space 3} 2.174599
{txt}{space 32}560  {c |}{col 38}{res}{space 2} .6492098{col 50}{space 2} .3215645{col 61}{space 1}    2.02{col 70}{space 3}0.043{col 78}{space 4} .0189549{col 91}{space 3} 1.279465
{txt}{space 32}590  {c |}{col 38}{res}{space 2} 2.467917{col 50}{space 2} .8180118{col 61}{space 1}    3.02{col 70}{space 3}0.003{col 78}{space 4} .8646436{col 91}{space 3} 4.071191
{txt}{space 32}600  {c |}{col 38}{res}{space 2} .9828446{col 50}{space 2} .4080208{col 61}{space 1}    2.41{col 70}{space 3}0.016{col 78}{space 4} .1831385{col 91}{space 3} 1.782551
{txt}{space 32}615  {c |}{col 38}{res}{space 2}  1.20848{col 50}{space 2} .4687911{col 61}{space 1}    2.58{col 70}{space 3}0.010{col 78}{space 4} .2896664{col 91}{space 3} 2.127294
{txt}{space 32}616  {c |}{col 38}{res}{space 2} 1.355469{col 50}{space 2} .5454238{col 61}{space 1}    2.49{col 70}{space 3}0.013{col 78}{space 4} .2864576{col 91}{space 3} 2.424479
{txt}{space 32}640  {c |}{col 38}{res}{space 2} .6165228{col 50}{space 2} .2777201{col 61}{space 1}    2.22{col 70}{space 3}0.026{col 78}{space 4} .0722014{col 91}{space 3} 1.160844
{txt}{space 32}651  {c |}{col 38}{res}{space 2} .7769517{col 50}{space 2}  .298015{col 61}{space 1}    2.61{col 70}{space 3}0.009{col 78}{space 4} .1928531{col 91}{space 3}  1.36105
{txt}{space 32}710  {c |}{col 38}{res}{space 2}-.6311598{col 50}{space 2} .2172005{col 61}{space 1}   -2.91{col 70}{space 3}0.004{col 78}{space 4}-1.056865{col 91}{space 3}-.2054547
{txt}{space 32}732  {c |}{col 38}{res}{space 2} .6240403{col 50}{space 2} .2946746{col 61}{space 1}    2.12{col 70}{space 3}0.034{col 78}{space 4} .0464888{col 91}{space 3} 1.201592
{txt}{space 32}740  {c |}{col 38}{res}{space 2} .5711224{col 50}{space 2} .1337838{col 61}{space 1}    4.27{col 70}{space 3}0.000{col 78}{space 4}  .308911{col 91}{space 3} .8333338
{txt}{space 32}750  {c |}{col 38}{res}{space 2}-.7975609{col 50}{space 2} .1846787{col 61}{space 1}   -4.32{col 70}{space 3}0.000{col 78}{space 4}-1.159524{col 91}{space 3}-.4355974
{txt}{space 32}780  {c |}{col 38}{res}{space 2} 1.014316{col 50}{space 2} .4735967{col 61}{space 1}    2.14{col 70}{space 3}0.032{col 78}{space 4} .0860832{col 91}{space 3} 1.942548
{txt}{space 32}800  {c |}{col 38}{res}{space 2} .7569348{col 50}{space 2}  .288879{col 61}{space 1}    2.62{col 70}{space 3}0.009{col 78}{space 4} .1907425{col 91}{space 3} 1.323127
{txt}{space 32}820  {c |}{col 38}{res}{space 2} 1.179355{col 50}{space 2}  .415942{col 61}{space 1}    2.84{col 70}{space 3}0.005{col 78}{space 4} .3641232{col 91}{space 3} 1.994586
{txt}{space 32}830  {c |}{col 38}{res}{space 2} 2.540433{col 50}{space 2}  .649054{col 61}{space 1}    3.91{col 70}{space 3}0.000{col 78}{space 4}  1.26831{col 91}{space 3} 3.812555
{txt}{space 32}840  {c |}{col 38}{res}{space 2}  .414949{col 50}{space 2} .2876789{col 61}{space 1}    1.44{col 70}{space 3}0.149{col 78}{space 4}-.1488913{col 91}{space 3} .9787893
{txt}{space 32}850  {c |}{col 38}{res}{space 2}-.0453057{col 50}{space 2} .1748042{col 61}{space 1}   -0.26{col 70}{space 3}0.795{col 78}{space 4}-.3879156{col 91}{space 3} .2973042
{txt}{space 32}900  {c |}{col 38}{res}{space 2} 1.299452{col 50}{space 2} .3899876{col 61}{space 1}    3.33{col 70}{space 3}0.001{col 78}{space 4} .5350902{col 91}{space 3} 2.063813
{txt}{space 32}920  {c |}{col 38}{res}{space 2} 1.943777{col 50}{space 2} .6130283{col 61}{space 1}    3.17{col 70}{space 3}0.002{col 78}{space 4} .7422632{col 91}{space 3}  3.14529
{txt}{space 36} {c |}
{space 31}_cons {c |}{col 38}{res}{space 2}-7.204736{col 50}{space 2}  2.82473{col 61}{space 1}   -2.55{col 70}{space 3}0.011{col 78}{space 4}-12.74111{col 91}{space 3}-1.668367
{txt}{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}experience_crisis                    {txt}{c |}
{space 27}log_gdppc {c |}{col 38}{res}{space 2} -.043713{col 50}{space 2} .0374444{col 61}{space 1}   -1.17{col 70}{space 3}0.243{col 78}{space 4}-.1171026{col 91}{space 3} .0296766
{txt}{space 26}gdp_growth {c |}{col 38}{res}{space 2}-.0006836{col 50}{space 2} .0107136{col 61}{space 1}   -0.06{col 70}{space 3}0.949{col 78}{space 4}-.0216819{col 91}{space 3} .0203146
{txt}{space 30}kaopen {c |}{col 38}{res}{space 2}-.2749097{col 50}{space 2} .0357441{col 61}{space 1}   -7.69{col 70}{space 3}0.000{col 78}{space 4}-.3449669{col 91}{space 3}-.2048526
{txt}{space 24}currency_peg {c |}{col 38}{res}{space 2} -.565029{col 50}{space 2} .0846247{col 61}{space 1}   -6.68{col 70}{space 3}0.000{col 78}{space 4}-.7308904{col 91}{space 3}-.3991677
{txt}{space 23}trade_balance {c |}{col 38}{res}{space 2}-.0335816{col 50}{space 2} .0067536{col 61}{space 1}   -4.97{col 70}{space 3}0.000{col 78}{space 4}-.0468185{col 91}{space 3}-.0203447
{txt}{space 35}t {c |}{col 38}{res}{space 2} 1.012997{col 50}{space 2} .1423191{col 61}{space 1}    7.12{col 70}{space 3}0.000{col 78}{space 4} .7340571{col 91}{space 3} 1.291938
{txt}{space 34}t2 {c |}{col 38}{res}{space 2}-.0270248{col 50}{space 2} .0048241{col 61}{space 1}   -5.60{col 70}{space 3}0.000{col 78}{space 4}-.0364798{col 91}{space 3}-.0175697
{txt}{space 34}t3 {c |}{col 38}{res}{space 2} .0002503{col 50}{space 2}  .000052{col 61}{space 1}    4.81{col 70}{space 3}0.000{col 78}{space 4} .0001484{col 91}{space 3} .0003523
{txt}{space 31}_cons {c |}{col 38}{res}{space 2}-10.93461{col 50}{space 2} 1.346884{col 61}{space 1}   -8.12{col 70}{space 3}0.000{col 78}{space 4}-13.57445{col 91}{space 3}-8.294767
{txt}{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}mills                                {txt}{c |}
{space 30}lambda {c |}{col 38}{res}{space 2} .1248439{col 50}{space 2} .0535747{col 61}{space 1}    2.33{col 70}{space 3}0.020{col 78}{space 4} .0198394{col 91}{space 3} .2298484
{txt}{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                 rho {c |} {res}   0.43559
                               {txt}sigma {c |} {res}  .2866073
{txt}{hline 37}{c BT}{hline 64}

{com}. 
. est store tab9
{txt}
{com}. 
. 
. heckman log_fi_res_totl_mo lag_log_fi_res_totl_mo c.polity_frac_polit11##c.gdp_ch1_polit11 polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode, select(experience_crisis = log_gdppc gdp_growth kaopen currency_peg trade_balance t t2 t3) twostep
{res}
{txt}Heckman selection model -- two-step estimates   Number of obs      = {res}     2015
{txt}(regression model with sample selection)        Censored obs       = {res}      586
                                                {txt}Uncensored obs     = {res}     1429

                                                {txt}Wald chi2({res}75{txt})      = {res}  8267.39
                                                {txt}Prob > chi2        =    {res}0.0000

{txt}{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      z{col 73}   P>|z|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}log_fi_res_totl_mo                      {txt}{c |}
{space 17}lag_log_fi_res_totl_mo {c |}{col 41}{res}{space 2} .7902896{col 53}{space 2} .0166289{col 64}{space 1}   47.53{col 73}{space 3}0.000{col 81}{space 4} .7576976{col 94}{space 3} .8228815
{txt}{space 20}polity_frac_polit11 {c |}{col 41}{res}{space 2} .0574753{col 53}{space 2} .0220532{col 64}{space 1}    2.61{col 73}{space 3}0.009{col 81}{space 4} .0142517{col 94}{space 3} .1006988
{txt}{space 24}gdp_ch1_polit11 {c |}{col 41}{res}{space 2}-.0896348{col 53}{space 2} .0908958{col 64}{space 1}   -0.99{col 73}{space 3}0.324{col 81}{space 4}-.2677872{col 94}{space 3} .0885176
{txt}{space 39} {c |}
c.polity_frac_polit11#c.gdp_ch1_polit11 {c |}{col 41}{res}{space 2} .3432168{col 53}{space 2} .1395206{col 64}{space 1}    2.46{col 73}{space 3}0.014{col 81}{space 4} .0697615{col 94}{space 3} .6166722
{txt}{space 39} {c |}
{space 32}polity2 {c |}{col 41}{res}{space 2} .0040408{col 53}{space 2} .0025072{col 64}{space 1}    1.61{col 73}{space 3}0.107{col 81}{space 4}-.0008733{col 94}{space 3} .0089548
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2}-.0012884{col 53}{space 2} .0272089{col 64}{space 1}   -0.05{col 73}{space 3}0.962{col 81}{space 4} -.054617{col 94}{space 3} .0520401
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2}-.0040052{col 53}{space 2} .0014061{col 64}{space 1}   -2.85{col 73}{space 3}0.004{col 81}{space 4}-.0067612{col 94}{space 3}-.0012492
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2}  .013051{col 53}{space 2} .0019642{col 64}{space 1}    6.64{col 73}{space 3}0.000{col 81}{space 4} .0092011{col 94}{space 3} .0169008
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2}-.0022819{col 53}{space 2} .0151087{col 64}{space 1}   -0.15{col 73}{space 3}0.880{col 81}{space 4}-.0318944{col 94}{space 3} .0273307
{txt}{space 27}presidential {c |}{col 41}{res}{space 2} .0839179{col 53}{space 2} .0497272{col 64}{space 1}    1.69{col 73}{space 3}0.091{col 81}{space 4}-.0135456{col 94}{space 3} .1813814
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2}-.1265673{col 53}{space 2} .0358282{col 64}{space 1}   -3.53{col 73}{space 3}0.000{col 81}{space 4}-.1967893{col 94}{space 3}-.0563453
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0067574{col 53}{space 2} .0023722{col 64}{space 1}   -2.85{col 73}{space 3}0.004{col 81}{space 4}-.0114069{col 94}{space 3} -.002108
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2}  .436678{col 53}{space 2} .1399356{col 64}{space 1}    3.12{col 73}{space 3}0.002{col 81}{space 4} .1624093{col 94}{space 3} .7109466
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0296179{col 53}{space 2} .0112395{col 64}{space 1}   -2.64{col 73}{space 3}0.008{col 81}{space 4}-.0516469{col 94}{space 3}-.0075889
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2} .0234949{col 53}{space 2} .0260957{col 64}{space 1}    0.90{col 73}{space 3}0.368{col 81}{space 4}-.0276518{col 94}{space 3} .0746415
{txt}{space 24}currency_binary {c |}{col 41}{res}{space 2}-.1248532{col 53}{space 2} .0210812{col 64}{space 1}   -5.92{col 73}{space 3}0.000{col 81}{space 4}-.1661715{col 94}{space 3}-.0835348
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2} .0033625{col 53}{space 2} .0038796{col 64}{space 1}    0.87{col 73}{space 3}0.386{col 81}{space 4}-.0042413{col 94}{space 3} .0109664
{txt}{space 39} {c |}
{space 32}cowcode {c |}
{space 36}42  {c |}{col 41}{res}{space 2} 1.242098{col 53}{space 2} .5500593{col 64}{space 1}    2.26{col 73}{space 3}0.024{col 81}{space 4} .1640019{col 94}{space 3} 2.320195
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{txt}{space 36}90  {c |}{col 41}{res}{space 2} 1.395053{col 53}{space 2} .5290985{col 64}{space 1}    2.64{col 73}{space 3}0.008{col 81}{space 4} .3580387{col 94}{space 3} 2.432067
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{txt}{space 35}710  {c |}{col 41}{res}{space 2}-.6048207{col 53}{space 2} .2160716{col 64}{space 1}   -2.80{col 73}{space 3}0.005{col 81}{space 4}-1.028313{col 94}{space 3}-.1813282
{txt}{space 35}732  {c |}{col 41}{res}{space 2} .7218997{col 53}{space 2} .2933663{col 64}{space 1}    2.46{col 73}{space 3}0.014{col 81}{space 4} .1469123{col 94}{space 3} 1.296887
{txt}{space 35}740  {c |}{col 41}{res}{space 2} .5970106{col 53}{space 2}  .133363{col 64}{space 1}    4.48{col 73}{space 3}0.000{col 81}{space 4} .3356239{col 94}{space 3} .8583973
{txt}{space 35}750  {c |}{col 41}{res}{space 2} -.751275{col 53}{space 2} .1848099{col 64}{space 1}   -4.07{col 73}{space 3}0.000{col 81}{space 4}-1.113496{col 94}{space 3}-.3890543
{txt}{space 35}780  {c |}{col 41}{res}{space 2}  1.04784{col 53}{space 2} .4699359{col 64}{space 1}    2.23{col 73}{space 3}0.026{col 81}{space 4} .1267824{col 94}{space 3} 1.968897
{txt}{space 35}800  {c |}{col 41}{res}{space 2}  .803865{col 53}{space 2} .2883296{col 64}{space 1}    2.79{col 73}{space 3}0.005{col 81}{space 4} .2387493{col 94}{space 3} 1.368981
{txt}{space 35}820  {c |}{col 41}{res}{space 2} 1.227753{col 53}{space 2} .4144778{col 64}{space 1}    2.96{col 73}{space 3}0.003{col 81}{space 4} .4153913{col 94}{space 3} 2.040114
{txt}{space 35}830  {c |}{col 41}{res}{space 2} 2.605227{col 53}{space 2} .6451041{col 64}{space 1}    4.04{col 73}{space 3}0.000{col 81}{space 4} 1.340846{col 94}{space 3} 3.869608
{txt}{space 35}840  {c |}{col 41}{res}{space 2} .4485587{col 53}{space 2} .2864951{col 64}{space 1}    1.57{col 73}{space 3}0.117{col 81}{space 4}-.1129614{col 94}{space 3} 1.010079
{txt}{space 35}850  {c |}{col 41}{res}{space 2} -.004847{col 53}{space 2} .1744134{col 64}{space 1}   -0.03{col 73}{space 3}0.978{col 81}{space 4}-.3466909{col 94}{space 3} .3369969
{txt}{space 35}900  {c |}{col 41}{res}{space 2} 1.347996{col 53}{space 2} .3884046{col 64}{space 1}    3.47{col 73}{space 3}0.001{col 81}{space 4} .5867372{col 94}{space 3} 2.109255
{txt}{space 35}920  {c |}{col 41}{res}{space 2} 1.998326{col 53}{space 2} .6085803{col 64}{space 1}    3.28{col 73}{space 3}0.001{col 81}{space 4}  .805531{col 94}{space 3} 3.191122
{txt}{space 39} {c |}
{space 34}_cons {c |}{col 41}{res}{space 2}-7.299174{col 53}{space 2} 2.803431{col 64}{space 1}   -2.60{col 73}{space 3}0.009{col 81}{space 4} -12.7938{col 94}{space 3} -1.80455
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}experience_crisis                       {txt}{c |}
{space 30}log_gdppc {c |}{col 41}{res}{space 2} -.043713{col 53}{space 2} .0374444{col 64}{space 1}   -1.17{col 73}{space 3}0.243{col 81}{space 4}-.1171026{col 94}{space 3} .0296766
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0006836{col 53}{space 2} .0107136{col 64}{space 1}   -0.06{col 73}{space 3}0.949{col 81}{space 4}-.0216819{col 94}{space 3} .0203146
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.2749097{col 53}{space 2} .0357441{col 64}{space 1}   -7.69{col 73}{space 3}0.000{col 81}{space 4}-.3449669{col 94}{space 3}-.2048526
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2} -.565029{col 53}{space 2} .0846247{col 64}{space 1}   -6.68{col 73}{space 3}0.000{col 81}{space 4}-.7308904{col 94}{space 3}-.3991677
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2}-.0335816{col 53}{space 2} .0067536{col 64}{space 1}   -4.97{col 73}{space 3}0.000{col 81}{space 4}-.0468185{col 94}{space 3}-.0203447
{txt}{space 38}t {c |}{col 41}{res}{space 2} 1.012997{col 53}{space 2} .1423191{col 64}{space 1}    7.12{col 73}{space 3}0.000{col 81}{space 4} .7340571{col 94}{space 3} 1.291938
{txt}{space 37}t2 {c |}{col 41}{res}{space 2}-.0270248{col 53}{space 2} .0048241{col 64}{space 1}   -5.60{col 73}{space 3}0.000{col 81}{space 4}-.0364798{col 94}{space 3}-.0175697
{txt}{space 37}t3 {c |}{col 41}{res}{space 2} .0002503{col 53}{space 2}  .000052{col 64}{space 1}    4.81{col 73}{space 3}0.000{col 81}{space 4} .0001484{col 94}{space 3} .0003523
{txt}{space 34}_cons {c |}{col 41}{res}{space 2}-10.93461{col 53}{space 2} 1.346884{col 64}{space 1}   -8.12{col 73}{space 3}0.000{col 81}{space 4}-13.57445{col 94}{space 3}-8.294767
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}mills                                   {txt}{c |}
{space 33}lambda {c |}{col 41}{res}{space 2} .1241288{col 53}{space 2} .0534125{col 64}{space 1}    2.32{col 73}{space 3}0.020{col 81}{space 4} .0194421{col 94}{space 3} .2288154
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                    rho {c |} {res}   0.43409
                                  {txt}sigma {c |} {res} .28595039
{txt}{hline 40}{c BT}{hline 64}

{com}. 
. est store tab10
{txt}
{com}. 
. 
. heckman log_fi_res_totl_mo lag_log_fi_res_totl_mo sum_polit12_binary##c.gdp_ch1_polit12 polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode, select(experience_crisis = log_gdppc gdp_growth kaopen currency_peg trade_balance t t2 t3) twostep
{res}
{txt}Heckman selection model -- two-step estimates   Number of obs      = {res}     2039
{txt}(regression model with sample selection)        Censored obs       = {res}      586
                                                {txt}Uncensored obs     = {res}     1453

                                                {txt}Wald chi2({res}76{txt})      = {res}  8391.31
                                                {txt}Prob > chi2        =    {res}0.0000

{txt}{hline 37}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 38}{c |}      Coef.{col 50}   Std. Err.{col 62}      z{col 70}   P>|z|{col 78}     [95% Con{col 91}f. Interval]
{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}log_fi_res_totl_mo                   {txt}{c |}
{space 14}lag_log_fi_res_totl_mo {c |}{col 38}{res}{space 2}  .803992{col 50}{space 2} .0162482{col 61}{space 1}   49.48{col 70}{space 3}0.000{col 78}{space 4} .7721462{col 91}{space 3} .8358377
{txt}{space 16}1.sum_polit12_binary {c |}{col 38}{res}{space 2} .0444863{col 50}{space 2} .0239581{col 61}{space 1}    1.86{col 70}{space 3}0.063{col 78}{space 4}-.0024707{col 91}{space 3} .0914433
{txt}{space 21}gdp_ch1_polit12 {c |}{col 38}{res}{space 2}-.0412705{col 50}{space 2} .0851538{col 61}{space 1}   -0.48{col 70}{space 3}0.628{col 78}{space 4} -.208169{col 91}{space 3} .1256279
{txt}{space 36} {c |}
sum_polit12_binary#c.gdp_ch1_polit12 {c |}
{space 34}1  {c |}{col 38}{res}{space 2} .0719131{col 50}{space 2} .1129462{col 61}{space 1}    0.64{col 70}{space 3}0.524{col 78}{space 4}-.1494574{col 91}{space 3} .2932836
{txt}{space 36} {c |}
{space 29}polity2 {c |}{col 38}{res}{space 2}  .005194{col 50}{space 2} .0024897{col 61}{space 1}    2.09{col 70}{space 3}0.037{col 78}{space 4} .0003143{col 91}{space 3} .0100738
{txt}{space 23}sum_imftotal5 {c |}{col 38}{res}{space 2}-.0202143{col 50}{space 2} .0266656{col 61}{space 1}   -0.76{col 70}{space 3}0.448{col 78}{space 4} -.072478{col 91}{space 3} .0320494
{txt}{space 22}ne_imp_gnfs_zs {c |}{col 38}{res}{space 2}-.0036101{col 50}{space 2} .0014143{col 61}{space 1}   -2.55{col 70}{space 3}0.011{col 78}{space 4}-.0063821{col 91}{space 3} -.000838
{txt}{space 23}trade_balance {c |}{col 38}{res}{space 2} .0130446{col 50}{space 2} .0019385{col 61}{space 1}    6.73{col 70}{space 3}0.000{col 78}{space 4} .0092452{col 91}{space 3}  .016844
{txt}{space 27}cbi_irreg {c |}{col 38}{res}{space 2} .0080725{col 50}{space 2} .0149696{col 61}{space 1}    0.54{col 70}{space 3}0.590{col 78}{space 4}-.0212675{col 91}{space 3} .0374124
{txt}{space 24}presidential {c |}{col 38}{res}{space 2} .0957469{col 50}{space 2}  .048981{col 61}{space 1}    1.95{col 70}{space 3}0.051{col 78}{space 4} -.000254{col 91}{space 3} .1917478
{txt}{space 27}log_gdppc {c |}{col 38}{res}{space 2}-.1116648{col 50}{space 2} .0351024{col 61}{space 1}   -3.18{col 70}{space 3}0.001{col 78}{space 4}-.1804643{col 91}{space 3}-.0428654
{txt}{space 26}gdp_growth {c |}{col 38}{res}{space 2} -.008433{col 50}{space 2} .0023164{col 61}{space 1}   -3.64{col 70}{space 3}0.000{col 78}{space 4} -.012973{col 91}{space 3} -.003893
{txt}{space 29}log_pop {c |}{col 38}{res}{space 2}  .417044{col 50}{space 2} .1393825{col 61}{space 1}    2.99{col 70}{space 3}0.003{col 78}{space 4} .1438592{col 91}{space 3} .6902287
{txt}{space 30}kaopen {c |}{col 38}{res}{space 2}-.0301365{col 50}{space 2} .0111742{col 61}{space 1}   -2.70{col 70}{space 3}0.007{col 78}{space 4}-.0520375{col 91}{space 3}-.0082355
{txt}{space 24}currency_peg {c |}{col 38}{res}{space 2} .0020711{col 50}{space 2} .0255447{col 61}{space 1}    0.08{col 70}{space 3}0.935{col 78}{space 4}-.0479956{col 91}{space 3} .0521377
{txt}{space 21}currency_binary {c |}{col 38}{res}{space 2}-.1201126{col 50}{space 2} .0208374{col 61}{space 1}   -5.76{col 70}{space 3}0.000{col 78}{space 4}-.1609531{col 91}{space 3}-.0792722
{txt}{space 26}time_trend {c |}{col 38}{res}{space 2} .0031287{col 50}{space 2} .0038751{col 61}{space 1}    0.81{col 70}{space 3}0.419{col 78}{space 4}-.0044664{col 91}{space 3} .0107238
{txt}{space 36} {c |}
{space 29}cowcode {c |}
{space 33}42  {c |}{col 38}{res}{space 2} 1.205498{col 50}{space 2}  .548736{col 61}{space 1}    2.20{col 70}{space 3}0.028{col 78}{space 4} .1299955{col 91}{space 3} 2.281001
{txt}{space 33}70  {c |}{col 38}{res}{space 2} .3620396{col 50}{space 2} .2085352{col 61}{space 1}    1.74{col 70}{space 3}0.083{col 78}{space 4}-.0466819{col 91}{space 3} .7707611
{txt}{space 33}90  {c |}{col 38}{res}{space 2}  1.32332{col 50}{space 2} .5282417{col 61}{space 1}    2.51{col 70}{space 3}0.012{col 78}{space 4} .2879852{col 91}{space 3} 2.358654
{txt}{space 33}91  {c |}{col 38}{res}{space 2} 1.656616{col 50}{space 2} .6182916{col 61}{space 1}    2.68{col 70}{space 3}0.007{col 78}{space 4} .4447871{col 91}{space 3} 2.868446
{txt}{space 33}92  {c |}{col 38}{res}{space 2} 1.605941{col 50}{space 2} .6067626{col 61}{space 1}    2.65{col 70}{space 3}0.008{col 78}{space 4}  .416708{col 91}{space 3} 2.795174
{txt}{space 33}93  {c |}{col 38}{res}{space 2} 1.790954{col 50}{space 2} .6531891{col 61}{space 1}    2.74{col 70}{space 3}0.006{col 78}{space 4} .5107267{col 91}{space 3} 3.071181
{txt}{space 33}94  {c |}{col 38}{res}{space 2} 1.766368{col 50}{space 2} .6601847{col 61}{space 1}    2.68{col 70}{space 3}0.007{col 78}{space 4} .4724297{col 91}{space 3} 3.060306
{txt}{space 32}100  {c |}{col 38}{res}{space 2} .8228916{col 50}{space 2} .3547324{col 61}{space 1}    2.32{col 70}{space 3}0.020{col 78}{space 4} .1276289{col 91}{space 3} 1.518154
{txt}{space 32}101  {c |}{col 38}{res}{space 2} 1.043634{col 50}{space 2} .4028666{col 61}{space 1}    2.59{col 70}{space 3}0.010{col 78}{space 4} .2540301{col 91}{space 3} 1.833238
{txt}{space 32}130  {c |}{col 38}{res}{space 2} 1.186082{col 50}{space 2}  .509511{col 61}{space 1}    2.33{col 70}{space 3}0.020{col 78}{space 4} .1874586{col 91}{space 3} 2.184705
{txt}{space 32}135  {c |}{col 38}{res}{space 2} 1.035356{col 50}{space 2} .4115021{col 61}{space 1}    2.52{col 70}{space 3}0.012{col 78}{space 4} .2288269{col 91}{space 3} 1.841885
{txt}{space 32}140  {c |}{col 38}{res}{space 2} .1932474{col 50}{space 2}  .153705{col 61}{space 1}    1.26{col 70}{space 3}0.209{col 78}{space 4}-.1080089{col 91}{space 3} .4945037
{txt}{space 32}145  {c |}{col 38}{res}{space 2} 1.434482{col 50}{space 2} .5832401{col 61}{space 1}    2.46{col 70}{space 3}0.014{col 78}{space 4} .2913524{col 91}{space 3} 2.577612
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{txt}{space 32}360  {c |}{col 38}{res}{space 2} 1.413112{col 50}{space 2} .4357354{col 61}{space 1}    3.24{col 70}{space 3}0.001{col 78}{space 4} .5590865{col 91}{space 3} 2.267138
{txt}{space 32}365  {c |}{col 38}{res}{space 2} .3267005{col 50}{space 2} .2054764{col 61}{space 1}    1.59{col 70}{space 3}0.112{col 78}{space 4}-.0760259{col 91}{space 3} .7294268
{txt}{space 32}375  {c |}{col 38}{res}{space 2} 1.637466{col 50}{space 2} .5635102{col 61}{space 1}    2.91{col 70}{space 3}0.004{col 78}{space 4} .5330063{col 91}{space 3} 2.741926
{txt}{space 32}380  {c |}{col 38}{res}{space 2}  1.50757{col 50}{space 2} .4745343{col 61}{space 1}    3.18{col 70}{space 3}0.001{col 78}{space 4} .5774995{col 91}{space 3}  2.43764
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{txt}{space 32}452  {c |}{col 38}{res}{space 2} 1.044156{col 50}{space 2} .4909892{col 61}{space 1}    2.13{col 70}{space 3}0.033{col 78}{space 4}  .081835{col 91}{space 3} 2.006477
{txt}{space 32}475  {c |}{col 38}{res}{space 2} .0843545{col 50}{space 2} .2522988{col 61}{space 1}    0.33{col 70}{space 3}0.738{col 78}{space 4}-.4101421{col 91}{space 3} .5788512
{txt}{space 32}501  {c |}{col 38}{res}{space 2} .7343268{col 50}{space 2} .4268718{col 61}{space 1}    1.72{col 70}{space 3}0.085{col 78}{space 4}-.1023266{col 91}{space 3}  1.57098
{txt}{space 32}551  {c |}{col 38}{res}{space 2} 1.180604{col 50}{space 2} .5595549{col 61}{space 1}    2.11{col 70}{space 3}0.035{col 78}{space 4} .0838961{col 91}{space 3} 2.277311
{txt}{space 32}552  {c |}{col 38}{res}{space 2}   1.1785{col 50}{space 2} .5202082{col 61}{space 1}    2.27{col 70}{space 3}0.023{col 78}{space 4} .1589109{col 91}{space 3} 2.198089
{txt}{space 32}560  {c |}{col 38}{res}{space 2} .6353076{col 50}{space 2} .3189919{col 61}{space 1}    1.99{col 70}{space 3}0.046{col 78}{space 4} .0100949{col 91}{space 3}  1.26052
{txt}{space 32}590  {c |}{col 38}{res}{space 2} 2.450457{col 50}{space 2} .8087367{col 61}{space 1}    3.03{col 70}{space 3}0.002{col 78}{space 4}  .865362{col 91}{space 3} 4.035551
{txt}{space 32}600  {c |}{col 38}{res}{space 2} 1.034617{col 50}{space 2} .4032503{col 61}{space 1}    2.57{col 70}{space 3}0.010{col 78}{space 4} .2442613{col 91}{space 3} 1.824973
{txt}{space 32}615  {c |}{col 38}{res}{space 2} 1.199222{col 50}{space 2} .4646284{col 61}{space 1}    2.58{col 70}{space 3}0.010{col 78}{space 4} .2885668{col 91}{space 3} 2.109877
{txt}{space 32}616  {c |}{col 38}{res}{space 2} 1.380656{col 50}{space 2} .5396931{col 61}{space 1}    2.56{col 70}{space 3}0.011{col 78}{space 4}  .322877{col 91}{space 3} 2.438435
{txt}{space 32}640  {c |}{col 38}{res}{space 2} .6582202{col 50}{space 2} .2750704{col 61}{space 1}    2.39{col 70}{space 3}0.017{col 78}{space 4} .1190921{col 91}{space 3} 1.197348
{txt}{space 32}651  {c |}{col 38}{res}{space 2} .8117775{col 50}{space 2} .2938201{col 61}{space 1}    2.76{col 70}{space 3}0.006{col 78}{space 4} .2359007{col 91}{space 3} 1.387654
{txt}{space 32}710  {c |}{col 38}{res}{space 2}-.5651352{col 50}{space 2} .2097409{col 61}{space 1}   -2.69{col 70}{space 3}0.007{col 78}{space 4}-.9762198{col 91}{space 3}-.1540507
{txt}{space 32}732  {c |}{col 38}{res}{space 2} .7612157{col 50}{space 2}  .288859{col 61}{space 1}    2.64{col 70}{space 3}0.008{col 78}{space 4} .1950624{col 91}{space 3} 1.327369
{txt}{space 32}740  {c |}{col 38}{res}{space 2} .5813074{col 50}{space 2} .1326141{col 61}{space 1}    4.38{col 70}{space 3}0.000{col 78}{space 4} .3213885{col 91}{space 3} .8412263
{txt}{space 32}750  {c |}{col 38}{res}{space 2}-.6595007{col 50}{space 2} .1794329{col 61}{space 1}   -3.68{col 70}{space 3}0.000{col 78}{space 4}-1.011183{col 91}{space 3}-.3078187
{txt}{space 32}780  {c |}{col 38}{res}{space 2} 1.046769{col 50}{space 2} .4679652{col 61}{space 1}    2.24{col 70}{space 3}0.025{col 78}{space 4} .1295744{col 91}{space 3} 1.963964
{txt}{space 32}800  {c |}{col 38}{res}{space 2} .7479475{col 50}{space 2} .2854903{col 61}{space 1}    2.62{col 70}{space 3}0.009{col 78}{space 4} .1883967{col 91}{space 3} 1.307498
{txt}{space 32}820  {c |}{col 38}{res}{space 2} 1.146325{col 50}{space 2} .4140912{col 61}{space 1}    2.77{col 70}{space 3}0.006{col 78}{space 4} .3347208{col 91}{space 3} 1.957928
{txt}{space 32}830  {c |}{col 38}{res}{space 2} 2.398477{col 50}{space 2} .6456749{col 61}{space 1}    3.71{col 70}{space 3}0.000{col 78}{space 4} 1.132978{col 91}{space 3} 3.663977
{txt}{space 32}840  {c |}{col 38}{res}{space 2} .4493104{col 50}{space 2} .2847159{col 61}{space 1}    1.58{col 70}{space 3}0.115{col 78}{space 4}-.1087226{col 91}{space 3} 1.007343
{txt}{space 32}850  {c |}{col 38}{res}{space 2} .0727056{col 50}{space 2} .1705247{col 61}{space 1}    0.43{col 70}{space 3}0.670{col 78}{space 4}-.2615166{col 91}{space 3} .4069278
{txt}{space 32}900  {c |}{col 38}{res}{space 2} 1.235943{col 50}{space 2} .3870464{col 61}{space 1}    3.19{col 70}{space 3}0.001{col 78}{space 4} .4773456{col 91}{space 3}  1.99454
{txt}{space 32}920  {c |}{col 38}{res}{space 2}   1.8609{col 50}{space 2} .6081454{col 61}{space 1}    3.06{col 70}{space 3}0.002{col 78}{space 4} .6689572{col 91}{space 3} 3.052843
{txt}{space 36} {c |}
{space 31}_cons {c |}{col 38}{res}{space 2}-7.036991{col 50}{space 2}   2.7927{col 61}{space 1}   -2.52{col 70}{space 3}0.012{col 78}{space 4}-12.51058{col 91}{space 3}-1.563398
{txt}{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}experience_crisis                    {txt}{c |}
{space 27}log_gdppc {c |}{col 38}{res}{space 2}-.0452195{col 50}{space 2} .0372996{col 61}{space 1}   -1.21{col 70}{space 3}0.225{col 78}{space 4}-.1183253{col 91}{space 3} .0278863
{txt}{space 26}gdp_growth {c |}{col 38}{res}{space 2}-.0009008{col 50}{space 2} .0106364{col 61}{space 1}   -0.08{col 70}{space 3}0.933{col 78}{space 4}-.0217477{col 91}{space 3} .0199461
{txt}{space 30}kaopen {c |}{col 38}{res}{space 2}-.2793673{col 50}{space 2} .0355099{col 61}{space 1}   -7.87{col 70}{space 3}0.000{col 78}{space 4}-.3489654{col 91}{space 3}-.2097693
{txt}{space 24}currency_peg {c |}{col 38}{res}{space 2}-.5645571{col 50}{space 2}  .084473{col 61}{space 1}   -6.68{col 70}{space 3}0.000{col 78}{space 4}-.7301212{col 91}{space 3}-.3989931
{txt}{space 23}trade_balance {c |}{col 38}{res}{space 2}-.0324731{col 50}{space 2} .0066885{col 61}{space 1}   -4.86{col 70}{space 3}0.000{col 78}{space 4}-.0455824{col 91}{space 3}-.0193638
{txt}{space 35}t {c |}{col 38}{res}{space 2} 1.006466{col 50}{space 2} .1416807{col 61}{space 1}    7.10{col 70}{space 3}0.000{col 78}{space 4} .7287766{col 91}{space 3} 1.284155
{txt}{space 34}t2 {c |}{col 38}{res}{space 2}-.0267987{col 50}{space 2} .0048021{col 61}{space 1}   -5.58{col 70}{space 3}0.000{col 78}{space 4}-.0362106{col 91}{space 3}-.0173868
{txt}{space 34}t3 {c |}{col 38}{res}{space 2} .0002481{col 50}{space 2} .0000518{col 61}{space 1}    4.79{col 70}{space 3}0.000{col 78}{space 4} .0001467{col 91}{space 3} .0003496
{txt}{space 31}_cons {c |}{col 38}{res}{space 2}-10.86506{col 50}{space 2} 1.339071{col 61}{space 1}   -8.11{col 70}{space 3}0.000{col 78}{space 4}-13.48959{col 91}{space 3}-8.240532
{txt}{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}mills                                {txt}{c |}
{space 30}lambda {c |}{col 38}{res}{space 2} .1385808{col 50}{space 2} .0532361{col 61}{space 1}    2.60{col 70}{space 3}0.009{col 78}{space 4} .0342399{col 91}{space 3} .2429217
{txt}{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                 rho {c |} {res}   0.47990
                               {txt}sigma {c |} {res} .28877189
{txt}{hline 37}{c BT}{hline 64}

{com}. 
. 
. est store tab11
{txt}
{com}. 
. 
. 
. heckman log_fi_res_totl_mo lag_log_fi_res_totl_mo c.polity_frac_polit12##c.gdp_ch1_polit12 polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode, select(experience_crisis = log_gdppc gdp_growth kaopen currency_peg trade_balance t t2 t3) twostep
{res}
{txt}Heckman selection model -- two-step estimates   Number of obs      = {res}     2039
{txt}(regression model with sample selection)        Censored obs       = {res}      586
                                                {txt}Uncensored obs     = {res}     1453

                                                {txt}Wald chi2({res}76{txt})      = {res}  8415.54
                                                {txt}Prob > chi2        =    {res}0.0000

{txt}{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      z{col 73}   P>|z|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}log_fi_res_totl_mo                      {txt}{c |}
{space 17}lag_log_fi_res_totl_mo {c |}{col 41}{res}{space 2} .8010465{col 53}{space 2} .0162997{col 64}{space 1}   49.14{col 73}{space 3}0.000{col 81}{space 4} .7690997{col 94}{space 3} .8329934
{txt}{space 20}polity_frac_polit12 {c |}{col 41}{res}{space 2} .0534031{col 53}{space 2} .0253951{col 64}{space 1}    2.10{col 73}{space 3}0.035{col 81}{space 4} .0036297{col 94}{space 3} .1031766
{txt}{space 24}gdp_ch1_polit12 {c |}{col 41}{res}{space 2}-.0561266{col 53}{space 2} .0709984{col 64}{space 1}   -0.79{col 73}{space 3}0.429{col 81}{space 4} -.195281{col 94}{space 3} .0830278
{txt}{space 39} {c |}
c.polity_frac_polit12#c.gdp_ch1_polit12 {c |}{col 41}{res}{space 2} .2187514{col 53}{space 2} .1375972{col 64}{space 1}    1.59{col 73}{space 3}0.112{col 81}{space 4}-.0509342{col 94}{space 3} .4884371
{txt}{space 39} {c |}
{space 32}polity2 {c |}{col 41}{res}{space 2} .0049427{col 53}{space 2}  .002481{col 64}{space 1}    1.99{col 73}{space 3}0.046{col 81}{space 4}   .00008{col 94}{space 3} .0098053
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2}-.0184347{col 53}{space 2}  .026485{col 64}{space 1}   -0.70{col 73}{space 3}0.486{col 81}{space 4}-.0703443{col 94}{space 3}  .033475
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2}-.0035375{col 53}{space 2} .0014066{col 64}{space 1}   -2.51{col 73}{space 3}0.012{col 81}{space 4}-.0062945{col 94}{space 3}-.0007805
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} .0134171{col 53}{space 2} .0019478{col 64}{space 1}    6.89{col 73}{space 3}0.000{col 81}{space 4} .0095995{col 94}{space 3} .0172348
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2} .0060958{col 53}{space 2} .0149216{col 64}{space 1}    0.41{col 73}{space 3}0.683{col 81}{space 4}-.0231501{col 94}{space 3} .0353416
{txt}{space 27}presidential {c |}{col 41}{res}{space 2} .1113598{col 53}{space 2} .0496241{col 64}{space 1}    2.24{col 73}{space 3}0.025{col 81}{space 4} .0140984{col 94}{space 3} .2086213
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2}-.1103226{col 53}{space 2} .0350163{col 64}{space 1}   -3.15{col 73}{space 3}0.002{col 81}{space 4}-.1789533{col 94}{space 3}-.0416918
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2} -.008255{col 53}{space 2} .0023131{col 64}{space 1}   -3.57{col 73}{space 3}0.000{col 81}{space 4}-.0127887{col 94}{space 3}-.0037214
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2} .4255938{col 53}{space 2} .1389917{col 64}{space 1}    3.06{col 73}{space 3}0.002{col 81}{space 4}  .153175{col 94}{space 3} .6980126
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0300606{col 53}{space 2} .0111419{col 64}{space 1}   -2.70{col 73}{space 3}0.007{col 81}{space 4}-.0518983{col 94}{space 3} -.008223
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2} .0077636{col 53}{space 2} .0254821{col 64}{space 1}    0.30{col 73}{space 3}0.761{col 81}{space 4}-.0421804{col 94}{space 3} .0577076
{txt}{space 24}currency_binary {c |}{col 41}{res}{space 2}-.1242084{col 53}{space 2} .0208636{col 64}{space 1}   -5.95{col 73}{space 3}0.000{col 81}{space 4}-.1651004{col 94}{space 3}-.0833164
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2} .0028669{col 53}{space 2} .0038601{col 64}{space 1}    0.74{col 73}{space 3}0.458{col 81}{space 4}-.0046988{col 94}{space 3} .0104326
{txt}{space 39} {c |}
{space 32}cowcode {c |}
{space 36}42  {c |}{col 41}{res}{space 2} 1.226879{col 53}{space 2} .5472073{col 64}{space 1}    2.24{col 73}{space 3}0.025{col 81}{space 4}  .154373{col 94}{space 3} 2.299386
{txt}{space 36}70  {c |}{col 41}{res}{space 2}  .370244{col 53}{space 2} .2076148{col 64}{space 1}    1.78{col 73}{space 3}0.075{col 81}{space 4}-.0366735{col 94}{space 3} .7771615
{txt}{space 36}90  {c |}{col 41}{res}{space 2} 1.369696{col 53}{space 2} .5255535{col 64}{space 1}    2.61{col 73}{space 3}0.009{col 81}{space 4}   .33963{col 94}{space 3} 2.399762
{txt}{space 36}91  {c |}{col 41}{res}{space 2}  1.68754{col 53}{space 2} .6162678{col 64}{space 1}    2.74{col 73}{space 3}0.006{col 81}{space 4} .4796775{col 94}{space 3} 2.895403
{txt}{space 36}92  {c |}{col 41}{res}{space 2} 1.636607{col 53}{space 2} .6051111{col 64}{space 1}    2.70{col 73}{space 3}0.007{col 81}{space 4} .4506112{col 94}{space 3} 2.822603
{txt}{space 36}93  {c |}{col 41}{res}{space 2} 1.831108{col 53}{space 2} .6506942{col 64}{space 1}    2.81{col 73}{space 3}0.005{col 81}{space 4} .5557705{col 94}{space 3} 3.106445
{txt}{space 36}94  {c |}{col 41}{res}{space 2} 1.794527{col 53}{space 2} .6583033{col 64}{space 1}    2.73{col 73}{space 3}0.006{col 81}{space 4}  .504276{col 94}{space 3} 3.084777
{txt}{space 35}100  {c |}{col 41}{res}{space 2} .8430038{col 53}{space 2} .3535242{col 64}{space 1}    2.38{col 73}{space 3}0.017{col 81}{space 4}  .150109{col 94}{space 3} 1.535899
{txt}{space 35}101  {c |}{col 41}{res}{space 2} 1.071769{col 53}{space 2} .4013261{col 64}{space 1}    2.67{col 73}{space 3}0.008{col 81}{space 4} .2851841{col 94}{space 3} 1.858354
{txt}{space 35}130  {c |}{col 41}{res}{space 2}  1.22132{col 53}{space 2} .5077625{col 64}{space 1}    2.41{col 73}{space 3}0.016{col 81}{space 4} .2261242{col 94}{space 3} 2.216516
{txt}{space 35}135  {c |}{col 41}{res}{space 2} 1.069701{col 53}{space 2} .4102061{col 64}{space 1}    2.61{col 73}{space 3}0.009{col 81}{space 4} .2657115{col 94}{space 3}  1.87369
{txt}{space 35}140  {c |}{col 41}{res}{space 2} .2236745{col 53}{space 2} .1521174{col 64}{space 1}    1.47{col 73}{space 3}0.141{col 81}{space 4}  -.07447{col 94}{space 3} .5218191
{txt}{space 35}145  {c |}{col 41}{res}{space 2}  1.45964{col 53}{space 2} .5811027{col 64}{space 1}    2.51{col 73}{space 3}0.012{col 81}{space 4} .3206998{col 94}{space 3}  2.59858
{txt}{space 35}150  {c |}{col 41}{res}{space 2} 1.669789{col 53}{space 2} .6275524{col 64}{space 1}    2.66{col 73}{space 3}0.008{col 81}{space 4} .4398092{col 94}{space 3} 2.899769
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{txt}{space 35}230  {c |}{col 41}{res}{space 2} .8540472{col 53}{space 2} .2876086{col 64}{space 1}    2.97{col 73}{space 3}0.003{col 81}{space 4} .2903447{col 94}{space 3}  1.41775
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{txt}{space 35}290  {c |}{col 41}{res}{space 2} .8881091{col 53}{space 2} .3422704{col 64}{space 1}    2.59{col 73}{space 3}0.009{col 81}{space 4} .2172715{col 94}{space 3} 1.558947
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{txt}{space 35}325  {c |}{col 41}{res}{space 2} .6889171{col 53}{space 2} .2332081{col 64}{space 1}    2.95{col 73}{space 3}0.003{col 81}{space 4} .2318375{col 94}{space 3} 1.145997
{txt}{space 35}350  {c |}{col 41}{res}{space 2} 1.499071{col 53}{space 2} .4719519{col 64}{space 1}    3.18{col 73}{space 3}0.001{col 81}{space 4} .5740618{col 94}{space 3} 2.424079
{txt}{space 35}360  {c |}{col 41}{res}{space 2} 1.479057{col 53}{space 2} .4323088{col 64}{space 1}    3.42{col 73}{space 3}0.001{col 81}{space 4} .6317478{col 94}{space 3} 2.326367
{txt}{space 35}365  {c |}{col 41}{res}{space 2} .3427482{col 53}{space 2} .2014185{col 64}{space 1}    1.70{col 73}{space 3}0.089{col 81}{space 4}-.0520248{col 94}{space 3} .7375212
{txt}{space 35}375  {c |}{col 41}{res}{space 2}  1.67307{col 53}{space 2} .5621037{col 64}{space 1}    2.98{col 73}{space 3}0.003{col 81}{space 4} .5713671{col 94}{space 3} 2.774773
{txt}{space 35}380  {c |}{col 41}{res}{space 2} 1.546907{col 53}{space 2}  .473141{col 64}{space 1}    3.27{col 73}{space 3}0.001{col 81}{space 4} .6195675{col 94}{space 3} 2.474246
{txt}{space 35}385  {c |}{col 41}{res}{space 2} 1.963357{col 53}{space 2} .5703696{col 64}{space 1}    3.44{col 73}{space 3}0.001{col 81}{space 4}  .845453{col 94}{space 3} 3.081261
{txt}{space 35}452  {c |}{col 41}{res}{space 2}  1.06732{col 53}{space 2} .4891313{col 64}{space 1}    2.18{col 73}{space 3}0.029{col 81}{space 4} .1086402{col 94}{space 3}    2.026
{txt}{space 35}475  {c |}{col 41}{res}{space 2} .0882699{col 53}{space 2} .2515341{col 64}{space 1}    0.35{col 73}{space 3}0.726{col 81}{space 4}-.4047279{col 94}{space 3} .5812677
{txt}{space 35}501  {c |}{col 41}{res}{space 2} .7463012{col 53}{space 2}  .425922{col 64}{space 1}    1.75{col 73}{space 3}0.080{col 81}{space 4}-.0884906{col 94}{space 3} 1.581093
{txt}{space 35}551  {c |}{col 41}{res}{space 2} 1.203372{col 53}{space 2}  .558191{col 64}{space 1}    2.16{col 73}{space 3}0.031{col 81}{space 4} .1093381{col 94}{space 3} 2.297407
{txt}{space 35}552  {c |}{col 41}{res}{space 2} 1.207508{col 53}{space 2} .5189811{col 64}{space 1}    2.33{col 73}{space 3}0.020{col 81}{space 4} .1903235{col 94}{space 3} 2.224692
{txt}{space 35}560  {c |}{col 41}{res}{space 2} .6637367{col 53}{space 2} .3182941{col 64}{space 1}    2.09{col 73}{space 3}0.037{col 81}{space 4} .0398917{col 94}{space 3} 1.287582
{txt}{space 35}590  {c |}{col 41}{res}{space 2} 2.506175{col 53}{space 2} .8065008{col 64}{space 1}    3.11{col 73}{space 3}0.002{col 81}{space 4} .9254628{col 94}{space 3} 4.086888
{txt}{space 35}600  {c |}{col 41}{res}{space 2} 1.044506{col 53}{space 2} .4023584{col 64}{space 1}    2.60{col 73}{space 3}0.009{col 81}{space 4} .2558984{col 94}{space 3} 1.833114
{txt}{space 35}615  {c |}{col 41}{res}{space 2} 1.209494{col 53}{space 2} .4636509{col 64}{space 1}    2.61{col 73}{space 3}0.009{col 81}{space 4} .3007544{col 94}{space 3} 2.118233
{txt}{space 35}616  {c |}{col 41}{res}{space 2} 1.399903{col 53}{space 2} .5381565{col 64}{space 1}    2.60{col 73}{space 3}0.009{col 81}{space 4}  .345136{col 94}{space 3} 2.454671
{txt}{space 35}640  {c |}{col 41}{res}{space 2} .7053094{col 53}{space 2} .2731179{col 64}{space 1}    2.58{col 73}{space 3}0.010{col 81}{space 4} .1700081{col 94}{space 3} 1.240611
{txt}{space 35}651  {c |}{col 41}{res}{space 2} .8356902{col 53}{space 2}  .293224{col 64}{space 1}    2.85{col 73}{space 3}0.004{col 81}{space 4} .2609818{col 94}{space 3} 1.410399
{txt}{space 35}710  {c |}{col 41}{res}{space 2}-.5710331{col 53}{space 2}  .209089{col 64}{space 1}   -2.73{col 73}{space 3}0.006{col 81}{space 4}  -.98084{col 94}{space 3}-.1612261
{txt}{space 35}732  {c |}{col 41}{res}{space 2} .7976225{col 53}{space 2} .2873008{col 64}{space 1}    2.78{col 73}{space 3}0.005{col 81}{space 4} .2345231{col 94}{space 3} 1.360722
{txt}{space 35}740  {c |}{col 41}{res}{space 2} .6031318{col 53}{space 2} .1327909{col 64}{space 1}    4.54{col 73}{space 3}0.000{col 81}{space 4} .3428665{col 94}{space 3} .8633972
{txt}{space 35}750  {c |}{col 41}{res}{space 2}-.6561985{col 53}{space 2} .1790656{col 64}{space 1}   -3.66{col 73}{space 3}0.000{col 81}{space 4}-1.007161{col 94}{space 3}-.3052364
{txt}{space 35}780  {c |}{col 41}{res}{space 2} 1.068822{col 53}{space 2} .4666886{col 64}{space 1}    2.29{col 73}{space 3}0.022{col 81}{space 4} .1541295{col 94}{space 3} 1.983515
{txt}{space 35}800  {c |}{col 41}{res}{space 2} .7717818{col 53}{space 2} .2848068{col 64}{space 1}    2.71{col 73}{space 3}0.007{col 81}{space 4} .2135707{col 94}{space 3} 1.329993
{txt}{space 35}820  {c |}{col 41}{res}{space 2} 1.164434{col 53}{space 2} .4128358{col 64}{space 1}    2.82{col 73}{space 3}0.005{col 81}{space 4} .3552906{col 94}{space 3} 1.973577
{txt}{space 35}830  {c |}{col 41}{res}{space 2} 2.426654{col 53}{space 2} .6429219{col 64}{space 1}    3.77{col 73}{space 3}0.000{col 81}{space 4}  1.16655{col 94}{space 3} 3.686758
{txt}{space 35}840  {c |}{col 41}{res}{space 2} .4556562{col 53}{space 2} .2841399{col 64}{space 1}    1.60{col 73}{space 3}0.109{col 81}{space 4}-.1012478{col 94}{space 3}  1.01256
{txt}{space 35}850  {c |}{col 41}{res}{space 2} .0831381{col 53}{space 2}  .170311{col 64}{space 1}    0.49{col 73}{space 3}0.625{col 81}{space 4}-.2506653{col 94}{space 3} .4169415
{txt}{space 35}900  {c |}{col 41}{res}{space 2} 1.272815{col 53}{space 2} .3861795{col 64}{space 1}    3.30{col 73}{space 3}0.001{col 81}{space 4}  .515917{col 94}{space 3} 2.029713
{txt}{space 35}920  {c |}{col 41}{res}{space 2}  1.91005{col 53}{space 2} .6061478{col 64}{space 1}    3.15{col 73}{space 3}0.002{col 81}{space 4}  .722022{col 94}{space 3} 3.098078
{txt}{space 39} {c |}
{space 34}_cons {c |}{col 41}{res}{space 2}-7.213138{col 53}{space 2} 2.785377{col 64}{space 1}   -2.59{col 73}{space 3}0.010{col 81}{space 4}-12.67238{col 94}{space 3}-1.753899
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}experience_crisis                       {txt}{c |}
{space 30}log_gdppc {c |}{col 41}{res}{space 2}-.0452195{col 53}{space 2} .0372996{col 64}{space 1}   -1.21{col 73}{space 3}0.225{col 81}{space 4}-.1183253{col 94}{space 3} .0278863
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0009008{col 53}{space 2} .0106364{col 64}{space 1}   -0.08{col 73}{space 3}0.933{col 81}{space 4}-.0217477{col 94}{space 3} .0199461
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.2793673{col 53}{space 2} .0355099{col 64}{space 1}   -7.87{col 73}{space 3}0.000{col 81}{space 4}-.3489654{col 94}{space 3}-.2097693
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2}-.5645571{col 53}{space 2}  .084473{col 64}{space 1}   -6.68{col 73}{space 3}0.000{col 81}{space 4}-.7301212{col 94}{space 3}-.3989931
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2}-.0324731{col 53}{space 2} .0066885{col 64}{space 1}   -4.86{col 73}{space 3}0.000{col 81}{space 4}-.0455824{col 94}{space 3}-.0193638
{txt}{space 38}t {c |}{col 41}{res}{space 2} 1.006466{col 53}{space 2} .1416807{col 64}{space 1}    7.10{col 73}{space 3}0.000{col 81}{space 4} .7287766{col 94}{space 3} 1.284155
{txt}{space 37}t2 {c |}{col 41}{res}{space 2}-.0267987{col 53}{space 2} .0048021{col 64}{space 1}   -5.58{col 73}{space 3}0.000{col 81}{space 4}-.0362106{col 94}{space 3}-.0173868
{txt}{space 37}t3 {c |}{col 41}{res}{space 2} .0002481{col 53}{space 2} .0000518{col 64}{space 1}    4.79{col 73}{space 3}0.000{col 81}{space 4} .0001467{col 94}{space 3} .0003496
{txt}{space 34}_cons {c |}{col 41}{res}{space 2}-10.86506{col 53}{space 2} 1.339071{col 64}{space 1}   -8.11{col 73}{space 3}0.000{col 81}{space 4}-13.48959{col 94}{space 3}-8.240532
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}mills                                   {txt}{c |}
{space 33}lambda {c |}{col 41}{res}{space 2} .1343978{col 53}{space 2} .0529558{col 64}{space 1}    2.54{col 73}{space 3}0.011{col 81}{space 4} .0306063{col 94}{space 3} .2381894
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                    rho {c |} {res}   0.46684
                                  {txt}sigma {c |} {res} .28788987
{txt}{hline 40}{c BT}{hline 64}

{com}. 
. est store tab12
{txt}
{com}. 
. 
. 
. * Table 35:
. *esttab tab9 tab10 tab11 tab12 using robust_heckman3.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports - Economic Severity of the Previous Currency Crisis with Heckman Selection Model") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H4: reserve sales
. 
. 
. heckman log_fi_res_totl_mo l.log_fi_res_totl_mo c.sum_polit11_binary##c.res_ch2_polit11##c.log_pre_l1_reserves  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode if res_ch2_polit11 <= 2.168937 , select(experience_crisis = log_gdppc gdp_growth kaopen currency_peg trade_balance t t2 t3) twostep
{res}
{txt}Heckman selection model -- two-step estimates   Number of obs      = {res}     1372
{txt}(regression model with sample selection)        Censored obs       = {res}       20
                                                {txt}Uncensored obs     = {res}     1352

                                                {txt}Wald chi2({res}80{txt})      = {res}  8315.09
                                                {txt}Prob > chi2        =    {res}0.0000

{txt}{hline 61}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 62}{c |}      Coef.{col 74}   Std. Err.{col 86}      z{col 94}   P>|z|{col 102}     [95% Con{col 115}f. Interval]
{hline 61}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}log_fi_res_totl_mo                                           {txt}{c |}
{space 42}log_fi_res_totl_mo {c |}
{space 57}L1. {c |}{col 62}{res}{space 2}  .806564{col 74}{space 2} .0185396{col 85}{space 1}   43.51{col 94}{space 3}0.000{col 102}{space 4} .7702271{col 115}{space 3} .8429008
{txt}{space 60} {c |}
{space 42}sum_polit11_binary {c |}{col 62}{res}{space 2} .0250996{col 74}{space 2} .0376735{col 85}{space 1}    0.67{col 94}{space 3}0.505{col 102}{space 4}-.0487392{col 115}{space 3} .0989384
{txt}{space 45}res_ch2_polit11 {c |}{col 62}{res}{space 2} .3009775{col 74}{space 2} .0584008{col 85}{space 1}    5.15{col 94}{space 3}0.000{col 102}{space 4} .1865139{col 115}{space 3}  .415441
{txt}{space 60} {c |}
{space 22}c.sum_polit11_binary#c.res_ch2_polit11 {c |}{col 62}{res}{space 2}-.2288199{col 74}{space 2} .0671441{col 85}{space 1}   -3.41{col 94}{space 3}0.001{col 102}{space 4}-.3604199{col 115}{space 3}-.0972199
{txt}{space 60} {c |}
{space 41}log_pre_l1_reserves {c |}{col 62}{res}{space 2}-.0301318{col 74}{space 2} .0298969{col 85}{space 1}   -1.01{col 94}{space 3}0.314{col 102}{space 4}-.0887286{col 115}{space 3} .0284651
{txt}{space 60} {c |}
{space 18}c.sum_polit11_binary#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .0515684{col 74}{space 2} .0342397{col 85}{space 1}    1.51{col 94}{space 3}0.132{col 102}{space 4}-.0155403{col 115}{space 3}  .118677
{txt}{space 60} {c |}
{space 21}c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2}-.2028413{col 74}{space 2} .0662866{col 85}{space 1}   -3.06{col 94}{space 3}0.002{col 102}{space 4}-.3327607{col 115}{space 3} -.072922
{txt}{space 60} {c |}
c.sum_polit11_binary#c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .1597779{col 74}{space 2} .0709064{col 85}{space 1}    2.25{col 94}{space 3}0.024{col 102}{space 4} .0208039{col 115}{space 3}  .298752
{txt}{space 60} {c |}
{space 53}polity2 {c |}{col 62}{res}{space 2}   .00577{col 74}{space 2} .0030713{col 85}{space 1}    1.88{col 94}{space 3}0.060{col 102}{space 4}-.0002497{col 115}{space 3} .0117897
{txt}{space 47}sum_imftotal5 {c |}{col 62}{res}{space 2}-.0308341{col 74}{space 2} .0274682{col 85}{space 1}   -1.12{col 94}{space 3}0.262{col 102}{space 4}-.0846707{col 115}{space 3} .0230026
{txt}{space 46}ne_imp_gnfs_zs {c |}{col 62}{res}{space 2}-.0033551{col 74}{space 2} .0014004{col 85}{space 1}   -2.40{col 94}{space 3}0.017{col 102}{space 4}-.0060998{col 115}{space 3}-.0006103
{txt}{space 47}trade_balance {c |}{col 62}{res}{space 2} .0154556{col 74}{space 2} .0019742{col 85}{space 1}    7.83{col 94}{space 3}0.000{col 102}{space 4} .0115864{col 115}{space 3} .0193249
{txt}{space 51}cbi_irreg {c |}{col 62}{res}{space 2} .0179779{col 74}{space 2} .0150022{col 85}{space 1}    1.20{col 94}{space 3}0.231{col 102}{space 4} -.011426{col 115}{space 3} .0473817
{txt}{space 48}presidential {c |}{col 62}{res}{space 2} .1006198{col 74}{space 2} .0485704{col 85}{space 1}    2.07{col 94}{space 3}0.038{col 102}{space 4} .0054236{col 115}{space 3}  .195816
{txt}{space 51}log_gdppc {c |}{col 62}{res}{space 2}-.1541228{col 74}{space 2} .0373257{col 85}{space 1}   -4.13{col 94}{space 3}0.000{col 102}{space 4}-.2272798{col 115}{space 3}-.0809658
{txt}{space 50}gdp_growth {c |}{col 62}{res}{space 2}-.0082936{col 74}{space 2} .0024216{col 85}{space 1}   -3.42{col 94}{space 3}0.001{col 102}{space 4}-.0130398{col 115}{space 3}-.0035473
{txt}{space 53}log_pop {c |}{col 62}{res}{space 2} .2826098{col 74}{space 2} .1495902{col 85}{space 1}    1.89{col 94}{space 3}0.059{col 102}{space 4}-.0105816{col 115}{space 3} .5758013
{txt}{space 54}kaopen {c |}{col 62}{res}{space 2} -.005022{col 74}{space 2} .0105541{col 85}{space 1}   -0.48{col 94}{space 3}0.634{col 102}{space 4}-.0257076{col 115}{space 3} .0156636
{txt}{space 48}currency_peg {c |}{col 62}{res}{space 2} .0006478{col 74}{space 2} .0245935{col 85}{space 1}    0.03{col 94}{space 3}0.979{col 102}{space 4}-.0475547{col 115}{space 3} .0488502
{txt}{space 45}currency_binary {c |}{col 62}{res}{space 2}-.1353393{col 74}{space 2} .0213854{col 85}{space 1}   -6.33{col 94}{space 3}0.000{col 102}{space 4} -.177254{col 115}{space 3}-.0934247
{txt}{space 50}time_trend {c |}{col 62}{res}{space 2} .0031441{col 74}{space 2} .0036361{col 85}{space 1}    0.86{col 94}{space 3}0.387{col 102}{space 4}-.0039825{col 115}{space 3} .0102707
{txt}{space 60} {c |}
{space 53}cowcode {c |}
{space 57}42  {c |}{col 62}{res}{space 2} .7708385{col 74}{space 2} .5951641{col 85}{space 1}    1.30{col 94}{space 3}0.195{col 102}{space 4}-.3956617{col 115}{space 3} 1.937339
{txt}{space 57}70  {c |}{col 62}{res}{space 2} .2011194{col 74}{space 2} .2215186{col 85}{space 1}    0.91{col 94}{space 3}0.364{col 102}{space 4}-.2330491{col 115}{space 3}  .635288
{txt}{space 57}90  {c |}{col 62}{res}{space 2} .7973274{col 74}{space 2} .5671471{col 85}{space 1}    1.41{col 94}{space 3}0.160{col 102}{space 4}-.3142605{col 115}{space 3} 1.908915
{txt}{space 57}91  {c |}{col 62}{res}{space 2} 1.070134{col 74}{space 2} .6640917{col 85}{space 1}    1.61{col 94}{space 3}0.107{col 102}{space 4}-.2314616{col 115}{space 3}  2.37173
{txt}{space 57}92  {c |}{col 62}{res}{space 2} 1.044806{col 74}{space 2} .6568946{col 85}{space 1}    1.59{col 94}{space 3}0.112{col 102}{space 4}-.2426833{col 115}{space 3} 2.332296
{txt}{space 57}93  {c |}{col 62}{res}{space 2}  1.15349{col 74}{space 2} .7029091{col 85}{space 1}    1.64{col 94}{space 3}0.101{col 102}{space 4}-.2241861{col 115}{space 3} 2.531167
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{txt}{space 56}750  {c |}{col 62}{res}{space 2}   -.6314{col 74}{space 2} .1871139{col 85}{space 1}   -3.37{col 94}{space 3}0.001{col 102}{space 4}-.9981364{col 115}{space 3}-.2646636
{txt}{space 56}780  {c |}{col 62}{res}{space 2}  .586286{col 74}{space 2} .5048578{col 85}{space 1}    1.16{col 94}{space 3}0.246{col 102}{space 4}-.4032171{col 115}{space 3} 1.575789
{txt}{space 56}800  {c |}{col 62}{res}{space 2} .4973348{col 74}{space 2} .3066923{col 85}{space 1}    1.62{col 94}{space 3}0.105{col 102}{space 4}-.1037711{col 115}{space 3} 1.098441
{txt}{space 56}820  {c |}{col 62}{res}{space 2} .7988037{col 74}{space 2} .4419482{col 85}{space 1}    1.81{col 94}{space 3}0.071{col 102}{space 4}-.0673988{col 115}{space 3} 1.665006
{txt}{space 56}830  {c |}{col 62}{res}{space 2} 1.801832{col 74}{space 2} .6857789{col 85}{space 1}    2.63{col 94}{space 3}0.009{col 102}{space 4} .4577303{col 115}{space 3} 3.145934
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{txt}{space 60} {c |}
{space 55}_cons {c |}{col 62}{res}{space 2} -4.03374{col 74}{space 2} 2.993739{col 85}{space 1}   -1.35{col 94}{space 3}0.178{col 102}{space 4} -9.90136{col 115}{space 3} 1.833881
{txt}{hline 61}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}experience_crisis                                            {txt}{c |}
{space 51}log_gdppc {c |}{col 62}{res}{space 2}-.6452554{col 74}{space 2}    .3776{col 85}{space 1}   -1.71{col 94}{space 3}0.087{col 102}{space 4}-1.385338{col 115}{space 3}  .094827
{txt}{space 50}gdp_growth {c |}{col 62}{res}{space 2} .1235244{col 74}{space 2} .0641129{col 85}{space 1}    1.93{col 94}{space 3}0.054{col 102}{space 4}-.0021346{col 115}{space 3} .2491833
{txt}{space 54}kaopen {c |}{col 62}{res}{space 2}-18.40517{col 74}{space 2} 6.769265{col 85}{space 1}   -2.72{col 94}{space 3}0.007{col 102}{space 4}-31.67269{col 115}{space 3}-5.137658
{txt}{space 48}currency_peg {c |}{col 62}{res}{space 2}-.1336441{col 74}{space 2} .2929339{col 85}{space 1}   -0.46{col 94}{space 3}0.648{col 102}{space 4}-.7077841{col 115}{space 3} .4404959
{txt}{space 47}trade_balance {c |}{col 62}{res}{space 2} .0041076{col 74}{space 2} .0287059{col 85}{space 1}    0.14{col 94}{space 3}0.886{col 102}{space 4}-.0521549{col 115}{space 3} .0603701
{txt}{space 59}t {c |}{col 62}{res}{space 2}-2.107756{col 74}{space 2} 1.453652{col 85}{space 1}   -1.45{col 94}{space 3}0.147{col 102}{space 4}-4.956861{col 115}{space 3} .7413495
{txt}{space 58}t2 {c |}{col 62}{res}{space 2} .0611399{col 74}{space 2} .0409808{col 85}{space 1}    1.49{col 94}{space 3}0.136{col 102}{space 4}-.0191809{col 115}{space 3} .1414607
{txt}{space 58}t3 {c |}{col 62}{res}{space 2}-.0005601{col 74}{space 2} .0003782{col 85}{space 1}   -1.48{col 94}{space 3}0.139{col 102}{space 4}-.0013014{col 115}{space 3} .0001813
{txt}{space 55}_cons {c |}{col 62}{res}{space 2} 75.13864{col 74}{space 2}        .{col 85}{space 1}       .{col 94}{space 3}    .{col 102}{space 4}        .{col 115}{space 3}        .
{txt}{hline 61}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}mills                                                        {txt}{c |}
{space 54}lambda {c |}{col 62}{res}{space 2}-.2003052{col 74}{space 2} .1445087{col 85}{space 1}   -1.39{col 94}{space 3}0.166{col 102}{space 4} -.483537{col 115}{space 3} .0829266
{txt}{hline 61}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                                         rho {c |} {res}  -0.73983
                                                       {txt}sigma {c |} {res} .27074319
{txt}{hline 61}{c BT}{hline 64}

{com}. 
. est store tab13
{txt}
{com}. 
. 
. heckman log_fi_res_totl_mo l.log_fi_res_totl_mo c.sum_polit12_binary##c.res_ch2_polit12##c.log_pre_l1_reserves  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode if res_ch2_polit12 <= 2.168937, select(experience_crisis = log_gdppc gdp_growth kaopen currency_peg trade_balance t t2 t3) twostep
{res}
{txt}Heckman selection model -- two-step estimates   Number of obs      = {res}     1372
{txt}(regression model with sample selection)        Censored obs       = {res}       20
                                                {txt}Uncensored obs     = {res}     1352

                                                {txt}Wald chi2({res}80{txt})      = {res}  8255.48
                                                {txt}Prob > chi2        =    {res}0.0000

{txt}{hline 61}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 62}{c |}      Coef.{col 74}   Std. Err.{col 86}      z{col 94}   P>|z|{col 102}     [95% Con{col 115}f. Interval]
{hline 61}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}log_fi_res_totl_mo                                           {txt}{c |}
{space 42}log_fi_res_totl_mo {c |}
{space 57}L1. {c |}{col 62}{res}{space 2}  .811157{col 74}{space 2} .0184654{col 85}{space 1}   43.93{col 94}{space 3}0.000{col 102}{space 4} .7749655{col 115}{space 3} .8473485
{txt}{space 60} {c |}
{space 42}sum_polit12_binary {c |}{col 62}{res}{space 2}-.0455469{col 74}{space 2} .0484906{col 85}{space 1}   -0.94{col 94}{space 3}0.348{col 102}{space 4}-.1405868{col 115}{space 3} .0494929
{txt}{space 45}res_ch2_polit12 {c |}{col 62}{res}{space 2} .2014698{col 74}{space 2}  .046581{col 85}{space 1}    4.33{col 94}{space 3}0.000{col 102}{space 4} .1101728{col 115}{space 3} .2927669
{txt}{space 60} {c |}
{space 22}c.sum_polit12_binary#c.res_ch2_polit12 {c |}{col 62}{res}{space 2}-.1054181{col 74}{space 2} .0677697{col 85}{space 1}   -1.56{col 94}{space 3}0.120{col 102}{space 4}-.2382443{col 115}{space 3} .0274082
{txt}{space 60} {c |}
{space 41}log_pre_l1_reserves {c |}{col 62}{res}{space 2}-.0160206{col 74}{space 2} .0232347{col 85}{space 1}   -0.69{col 94}{space 3}0.491{col 102}{space 4}-.0615597{col 115}{space 3} .0295186
{txt}{space 60} {c |}
{space 18}c.sum_polit12_binary#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .0755565{col 74}{space 2}  .034694{col 85}{space 1}    2.18{col 94}{space 3}0.029{col 102}{space 4} .0075576{col 115}{space 3} .1435555
{txt}{space 60} {c |}
{space 21}c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2}-.0814254{col 74}{space 2} .0337358{col 85}{space 1}   -2.41{col 94}{space 3}0.016{col 102}{space 4}-.1475463{col 115}{space 3}-.0153045
{txt}{space 60} {c |}
c.sum_polit12_binary#c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .0035573{col 74}{space 2} .0567483{col 85}{space 1}    0.06{col 94}{space 3}0.950{col 102}{space 4}-.1076673{col 115}{space 3} .1147819
{txt}{space 60} {c |}
{space 53}polity2 {c |}{col 62}{res}{space 2} .0062462{col 74}{space 2}  .003001{col 85}{space 1}    2.08{col 94}{space 3}0.037{col 102}{space 4} .0003643{col 115}{space 3} .0121281
{txt}{space 47}sum_imftotal5 {c |}{col 62}{res}{space 2}-.0250579{col 74}{space 2} .0278993{col 85}{space 1}   -0.90{col 94}{space 3}0.369{col 102}{space 4}-.0797394{col 115}{space 3} .0296237
{txt}{space 46}ne_imp_gnfs_zs {c |}{col 62}{res}{space 2}-.0032617{col 74}{space 2} .0013939{col 85}{space 1}   -2.34{col 94}{space 3}0.019{col 102}{space 4}-.0059937{col 115}{space 3}-.0005296
{txt}{space 47}trade_balance {c |}{col 62}{res}{space 2} .0160721{col 74}{space 2} .0019609{col 85}{space 1}    8.20{col 94}{space 3}0.000{col 102}{space 4} .0122288{col 115}{space 3} .0199153
{txt}{space 51}cbi_irreg {c |}{col 62}{res}{space 2} .0178796{col 74}{space 2} .0150174{col 85}{space 1}    1.19{col 94}{space 3}0.234{col 102}{space 4}-.0115541{col 115}{space 3} .0473132
{txt}{space 48}presidential {c |}{col 62}{res}{space 2} .1004456{col 74}{space 2} .0487776{col 85}{space 1}    2.06{col 94}{space 3}0.039{col 102}{space 4} .0048433{col 115}{space 3}  .196048
{txt}{space 51}log_gdppc {c |}{col 62}{res}{space 2}-.1530242{col 74}{space 2} .0372954{col 85}{space 1}   -4.10{col 94}{space 3}0.000{col 102}{space 4}-.2261219{col 115}{space 3}-.0799266
{txt}{space 50}gdp_growth {c |}{col 62}{res}{space 2}-.0091391{col 74}{space 2} .0024156{col 85}{space 1}   -3.78{col 94}{space 3}0.000{col 102}{space 4}-.0138737{col 115}{space 3}-.0044046
{txt}{space 53}log_pop {c |}{col 62}{res}{space 2} .3001907{col 74}{space 2} .1470843{col 85}{space 1}    2.04{col 94}{space 3}0.041{col 102}{space 4} .0119108{col 115}{space 3} .5884707
{txt}{space 54}kaopen {c |}{col 62}{res}{space 2}-.0056634{col 74}{space 2} .0105091{col 85}{space 1}   -0.54{col 94}{space 3}0.590{col 102}{space 4}-.0262608{col 115}{space 3} .0149341
{txt}{space 48}currency_peg {c |}{col 62}{res}{space 2} .0009881{col 74}{space 2} .0247294{col 85}{space 1}    0.04{col 94}{space 3}0.968{col 102}{space 4}-.0474806{col 115}{space 3} .0494568
{txt}{space 45}currency_binary {c |}{col 62}{res}{space 2}-.1426411{col 74}{space 2} .0214208{col 85}{space 1}   -6.66{col 94}{space 3}0.000{col 102}{space 4} -.184625{col 115}{space 3}-.1006571
{txt}{space 50}time_trend {c |}{col 62}{res}{space 2} .0021187{col 74}{space 2} .0036281{col 85}{space 1}    0.58{col 94}{space 3}0.559{col 102}{space 4}-.0049922{col 115}{space 3} .0092296
{txt}{space 60} {c |}
{space 53}cowcode {c |}
{space 57}42  {c |}{col 62}{res}{space 2} .8203492{col 74}{space 2} .5871891{col 85}{space 1}    1.40{col 94}{space 3}0.162{col 102}{space 4}-.3305202{col 115}{space 3} 1.971219
{txt}{space 57}70  {c |}{col 62}{res}{space 2}  .169747{col 74}{space 2} .2199658{col 85}{space 1}    0.77{col 94}{space 3}0.440{col 102}{space 4} -.261378{col 115}{space 3}  .600872
{txt}{space 57}90  {c |}{col 62}{res}{space 2} .8323076{col 74}{space 2} .5605356{col 85}{space 1}    1.48{col 94}{space 3}0.138{col 102}{space 4}-.2663221{col 115}{space 3} 1.930937
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{txt}{space 56}100  {c |}{col 62}{res}{space 2}   .48212{col 74}{space 2} .3735691{col 85}{space 1}    1.29{col 94}{space 3}0.197{col 102}{space 4} -.250062{col 115}{space 3} 1.214302
{txt}{space 56}101  {c |}{col 62}{res}{space 2} .6572135{col 74}{space 2} .4257828{col 85}{space 1}    1.54{col 94}{space 3}0.123{col 102}{space 4}-.1773054{col 115}{space 3} 1.491732
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{txt}{space 56}750  {c |}{col 62}{res}{space 2}-.7088422{col 74}{space 2} .1876358{col 85}{space 1}   -3.78{col 94}{space 3}0.000{col 102}{space 4}-1.076602{col 115}{space 3}-.3410827
{txt}{space 56}780  {c |}{col 62}{res}{space 2} .5829934{col 74}{space 2}  .496961{col 85}{space 1}    1.17{col 94}{space 3}0.241{col 102}{space 4}-.3910322{col 115}{space 3} 1.557019
{txt}{space 56}800  {c |}{col 62}{res}{space 2} .4412851{col 74}{space 2} .3030691{col 85}{space 1}    1.46{col 94}{space 3}0.145{col 102}{space 4}-.1527194{col 115}{space 3}  1.03529
{txt}{space 56}820  {c |}{col 62}{res}{space 2} .7596811{col 74}{space 2} .4412568{col 85}{space 1}    1.72{col 94}{space 3}0.085{col 102}{space 4}-.1051664{col 115}{space 3} 1.624528
{txt}{space 56}830  {c |}{col 62}{res}{space 2} 1.772799{col 74}{space 2} .6829451{col 85}{space 1}    2.60{col 94}{space 3}0.009{col 102}{space 4} .4342513{col 115}{space 3} 3.111347
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{txt}{space 56}850  {c |}{col 62}{res}{space 2}-.1222889{col 74}{space 2} .1809936{col 85}{space 1}   -0.68{col 94}{space 3}0.499{col 102}{space 4}-.4770299{col 115}{space 3}  .232452
{txt}{space 56}900  {c |}{col 62}{res}{space 2} .8868722{col 74}{space 2}  .411383{col 85}{space 1}    2.16{col 94}{space 3}0.031{col 102}{space 4} .0805763{col 115}{space 3} 1.693168
{txt}{space 56}920  {c |}{col 62}{res}{space 2} 1.279446{col 74}{space 2} .6473146{col 85}{space 1}    1.98{col 94}{space 3}0.048{col 102}{space 4} .0107332{col 115}{space 3}  2.54816
{txt}{space 60} {c |}
{space 55}_cons {c |}{col 62}{res}{space 2}-4.293613{col 74}{space 2} 2.947195{col 85}{space 1}   -1.46{col 94}{space 3}0.145{col 102}{space 4}-10.07001{col 115}{space 3} 1.482784
{txt}{hline 61}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}experience_crisis                                            {txt}{c |}
{space 51}log_gdppc {c |}{col 62}{res}{space 2}-.6452554{col 74}{space 2}    .3776{col 85}{space 1}   -1.71{col 94}{space 3}0.087{col 102}{space 4}-1.385338{col 115}{space 3}  .094827
{txt}{space 50}gdp_growth {c |}{col 62}{res}{space 2} .1235244{col 74}{space 2} .0641129{col 85}{space 1}    1.93{col 94}{space 3}0.054{col 102}{space 4}-.0021346{col 115}{space 3} .2491833
{txt}{space 54}kaopen {c |}{col 62}{res}{space 2}-18.40517{col 74}{space 2} 6.769265{col 85}{space 1}   -2.72{col 94}{space 3}0.007{col 102}{space 4}-31.67269{col 115}{space 3}-5.137658
{txt}{space 48}currency_peg {c |}{col 62}{res}{space 2}-.1336441{col 74}{space 2} .2929339{col 85}{space 1}   -0.46{col 94}{space 3}0.648{col 102}{space 4}-.7077841{col 115}{space 3} .4404959
{txt}{space 47}trade_balance {c |}{col 62}{res}{space 2} .0041076{col 74}{space 2} .0287059{col 85}{space 1}    0.14{col 94}{space 3}0.886{col 102}{space 4}-.0521549{col 115}{space 3} .0603701
{txt}{space 59}t {c |}{col 62}{res}{space 2}-2.107756{col 74}{space 2} 1.453652{col 85}{space 1}   -1.45{col 94}{space 3}0.147{col 102}{space 4}-4.956861{col 115}{space 3} .7413495
{txt}{space 58}t2 {c |}{col 62}{res}{space 2} .0611399{col 74}{space 2} .0409808{col 85}{space 1}    1.49{col 94}{space 3}0.136{col 102}{space 4}-.0191809{col 115}{space 3} .1414607
{txt}{space 58}t3 {c |}{col 62}{res}{space 2}-.0005601{col 74}{space 2} .0003782{col 85}{space 1}   -1.48{col 94}{space 3}0.139{col 102}{space 4}-.0013014{col 115}{space 3} .0001813
{txt}{space 55}_cons {c |}{col 62}{res}{space 2} 75.13864{col 74}{space 2}        .{col 85}{space 1}       .{col 94}{space 3}    .{col 102}{space 4}        .{col 115}{space 3}        .
{txt}{hline 61}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}mills                                                        {txt}{c |}
{space 54}lambda {c |}{col 62}{res}{space 2}-.1929099{col 74}{space 2} .1458988{col 85}{space 1}   -1.32{col 94}{space 3}0.186{col 102}{space 4}-.4788663{col 115}{space 3} .0930466
{txt}{hline 61}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                                         rho {c |} {res}  -0.71104
                                                       {txt}sigma {c |} {res} .27130487
{txt}{hline 61}{c BT}{hline 64}

{com}. 
. est store tab14
{txt}
{com}. 
. 
. heckman log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit11##c.res_ch2_polit11##c.log_pre_l1_reserves  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode if res_ch2_polit11 <= 2.168937, select(experience_crisis = log_gdppc gdp_growth kaopen currency_peg trade_balance t t2 t3) twostep
{res}
{txt}Heckman selection model -- two-step estimates   Number of obs      = {res}     1372
{txt}(regression model with sample selection)        Censored obs       = {res}       20
                                                {txt}Uncensored obs     = {res}     1352

                                                {txt}Wald chi2({res}80{txt})      = {res}  8357.61
                                                {txt}Prob > chi2        =    {res}0.0000

{txt}{hline 62}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 63}{c |}      Coef.{col 75}   Std. Err.{col 87}      z{col 95}   P>|z|{col 103}     [95% Con{col 116}f. Interval]
{hline 62}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}log_fi_res_totl_mo                                            {txt}{c |}
{space 43}log_fi_res_totl_mo {c |}
{space 58}L1. {c |}{col 63}{res}{space 2} .8020264{col 75}{space 2} .0185636{col 86}{space 1}   43.20{col 95}{space 3}0.000{col 103}{space 4} .7656425{col 116}{space 3} .8384103
{txt}{space 61} {c |}
{space 42}polity_frac_polit11 {c |}{col 63}{res}{space 2} .0645922{col 75}{space 2} .0374136{col 86}{space 1}    1.73{col 95}{space 3}0.084{col 103}{space 4}-.0087372{col 116}{space 3} .1379216
{txt}{space 46}res_ch2_polit11 {c |}{col 63}{res}{space 2} .2346858{col 75}{space 2} .0429151{col 86}{space 1}    5.47{col 95}{space 3}0.000{col 103}{space 4} .1505738{col 116}{space 3} .3187978
{txt}{space 61} {c |}
{space 22}c.polity_frac_polit11#c.res_ch2_polit11 {c |}{col 63}{res}{space 2}  -.15809{col 75}{space 2} .0539243{col 86}{space 1}   -2.93{col 95}{space 3}0.003{col 103}{space 4}-.2637797{col 116}{space 3}-.0524003
{txt}{space 61} {c |}
{space 42}log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.0201242{col 75}{space 2} .0256332{col 86}{space 1}   -0.79{col 95}{space 3}0.432{col 103}{space 4}-.0703645{col 116}{space 3}  .030116
{txt}{space 61} {c |}
{space 18}c.polity_frac_polit11#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2} .0282566{col 75}{space 2} .0331679{col 86}{space 1}    0.85{col 95}{space 3}0.394{col 103}{space 4}-.0367512{col 116}{space 3} .0932644
{txt}{space 61} {c |}
{space 22}c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.2235532{col 75}{space 2} .0482413{col 86}{space 1}   -4.63{col 95}{space 3}0.000{col 103}{space 4}-.3181044{col 116}{space 3}-.1290021
{txt}{space 61} {c |}
c.polity_frac_polit11#c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2}  .193795{col 75}{space 2} .0539081{col 86}{space 1}    3.59{col 95}{space 3}0.000{col 103}{space 4}  .088137{col 116}{space 3} .2994529
{txt}{space 61} {c |}
{space 54}polity2 {c |}{col 63}{res}{space 2} .0059707{col 75}{space 2} .0030609{col 86}{space 1}    1.95{col 95}{space 3}0.051{col 103}{space 4}-.0000286{col 116}{space 3}   .01197
{txt}{space 48}sum_imftotal5 {c |}{col 63}{res}{space 2}-.0178876{col 75}{space 2} .0273071{col 86}{space 1}   -0.66{col 95}{space 3}0.512{col 103}{space 4}-.0714085{col 116}{space 3} .0356332
{txt}{space 47}ne_imp_gnfs_zs {c |}{col 63}{res}{space 2}-.0029201{col 75}{space 2} .0013821{col 86}{space 1}   -2.11{col 95}{space 3}0.035{col 103}{space 4}-.0056289{col 116}{space 3}-.0002113
{txt}{space 48}trade_balance {c |}{col 63}{res}{space 2} .0160545{col 75}{space 2} .0019542{col 86}{space 1}    8.22{col 95}{space 3}0.000{col 103}{space 4} .0122243{col 116}{space 3} .0198848
{txt}{space 52}cbi_irreg {c |}{col 63}{res}{space 2} .0195586{col 75}{space 2} .0149389{col 86}{space 1}    1.31{col 95}{space 3}0.190{col 103}{space 4} -.009721{col 116}{space 3} .0488383
{txt}{space 49}presidential {c |}{col 63}{res}{space 2} .1219233{col 75}{space 2} .0488991{col 86}{space 1}    2.49{col 95}{space 3}0.013{col 103}{space 4} .0260828{col 116}{space 3} .2177637
{txt}{space 52}log_gdppc {c |}{col 63}{res}{space 2} -.149343{col 75}{space 2} .0370401{col 86}{space 1}   -4.03{col 95}{space 3}0.000{col 103}{space 4}-.2219404{col 116}{space 3}-.0767457
{txt}{space 51}gdp_growth {c |}{col 63}{res}{space 2}-.0088238{col 75}{space 2} .0024191{col 86}{space 1}   -3.65{col 95}{space 3}0.000{col 103}{space 4}-.0135652{col 116}{space 3}-.0040824
{txt}{space 54}log_pop {c |}{col 63}{res}{space 2} .3114698{col 75}{space 2} .1477195{col 86}{space 1}    2.11{col 95}{space 3}0.035{col 103}{space 4} .0219449{col 116}{space 3} .6009946
{txt}{space 55}kaopen {c |}{col 63}{res}{space 2}-.0045022{col 75}{space 2} .0105359{col 86}{space 1}   -0.43{col 95}{space 3}0.669{col 103}{space 4}-.0251521{col 116}{space 3} .0161477
{txt}{space 49}currency_peg {c |}{col 63}{res}{space 2} .0204028{col 75}{space 2} .0240174{col 86}{space 1}    0.85{col 95}{space 3}0.396{col 103}{space 4}-.0266705{col 116}{space 3} .0674762
{txt}{space 46}currency_binary {c |}{col 63}{res}{space 2}-.1434004{col 75}{space 2} .0213383{col 86}{space 1}   -6.72{col 95}{space 3}0.000{col 103}{space 4}-.1852228{col 116}{space 3} -.101578
{txt}{space 51}time_trend {c |}{col 63}{res}{space 2} .0026978{col 75}{space 2} .0036232{col 86}{space 1}    0.74{col 95}{space 3}0.457{col 103}{space 4}-.0044036{col 116}{space 3} .0097991
{txt}{space 61} {c |}
{space 54}cowcode {c |}
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{txt}{space 58}94  {c |}{col 63}{res}{space 2} 1.302603{col 75}{space 2} .7001801{col 86}{space 1}    1.86{col 95}{space 3}0.063{col 103}{space 4}-.0697248{col 116}{space 3} 2.674931
{txt}{space 57}100  {c |}{col 63}{res}{space 2} .5486659{col 75}{space 2} .3719906{col 86}{space 1}    1.47{col 95}{space 3}0.140{col 103}{space 4}-.1804223{col 116}{space 3} 1.277754
{txt}{space 57}101  {c |}{col 63}{res}{space 2}  .757892{col 75}{space 2}  .425068{col 86}{space 1}    1.78{col 95}{space 3}0.075{col 103}{space 4}-.0752259{col 116}{space 3}  1.59101
{txt}{space 57}130  {c |}{col 63}{res}{space 2}  .824868{col 75}{space 2} .5367469{col 86}{space 1}    1.54{col 95}{space 3}0.124{col 103}{space 4}-.2271367{col 116}{space 3} 1.876873
{txt}{space 57}135  {c |}{col 63}{res}{space 2} .7411745{col 75}{space 2} .4286536{col 86}{space 1}    1.73{col 95}{space 3}0.084{col 103}{space 4}-.0989711{col 116}{space 3}  1.58132
{txt}{space 57}140  {c |}{col 63}{res}{space 2} .1798402{col 75}{space 2} .1573754{col 86}{space 1}    1.14{col 95}{space 3}0.253{col 103}{space 4}  -.12861{col 116}{space 3} .4882904
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{txt}{space 57}230  {c |}{col 63}{res}{space 2} .6505167{col 75}{space 2}  .310216{col 86}{space 1}    2.10{col 95}{space 3}0.036{col 103}{space 4} .0425045{col 116}{space 3} 1.258529
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{txt}{space 57}385  {c |}{col 63}{res}{space 2} 1.546453{col 75}{space 2} .6079162{col 86}{space 1}    2.54{col 95}{space 3}0.011{col 103}{space 4} .3549595{col 116}{space 3} 2.737947
{txt}{space 57}452  {c |}{col 63}{res}{space 2} .6725796{col 75}{space 2} .5147545{col 86}{space 1}    1.31{col 95}{space 3}0.191{col 103}{space 4}-.3363206{col 116}{space 3}  1.68148
{txt}{space 57}475  {c |}{col 63}{res}{space 2}-.1582156{col 75}{space 2} .2648531{col 86}{space 1}   -0.60{col 95}{space 3}0.550{col 103}{space 4}-.6773181{col 116}{space 3} .3608868
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{txt}{space 57}552  {c |}{col 63}{res}{space 2} .7726195{col 75}{space 2} .5494847{col 86}{space 1}    1.41{col 95}{space 3}0.160{col 103}{space 4}-.3043506{col 116}{space 3}  1.84959
{txt}{space 57}560  {c |}{col 63}{res}{space 2}  .460728{col 75}{space 2} .3408996{col 86}{space 1}    1.35{col 95}{space 3}0.177{col 103}{space 4}-.2074229{col 116}{space 3} 1.128879
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{txt}{space 57}640  {c |}{col 63}{res}{space 2} .5751184{col 75}{space 2} .2858991{col 86}{space 1}    2.01{col 95}{space 3}0.044{col 103}{space 4} .0147664{col 116}{space 3}  1.13547
{txt}{space 57}651  {c |}{col 63}{res}{space 2} .6369235{col 75}{space 2} .3092627{col 86}{space 1}    2.06{col 95}{space 3}0.039{col 103}{space 4} .0307798{col 116}{space 3} 1.243067
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{txt}{space 57}740  {c |}{col 63}{res}{space 2}  .512215{col 75}{space 2} .1390303{col 86}{space 1}    3.68{col 95}{space 3}0.000{col 103}{space 4} .2397206{col 116}{space 3} .7847094
{txt}{space 57}750  {c |}{col 63}{res}{space 2}-.6263203{col 75}{space 2} .1865982{col 86}{space 1}   -3.36{col 95}{space 3}0.001{col 103}{space 4} -.992046{col 116}{space 3}-.2605946
{txt}{space 57}780  {c |}{col 63}{res}{space 2} .6294393{col 75}{space 2} .4976711{col 86}{space 1}    1.26{col 95}{space 3}0.206{col 103}{space 4}-.3459782{col 116}{space 3} 1.604857
{txt}{space 57}800  {c |}{col 63}{res}{space 2} .5588714{col 75}{space 2} .3039027{col 86}{space 1}    1.84{col 95}{space 3}0.066{col 103}{space 4}-.0367669{col 116}{space 3}  1.15451
{txt}{space 57}820  {c |}{col 63}{res}{space 2} .8236357{col 75}{space 2} .4376463{col 86}{space 1}    1.88{col 95}{space 3}0.060{col 103}{space 4}-.0341352{col 116}{space 3} 1.681407
{txt}{space 57}830  {c |}{col 63}{res}{space 2} 1.848654{col 75}{space 2} .6768995{col 86}{space 1}    2.73{col 95}{space 3}0.006{col 103}{space 4} .5219552{col 116}{space 3} 3.175352
{txt}{space 57}840  {c |}{col 63}{res}{space 2} .2166327{col 75}{space 2} .3002937{col 86}{space 1}    0.72{col 95}{space 3}0.471{col 103}{space 4}-.3719321{col 116}{space 3} .8051976
{txt}{space 57}850  {c |}{col 63}{res}{space 2}-.0827788{col 75}{space 2} .1806421{col 86}{space 1}   -0.46{col 95}{space 3}0.647{col 103}{space 4}-.4368308{col 116}{space 3} .2712731
{txt}{space 57}900  {c |}{col 63}{res}{space 2} 1.006988{col 75}{space 2} .4129425{col 86}{space 1}    2.44{col 95}{space 3}0.015{col 103}{space 4} .1976359{col 116}{space 3} 1.816341
{txt}{space 57}920  {c |}{col 63}{res}{space 2} 1.363372{col 75}{space 2} .6484876{col 86}{space 1}    2.10{col 95}{space 3}0.036{col 103}{space 4} .0923597{col 116}{space 3} 2.634384
{txt}{space 61} {c |}
{space 56}_cons {c |}{col 63}{res}{space 2}-4.664979{col 75}{space 2} 2.957669{col 86}{space 1}   -1.58{col 95}{space 3}0.115{col 103}{space 4} -10.4619{col 116}{space 3} 1.131945
{txt}{hline 62}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}experience_crisis                                             {txt}{c |}
{space 52}log_gdppc {c |}{col 63}{res}{space 2}-.6452554{col 75}{space 2}    .3776{col 86}{space 1}   -1.71{col 95}{space 3}0.087{col 103}{space 4}-1.385338{col 116}{space 3}  .094827
{txt}{space 51}gdp_growth {c |}{col 63}{res}{space 2} .1235244{col 75}{space 2} .0641129{col 86}{space 1}    1.93{col 95}{space 3}0.054{col 103}{space 4}-.0021346{col 116}{space 3} .2491833
{txt}{space 55}kaopen {c |}{col 63}{res}{space 2}-18.40517{col 75}{space 2} 6.769265{col 86}{space 1}   -2.72{col 95}{space 3}0.007{col 103}{space 4}-31.67269{col 116}{space 3}-5.137658
{txt}{space 49}currency_peg {c |}{col 63}{res}{space 2}-.1336441{col 75}{space 2} .2929339{col 86}{space 1}   -0.46{col 95}{space 3}0.648{col 103}{space 4}-.7077841{col 116}{space 3} .4404959
{txt}{space 48}trade_balance {c |}{col 63}{res}{space 2} .0041076{col 75}{space 2} .0287059{col 86}{space 1}    0.14{col 95}{space 3}0.886{col 103}{space 4}-.0521549{col 116}{space 3} .0603701
{txt}{space 60}t {c |}{col 63}{res}{space 2}-2.107756{col 75}{space 2} 1.453652{col 86}{space 1}   -1.45{col 95}{space 3}0.147{col 103}{space 4}-4.956861{col 116}{space 3} .7413495
{txt}{space 59}t2 {c |}{col 63}{res}{space 2} .0611399{col 75}{space 2} .0409808{col 86}{space 1}    1.49{col 95}{space 3}0.136{col 103}{space 4}-.0191809{col 116}{space 3} .1414607
{txt}{space 59}t3 {c |}{col 63}{res}{space 2}-.0005601{col 75}{space 2} .0003782{col 86}{space 1}   -1.48{col 95}{space 3}0.139{col 103}{space 4}-.0013014{col 116}{space 3} .0001813
{txt}{space 56}_cons {c |}{col 63}{res}{space 2} 75.13864{col 75}{space 2}        .{col 86}{space 1}       .{col 95}{space 3}    .{col 103}{space 4}        .{col 116}{space 3}        .
{txt}{hline 62}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}mills                                                         {txt}{c |}
{space 55}lambda {c |}{col 63}{res}{space 2}-.2224655{col 75}{space 2} .1434211{col 86}{space 1}   -1.55{col 95}{space 3}0.121{col 103}{space 4}-.5035658{col 116}{space 3} .0586348
{txt}{hline 62}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                                          rho {c |} {res}  -0.82136
                                                        {txt}sigma {c |} {res} .27084992
{txt}{hline 62}{c BT}{hline 64}

{com}. 
. est store tab15 
{txt}
{com}. 
. 
. heckman log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit12##c.res_ch2_polit12##c.log_pre_l1_reserves  polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode if res_ch2_polit12 <= 2.168937, select(experience_crisis = log_gdppc gdp_growth kaopen currency_peg trade_balance t t2 t3) twostep
{res}
{txt}Heckman selection model -- two-step estimates   Number of obs      = {res}     1372
{txt}(regression model with sample selection)        Censored obs       = {res}       20
                                                {txt}Uncensored obs     = {res}     1352

                                                {txt}Wald chi2({res}80{txt})      = {res}  8225.03
                                                {txt}Prob > chi2        =    {res}0.0000

{txt}{hline 62}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 63}{c |}      Coef.{col 75}   Std. Err.{col 87}      z{col 95}   P>|z|{col 103}     [95% Con{col 116}f. Interval]
{hline 62}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}log_fi_res_totl_mo                                            {txt}{c |}
{space 43}log_fi_res_totl_mo {c |}
{space 58}L1. {c |}{col 63}{res}{space 2} .8119866{col 75}{space 2} .0184699{col 86}{space 1}   43.96{col 95}{space 3}0.000{col 103}{space 4} .7757863{col 116}{space 3} .8481869
{txt}{space 61} {c |}
{space 42}polity_frac_polit12 {c |}{col 63}{res}{space 2} .0199058{col 75}{space 2} .0558976{col 86}{space 1}    0.36{col 95}{space 3}0.722{col 103}{space 4}-.0896515{col 116}{space 3} .1294631
{txt}{space 46}res_ch2_polit12 {c |}{col 63}{res}{space 2} .1652054{col 75}{space 2} .0390174{col 86}{space 1}    4.23{col 95}{space 3}0.000{col 103}{space 4} .0887328{col 116}{space 3}  .241678
{txt}{space 61} {c |}
{space 22}c.polity_frac_polit12#c.res_ch2_polit12 {c |}{col 63}{res}{space 2}-.1069435{col 75}{space 2} .0684784{col 86}{space 1}   -1.56{col 95}{space 3}0.118{col 103}{space 4}-.2411587{col 116}{space 3} .0272716
{txt}{space 61} {c |}
{space 42}log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.0101301{col 75}{space 2} .0228102{col 86}{space 1}   -0.44{col 95}{space 3}0.657{col 103}{space 4}-.0548372{col 116}{space 3} .0345769
{txt}{space 61} {c |}
{space 18}c.polity_frac_polit12#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2}  .036881{col 75}{space 2}  .040725{col 86}{space 1}    0.91{col 95}{space 3}0.365{col 103}{space 4}-.0429385{col 116}{space 3} .1167005
{txt}{space 61} {c |}
{space 22}c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.0985686{col 75}{space 2}  .031477{col 86}{space 1}   -3.13{col 95}{space 3}0.002{col 103}{space 4}-.1602624{col 116}{space 3}-.0368749
{txt}{space 61} {c |}
c.polity_frac_polit12#c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2} .0809729{col 75}{space 2} .0598176{col 86}{space 1}    1.35{col 95}{space 3}0.176{col 103}{space 4}-.0362674{col 116}{space 3} .1982132
{txt}{space 61} {c |}
{space 54}polity2 {c |}{col 63}{res}{space 2} .0063596{col 75}{space 2} .0030043{col 86}{space 1}    2.12{col 95}{space 3}0.034{col 103}{space 4} .0004713{col 116}{space 3} .0122479
{txt}{space 48}sum_imftotal5 {c |}{col 63}{res}{space 2}  -.02483{col 75}{space 2}  .027525{col 86}{space 1}   -0.90{col 95}{space 3}0.367{col 103}{space 4}-.0787779{col 116}{space 3} .0291179
{txt}{space 47}ne_imp_gnfs_zs {c |}{col 63}{res}{space 2}-.0027772{col 75}{space 2} .0013912{col 86}{space 1}   -2.00{col 95}{space 3}0.046{col 103}{space 4} -.005504{col 116}{space 3}-.0000504
{txt}{space 48}trade_balance {c |}{col 63}{res}{space 2}  .016419{col 75}{space 2} .0019756{col 86}{space 1}    8.31{col 95}{space 3}0.000{col 103}{space 4}  .012547{col 116}{space 3} .0202911
{txt}{space 52}cbi_irreg {c |}{col 63}{res}{space 2} .0164961{col 75}{space 2} .0149939{col 86}{space 1}    1.10{col 95}{space 3}0.271{col 103}{space 4}-.0128914{col 116}{space 3} .0458837
{txt}{space 49}presidential {c |}{col 63}{res}{space 2} .1115224{col 75}{space 2}  .049217{col 86}{space 1}    2.27{col 95}{space 3}0.023{col 103}{space 4} .0150589{col 116}{space 3} .2079859
{txt}{space 52}log_gdppc {c |}{col 63}{res}{space 2}-.1498738{col 75}{space 2} .0371449{col 86}{space 1}   -4.03{col 95}{space 3}0.000{col 103}{space 4}-.2226765{col 116}{space 3}-.0770711
{txt}{space 51}gdp_growth {c |}{col 63}{res}{space 2}-.0090981{col 75}{space 2} .0024204{col 86}{space 1}   -3.76{col 95}{space 3}0.000{col 103}{space 4} -.013842{col 116}{space 3}-.0043542
{txt}{space 54}log_pop {c |}{col 63}{res}{space 2}  .282902{col 75}{space 2} .1469668{col 86}{space 1}    1.92{col 95}{space 3}0.054{col 103}{space 4}-.0051476{col 116}{space 3} .5709516
{txt}{space 55}kaopen {c |}{col 63}{res}{space 2}-.0067092{col 75}{space 2} .0105044{col 86}{space 1}   -0.64{col 95}{space 3}0.523{col 103}{space 4}-.0272974{col 116}{space 3}  .013879
{txt}{space 49}currency_peg {c |}{col 63}{res}{space 2} .0165024{col 75}{space 2} .0244237{col 86}{space 1}    0.68{col 95}{space 3}0.499{col 103}{space 4}-.0313671{col 116}{space 3} .0643719
{txt}{space 46}currency_binary {c |}{col 63}{res}{space 2}-.1426025{col 75}{space 2} .0215085{col 86}{space 1}   -6.63{col 95}{space 3}0.000{col 103}{space 4}-.1847583{col 116}{space 3}-.1004467
{txt}{space 51}time_trend {c |}{col 63}{res}{space 2} .0023831{col 75}{space 2} .0036223{col 86}{space 1}    0.66{col 95}{space 3}0.511{col 103}{space 4}-.0047164{col 116}{space 3} .0094826
{txt}{space 61} {c |}
{space 54}cowcode {c |}
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{txt}{space 58}70  {c |}{col 63}{res}{space 2}  .137455{col 75}{space 2} .2198046{col 86}{space 1}    0.63{col 95}{space 3}0.532{col 103}{space 4} -.293354{col 116}{space 3} .5682641
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{txt}{space 58}91  {c |}{col 63}{res}{space 2} .9987297{col 75}{space 2} .6549075{col 86}{space 1}    1.52{col 95}{space 3}0.127{col 103}{space 4}-.2848654{col 116}{space 3} 2.282325
{txt}{space 58}92  {c |}{col 63}{res}{space 2} 1.047675{col 75}{space 2} .6447919{col 86}{space 1}    1.62{col 95}{space 3}0.104{col 103}{space 4} -.216094{col 116}{space 3} 2.311444
{txt}{space 58}93  {c |}{col 63}{res}{space 2}  1.04859{col 75}{space 2} .6922148{col 86}{space 1}    1.51{col 95}{space 3}0.130{col 103}{space 4}-.3081265{col 116}{space 3} 2.405306
{txt}{space 58}94  {c |}{col 63}{res}{space 2} 1.076168{col 75}{space 2} .6980833{col 86}{space 1}    1.54{col 95}{space 3}0.123{col 103}{space 4}-.2920502{col 116}{space 3} 2.444386
{txt}{space 57}100  {c |}{col 63}{res}{space 2} .4945994{col 75}{space 2} .3724766{col 86}{space 1}    1.33{col 95}{space 3}0.184{col 103}{space 4}-.2354413{col 116}{space 3}  1.22464
{txt}{space 57}101  {c |}{col 63}{res}{space 2} .5949523{col 75}{space 2} .4247939{col 86}{space 1}    1.40{col 95}{space 3}0.161{col 103}{space 4}-.2376284{col 116}{space 3} 1.427533
{txt}{space 57}130  {c |}{col 63}{res}{space 2} .6619409{col 75}{space 2} .5365153{col 86}{space 1}    1.23{col 95}{space 3}0.217{col 103}{space 4}-.3896099{col 116}{space 3} 1.713492
{txt}{space 57}135  {c |}{col 63}{res}{space 2} .6117883{col 75}{space 2} .4289681{col 86}{space 1}    1.43{col 95}{space 3}0.154{col 103}{space 4}-.2289738{col 116}{space 3}  1.45255
{txt}{space 57}140  {c |}{col 63}{res}{space 2} .0770555{col 75}{space 2} .1573647{col 86}{space 1}    0.49{col 95}{space 3}0.624{col 103}{space 4}-.2313737{col 116}{space 3} .3854846
{txt}{space 57}145  {c |}{col 63}{res}{space 2} .7854782{col 75}{space 2} .6148715{col 86}{space 1}    1.28{col 95}{space 3}0.201{col 103}{space 4}-.4196478{col 116}{space 3} 1.990604
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{txt}{space 57}225  {c |}{col 63}{res}{space 2} 1.266865{col 75}{space 2}  .546069{col 86}{space 1}    2.32{col 95}{space 3}0.020{col 103}{space 4}  .196589{col 116}{space 3}  2.33714
{txt}{space 57}230  {c |}{col 63}{res}{space 2} .5417917{col 75}{space 2} .3085944{col 86}{space 1}    1.76{col 95}{space 3}0.079{col 103}{space 4}-.0630422{col 116}{space 3} 1.146626
{txt}{space 57}235  {c |}{col 63}{res}{space 2} 1.078476{col 75}{space 2} .5166509{col 86}{space 1}    2.09{col 95}{space 3}0.037{col 103}{space 4} .0658586{col 116}{space 3} 2.091093
{txt}{space 57}290  {c |}{col 63}{res}{space 2} .5490314{col 75}{space 2} .3549546{col 86}{space 1}    1.55{col 95}{space 3}0.122{col 103}{space 4}-.1466668{col 116}{space 3}  1.24473
{txt}{space 57}305  {c |}{col 63}{res}{space 2} 1.000907{col 75}{space 2} .5584184{col 86}{space 1}    1.79{col 95}{space 3}0.073{col 103}{space 4}-.0935726{col 116}{space 3} 2.095387
{txt}{space 57}310  {c |}{col 63}{res}{space 2} .9383325{col 75}{space 2} .5370526{col 86}{space 1}    1.75{col 95}{space 3}0.081{col 103}{space 4}-.1142713{col 116}{space 3} 1.990936
{txt}{space 57}325  {c |}{col 63}{res}{space 2} .4154463{col 75}{space 2} .2517888{col 86}{space 1}    1.65{col 95}{space 3}0.099{col 103}{space 4}-.0780507{col 116}{space 3} .9089432
{txt}{space 57}350  {c |}{col 63}{res}{space 2} 1.093561{col 75}{space 2} .5045032{col 86}{space 1}    2.17{col 95}{space 3}0.030{col 103}{space 4} .1047525{col 116}{space 3} 2.082369
{txt}{space 57}360  {c |}{col 63}{res}{space 2} .8073452{col 75}{space 2} .4407112{col 86}{space 1}    1.83{col 95}{space 3}0.067{col 103}{space 4}-.0564329{col 116}{space 3} 1.671123
{txt}{space 57}365  {c |}{col 63}{res}{space 2} .1464467{col 75}{space 2}  .215555{col 86}{space 1}    0.68{col 95}{space 3}0.497{col 103}{space 4}-.2760333{col 116}{space 3} .5689267
{txt}{space 57}375  {c |}{col 63}{res}{space 2} 1.094699{col 75}{space 2} .6009304{col 86}{space 1}    1.82{col 95}{space 3}0.069{col 103}{space 4}-.0831034{col 116}{space 3}   2.2725
{txt}{space 57}380  {c |}{col 63}{res}{space 2} 1.005901{col 75}{space 2} .5058713{col 86}{space 1}    1.99{col 95}{space 3}0.047{col 103}{space 4} .0144116{col 116}{space 3}  1.99739
{txt}{space 57}385  {c |}{col 63}{res}{space 2} 1.328019{col 75}{space 2} .6069958{col 86}{space 1}    2.19{col 95}{space 3}0.029{col 103}{space 4} .1383286{col 116}{space 3} 2.517709
{txt}{space 57}452  {c |}{col 63}{res}{space 2} .5287586{col 75}{space 2} .5154187{col 86}{space 1}    1.03{col 95}{space 3}0.305{col 103}{space 4}-.4814435{col 116}{space 3} 1.538961
{txt}{space 57}475  {c |}{col 63}{res}{space 2}-.2369842{col 75}{space 2}  .267717{col 86}{space 1}   -0.89{col 95}{space 3}0.376{col 103}{space 4}-.7616999{col 116}{space 3} .2877314
{txt}{space 57}501  {c |}{col 63}{res}{space 2}  .289548{col 75}{space 2} .4524996{col 86}{space 1}    0.64{col 95}{space 3}0.522{col 103}{space 4} -.597335{col 116}{space 3} 1.176431
{txt}{space 57}551  {c |}{col 63}{res}{space 2} .4204799{col 75}{space 2} .6013503{col 86}{space 1}    0.70{col 95}{space 3}0.484{col 103}{space 4} -.758145{col 116}{space 3} 1.599105
{txt}{space 57}552  {c |}{col 63}{res}{space 2} .6800846{col 75}{space 2} .5487948{col 86}{space 1}    1.24{col 95}{space 3}0.215{col 103}{space 4}-.3955335{col 116}{space 3} 1.755703
{txt}{space 57}560  {c |}{col 63}{res}{space 2} .3141045{col 75}{space 2} .3393356{col 86}{space 1}    0.93{col 95}{space 3}0.355{col 103}{space 4}-.3509811{col 116}{space 3}   .97919
{txt}{space 57}590  {c |}{col 63}{res}{space 2} 1.634913{col 75}{space 2} .8594339{col 86}{space 1}    1.90{col 95}{space 3}0.057{col 103}{space 4}-.0495465{col 116}{space 3} 3.319373
{txt}{space 57}600  {c |}{col 63}{res}{space 2} .3182145{col 75}{space 2} .4278747{col 86}{space 1}    0.74{col 95}{space 3}0.457{col 103}{space 4}-.5204044{col 116}{space 3} 1.156833
{txt}{space 57}615  {c |}{col 63}{res}{space 2} .8149431{col 75}{space 2}  .475523{col 86}{space 1}    1.71{col 95}{space 3}0.087{col 103}{space 4}-.1170648{col 116}{space 3} 1.746951
{txt}{space 57}616  {c |}{col 63}{res}{space 2} .7580183{col 75}{space 2} .5711573{col 86}{space 1}    1.33{col 95}{space 3}0.184{col 103}{space 4}-.3614294{col 116}{space 3} 1.877466
{txt}{space 57}640  {c |}{col 63}{res}{space 2}  .422078{col 75}{space 2} .2832806{col 86}{space 1}    1.49{col 95}{space 3}0.136{col 103}{space 4}-.1331418{col 116}{space 3} .9772979
{txt}{space 57}651  {c |}{col 63}{res}{space 2}  .494288{col 75}{space 2} .3084406{col 86}{space 1}    1.60{col 95}{space 3}0.109{col 103}{space 4}-.1102446{col 116}{space 3} 1.098821
{txt}{space 57}710  {c |}{col 63}{res}{space 2}-.5373897{col 75}{space 2} .2224629{col 86}{space 1}   -2.42{col 95}{space 3}0.016{col 103}{space 4}-.9734089{col 116}{space 3}-.1013705
{txt}{space 57}732  {c |}{col 63}{res}{space 2} .5024378{col 75}{space 2} .3041557{col 86}{space 1}    1.65{col 95}{space 3}0.099{col 103}{space 4}-.0936964{col 116}{space 3} 1.098572
{txt}{space 57}740  {c |}{col 63}{res}{space 2} .4758238{col 75}{space 2} .1374199{col 86}{space 1}    3.46{col 95}{space 3}0.001{col 103}{space 4} .2064858{col 116}{space 3} .7451618
{txt}{space 57}750  {c |}{col 63}{res}{space 2}-.6700624{col 75}{space 2} .1868883{col 86}{space 1}   -3.59{col 95}{space 3}0.000{col 103}{space 4}-1.036357{col 116}{space 3}-.3037681
{txt}{space 57}780  {c |}{col 63}{res}{space 2} .5120458{col 75}{space 2} .4962433{col 86}{space 1}    1.03{col 95}{space 3}0.302{col 103}{space 4}-.4605732{col 116}{space 3} 1.484665
{txt}{space 57}800  {c |}{col 63}{res}{space 2} .4056779{col 75}{space 2} .3028498{col 86}{space 1}    1.34{col 95}{space 3}0.180{col 103}{space 4}-.1878968{col 116}{space 3} .9992526
{txt}{space 57}820  {c |}{col 63}{res}{space 2}  .652017{col 75}{space 2} .4406333{col 86}{space 1}    1.48{col 95}{space 3}0.139{col 103}{space 4}-.2116084{col 116}{space 3} 1.515642
{txt}{space 57}830  {c |}{col 63}{res}{space 2} 1.601799{col 75}{space 2}    .6817{col 86}{space 1}    2.35{col 95}{space 3}0.019{col 103}{space 4} .2656917{col 116}{space 3} 2.937907
{txt}{space 57}840  {c |}{col 63}{res}{space 2} .1245699{col 75}{space 2} .3010896{col 86}{space 1}    0.41{col 95}{space 3}0.679{col 103}{space 4} -.465555{col 116}{space 3} .7146948
{txt}{space 57}850  {c |}{col 63}{res}{space 2}-.1190687{col 75}{space 2} .1809514{col 86}{space 1}   -0.66{col 95}{space 3}0.511{col 103}{space 4}-.4737269{col 116}{space 3} .2355895
{txt}{space 57}900  {c |}{col 63}{res}{space 2} .8352558{col 75}{space 2}  .410959{col 86}{space 1}    2.03{col 95}{space 3}0.042{col 103}{space 4} .0297909{col 116}{space 3} 1.640721
{txt}{space 57}920  {c |}{col 63}{res}{space 2} 1.193909{col 75}{space 2} .6468866{col 86}{space 1}    1.85{col 95}{space 3}0.065{col 103}{space 4}-.0739656{col 116}{space 3} 2.461783
{txt}{space 61} {c |}
{space 56}_cons {c |}{col 63}{res}{space 2}-4.020362{col 75}{space 2} 2.945769{col 86}{space 1}   -1.36{col 95}{space 3}0.172{col 103}{space 4}-9.793963{col 116}{space 3}  1.75324
{txt}{hline 62}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}experience_crisis                                             {txt}{c |}
{space 52}log_gdppc {c |}{col 63}{res}{space 2}-.6452554{col 75}{space 2}    .3776{col 86}{space 1}   -1.71{col 95}{space 3}0.087{col 103}{space 4}-1.385338{col 116}{space 3}  .094827
{txt}{space 51}gdp_growth {c |}{col 63}{res}{space 2} .1235244{col 75}{space 2} .0641129{col 86}{space 1}    1.93{col 95}{space 3}0.054{col 103}{space 4}-.0021346{col 116}{space 3} .2491833
{txt}{space 55}kaopen {c |}{col 63}{res}{space 2}-18.40517{col 75}{space 2} 6.769265{col 86}{space 1}   -2.72{col 95}{space 3}0.007{col 103}{space 4}-31.67269{col 116}{space 3}-5.137658
{txt}{space 49}currency_peg {c |}{col 63}{res}{space 2}-.1336441{col 75}{space 2} .2929339{col 86}{space 1}   -0.46{col 95}{space 3}0.648{col 103}{space 4}-.7077841{col 116}{space 3} .4404959
{txt}{space 48}trade_balance {c |}{col 63}{res}{space 2} .0041076{col 75}{space 2} .0287059{col 86}{space 1}    0.14{col 95}{space 3}0.886{col 103}{space 4}-.0521549{col 116}{space 3} .0603701
{txt}{space 60}t {c |}{col 63}{res}{space 2}-2.107756{col 75}{space 2} 1.453652{col 86}{space 1}   -1.45{col 95}{space 3}0.147{col 103}{space 4}-4.956861{col 116}{space 3} .7413495
{txt}{space 59}t2 {c |}{col 63}{res}{space 2} .0611399{col 75}{space 2} .0409808{col 86}{space 1}    1.49{col 95}{space 3}0.136{col 103}{space 4}-.0191809{col 116}{space 3} .1414607
{txt}{space 59}t3 {c |}{col 63}{res}{space 2}-.0005601{col 75}{space 2} .0003782{col 86}{space 1}   -1.48{col 95}{space 3}0.139{col 103}{space 4}-.0013014{col 116}{space 3} .0001813
{txt}{space 56}_cons {c |}{col 63}{res}{space 2} 75.13864{col 75}{space 2}        .{col 86}{space 1}       .{col 95}{space 3}    .{col 103}{space 4}        .{col 116}{space 3}        .
{txt}{hline 62}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}mills                                                         {txt}{c |}
{space 55}lambda {c |}{col 63}{res}{space 2}-.1847002{col 75}{space 2} .1462162{col 86}{space 1}   -1.26{col 95}{space 3}0.207{col 103}{space 4}-.4712787{col 116}{space 3} .1018782
{txt}{hline 62}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                                          rho {c |} {res}  -0.68025
                                                        {txt}sigma {c |} {res} .27151861
{txt}{hline 62}{c BT}{hline 64}

{com}. 
. est store tab16
{txt}
{com}. 
. 
. * Table 36:
. *esttab tab13 tab14 tab15 tab16 using robust_heckman4.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports with Heckman Selection Model") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. 
. * H5: interest rates
. 
. 
. heckman log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit11_binary##c.ir_diff polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode if cowcode != 2 & ir_diff >= -.5223463 & ir_diff <= .2247789, select(experience_crisis = log_gdppc gdp_growth kaopen currency_peg trade_balance t t2 t3) twostep
{res}
{txt}Heckman selection model -- two-step estimates   Number of obs      = {res}     1538
{txt}(regression model with sample selection)        Censored obs       = {res}      315
                                                {txt}Uncensored obs     = {res}     1223

                                                {txt}Wald chi2({res}73{txt})      = {res}  6354.66
                                                {txt}Prob > chi2        =    {res}0.0000

{txt}{hline 29}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 30}{c |}      Coef.{col 42}   Std. Err.{col 54}      z{col 62}   P>|z|{col 70}     [95% Con{col 83}f. Interval]
{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}log_fi_res_totl_mo           {txt}{c |}
{space 10}log_fi_res_totl_mo {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .7820733{col 42}{space 2}  .019206{col 53}{space 1}   40.72{col 62}{space 3}0.000{col 70}{space 4} .7444303{col 83}{space 3} .8197163
{txt}{space 28} {c |}
{space 8}1.sum_polit11_binary {c |}{col 30}{res}{space 2} .0145121{col 42}{space 2} .0330453{col 53}{space 1}    0.44{col 62}{space 3}0.661{col 70}{space 4}-.0502555{col 83}{space 3} .0792798
{txt}{space 21}ir_diff {c |}{col 30}{res}{space 2}-.0003736{col 42}{space 2} .2250032{col 53}{space 1}   -0.00{col 62}{space 3}0.999{col 70}{space 4}-.4413717{col 83}{space 3} .4406246
{txt}{space 28} {c |}
sum_polit11_binary#c.ir_diff {c |}
{space 26}1  {c |}{col 30}{res}{space 2}-.1099868{col 42}{space 2} .2448741{col 53}{space 1}   -0.45{col 62}{space 3}0.653{col 70}{space 4}-.5899312{col 83}{space 3} .3699577
{txt}{space 28} {c |}
{space 21}polity2 {c |}{col 30}{res}{space 2} .0067238{col 42}{space 2} .0027758{col 53}{space 1}    2.42{col 62}{space 3}0.015{col 70}{space 4} .0012833{col 83}{space 3} .0121642
{txt}{space 15}sum_imftotal5 {c |}{col 30}{res}{space 2}-.0128512{col 42}{space 2} .0284729{col 53}{space 1}   -0.45{col 62}{space 3}0.652{col 70}{space 4} -.068657{col 83}{space 3} .0429546
{txt}{space 14}ne_imp_gnfs_zs {c |}{col 30}{res}{space 2}-.0045408{col 42}{space 2} .0014934{col 53}{space 1}   -3.04{col 62}{space 3}0.002{col 70}{space 4}-.0074677{col 83}{space 3}-.0016138
{txt}{space 15}trade_balance {c |}{col 30}{res}{space 2} .0109846{col 42}{space 2} .0022227{col 53}{space 1}    4.94{col 62}{space 3}0.000{col 70}{space 4} .0066282{col 83}{space 3}  .015341
{txt}{space 19}cbi_irreg {c |}{col 30}{res}{space 2} .0037103{col 42}{space 2}  .016116{col 53}{space 1}    0.23{col 62}{space 3}0.818{col 70}{space 4}-.0278764{col 83}{space 3} .0352971
{txt}{space 16}presidential {c |}{col 30}{res}{space 2} .1106781{col 42}{space 2} .0520953{col 53}{space 1}    2.12{col 62}{space 3}0.034{col 70}{space 4} .0085731{col 83}{space 3}  .212783
{txt}{space 19}log_gdppc {c |}{col 30}{res}{space 2}-.1251081{col 42}{space 2} .0364185{col 53}{space 1}   -3.44{col 62}{space 3}0.001{col 70}{space 4}-.1964871{col 83}{space 3}-.0537292
{txt}{space 18}gdp_growth {c |}{col 30}{res}{space 2}-.0087248{col 42}{space 2} .0026931{col 53}{space 1}   -3.24{col 62}{space 3}0.001{col 70}{space 4}-.0140033{col 83}{space 3}-.0034464
{txt}{space 21}log_pop {c |}{col 30}{res}{space 2} .2208979{col 42}{space 2}  .153111{col 53}{space 1}    1.44{col 62}{space 3}0.149{col 70}{space 4} -.079194{col 83}{space 3} .5209899
{txt}{space 22}kaopen {c |}{col 30}{res}{space 2} -.035219{col 42}{space 2} .0129512{col 53}{space 1}   -2.72{col 62}{space 3}0.007{col 70}{space 4}-.0606029{col 83}{space 3} -.009835
{txt}{space 16}currency_peg {c |}{col 30}{res}{space 2}-.0076721{col 42}{space 2} .0296618{col 53}{space 1}   -0.26{col 62}{space 3}0.796{col 70}{space 4}-.0658083{col 83}{space 3}  .050464
{txt}{space 13}currency_binary {c |}{col 30}{res}{space 2} -.132687{col 42}{space 2} .0223009{col 53}{space 1}   -5.95{col 62}{space 3}0.000{col 70}{space 4} -.176396{col 83}{space 3}-.0889781
{txt}{space 18}time_trend {c |}{col 30}{res}{space 2} .0079555{col 42}{space 2} .0044055{col 53}{space 1}    1.81{col 62}{space 3}0.071{col 70}{space 4}-.0006792{col 83}{space 3} .0165902
{txt}{space 28} {c |}
{space 21}cowcode {c |}
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{txt}{space 25}93  {c |}{col 30}{res}{space 2} .4835002{col 42}{space 2} .1816856{col 53}{space 1}    2.66{col 62}{space 3}0.008{col 70}{space 4}  .127403{col 83}{space 3} .8395974
{txt}{space 25}94  {c |}{col 30}{res}{space 2} .4236443{col 42}{space 2} .1566171{col 53}{space 1}    2.70{col 62}{space 3}0.007{col 70}{space 4} .1166804{col 83}{space 3} .7306082
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{txt}{space 24}101  {c |}{col 30}{res}{space 2} .0606006{col 42}{space 2}  .198877{col 53}{space 1}    0.30{col 62}{space 3}0.761{col 70}{space 4}-.3291911{col 83}{space 3} .4503923
{txt}{space 24}130  {c |}{col 30}{res}{space 2} .0449789{col 42}{space 2} .1141818{col 53}{space 1}    0.39{col 62}{space 3}0.694{col 70}{space 4}-.1788132{col 83}{space 3}  .268771
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{txt}{space 24}230  {c |}{col 30}{res}{space 2}  .037795{col 42}{space 2} .3085669{col 53}{space 1}    0.12{col 62}{space 3}0.903{col 70}{space 4}-.5669851{col 83}{space 3} .6425751
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{txt}{space 24}350  {c |}{col 30}{res}{space 2} .3675323{col 42}{space 2} .1426911{col 53}{space 1}    2.58{col 62}{space 3}0.010{col 70}{space 4} .0878629{col 83}{space 3} .6472017
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{txt}{space 24}452  {c |}{col 30}{res}{space 2}-.0021601{col 42}{space 2} .1366868{col 53}{space 1}   -0.02{col 62}{space 3}0.987{col 70}{space 4}-.2700613{col 83}{space 3} .2657411
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{txt}{space 24}551  {c |}{col 30}{res}{space 2}-.1460448{col 42}{space 2} .1309305{col 53}{space 1}   -1.12{col 62}{space 3}0.265{col 70}{space 4} -.402664{col 83}{space 3} .1105744
{txt}{space 24}552  {c |}{col 30}{res}{space 2} .0076615{col 42}{space 2} .1312002{col 53}{space 1}    0.06{col 62}{space 3}0.953{col 70}{space 4} -.249486{col 83}{space 3} .2648091
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{txt}{space 24}615  {c |}{col 30}{res}{space 2} .2202027{col 42}{space 2} .3565151{col 53}{space 1}    0.62{col 62}{space 3}0.537{col 70}{space 4}-.4785541{col 83}{space 3} .9189595
{txt}{space 24}616  {c |}{col 30}{res}{space 2} .1365532{col 42}{space 2} .1469451{col 53}{space 1}    0.93{col 62}{space 3}0.353{col 70}{space 4}-.1514538{col 83}{space 3} .4245603
{txt}{space 24}640  {c |}{col 30}{res}{space 2}-.1143012{col 42}{space 2} .3362339{col 53}{space 1}   -0.34{col 62}{space 3}0.734{col 70}{space 4}-.7733075{col 83}{space 3} .5447052
{txt}{space 24}651  {c |}{col 30}{res}{space 2} .0161461{col 42}{space 2} .3320744{col 53}{space 1}    0.05{col 62}{space 3}0.961{col 70}{space 4}-.6347079{col 83}{space 3}     .667
{txt}{space 24}710  {c |}{col 30}{res}{space 2}-.7319161{col 42}{space 2} .7641708{col 53}{space 1}   -0.96{col 62}{space 3}0.338{col 70}{space 4}-2.229663{col 83}{space 3} .7658313
{txt}{space 24}732  {c |}{col 30}{res}{space 2} -.071552{col 42}{space 2}  .305522{col 53}{space 1}   -0.23{col 62}{space 3}0.815{col 70}{space 4}-.6703642{col 83}{space 3} .5272601
{txt}{space 24}740  {c |}{col 30}{res}{space 2} -.057497{col 42}{space 2}  .495378{col 53}{space 1}   -0.12{col 62}{space 3}0.908{col 70}{space 4} -1.02842{col 83}{space 3} .9134261
{txt}{space 24}780  {c |}{col 30}{res}{space 2}-.0625801{col 42}{space 2} .1430552{col 53}{space 1}   -0.44{col 62}{space 3}0.662{col 70}{space 4}-.3429631{col 83}{space 3} .2178029
{txt}{space 24}800  {c |}{col 30}{res}{space 2}-.0283487{col 42}{space 2} .3290718{col 53}{space 1}   -0.09{col 62}{space 3}0.931{col 70}{space 4}-.6733176{col 83}{space 3} .6166202
{txt}{space 24}820  {c |}{col 30}{res}{space 2} .2488854{col 42}{space 2} .2411346{col 53}{space 1}    1.03{col 62}{space 3}0.302{col 70}{space 4}-.2237296{col 83}{space 3} .7215005
{txt}{space 24}830  {c |}{col 30}{res}{space 2} 1.306485{col 42}{space 2} .3026908{col 53}{space 1}    4.32{col 62}{space 3}0.000{col 70}{space 4} .7132218{col 83}{space 3} 1.899748
{txt}{space 24}840  {c |}{col 30}{res}{space 2}-.3595135{col 42}{space 2}  .329544{col 53}{space 1}   -1.09{col 62}{space 3}0.275{col 70}{space 4}-1.005408{col 83}{space 3}  .286381
{txt}{space 24}850  {c |}{col 30}{res}{space 2} -.518165{col 42}{space 2} .4905608{col 53}{space 1}   -1.06{col 62}{space 3}0.291{col 70}{space 4}-1.479647{col 83}{space 3} .4433165
{txt}{space 24}900  {c |}{col 30}{res}{space 2} .2191598{col 42}{space 2} .2153282{col 53}{space 1}    1.02{col 62}{space 3}0.309{col 70}{space 4}-.2028758{col 83}{space 3} .6411953
{txt}{space 24}920  {c |}{col 30}{res}{space 2}   .64807{col 42}{space 2}  .150974{col 53}{space 1}    4.29{col 62}{space 3}0.000{col 70}{space 4} .3521664{col 83}{space 3} .9439736
{txt}{space 28} {c |}
{space 23}_cons {c |}{col 30}{res}{space 2}-2.769387{col 42}{space 2} 2.454796{col 53}{space 1}   -1.13{col 62}{space 3}0.259{col 70}{space 4}-7.580698{col 83}{space 3} 2.041924
{txt}{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}experience_crisis            {txt}{c |}
{space 19}log_gdppc {c |}{col 30}{res}{space 2}-.0199207{col 42}{space 2} .0426444{col 53}{space 1}   -0.47{col 62}{space 3}0.640{col 70}{space 4}-.1035022{col 83}{space 3} .0636607
{txt}{space 18}gdp_growth {c |}{col 30}{res}{space 2} .0185079{col 42}{space 2} .0134408{col 53}{space 1}    1.38{col 62}{space 3}0.169{col 70}{space 4}-.0078357{col 83}{space 3} .0448514
{txt}{space 22}kaopen {c |}{col 30}{res}{space 2}-.3033999{col 42}{space 2} .0423057{col 53}{space 1}   -7.17{col 62}{space 3}0.000{col 70}{space 4}-.3863176{col 83}{space 3}-.2204822
{txt}{space 16}currency_peg {c |}{col 30}{res}{space 2}-.8089046{col 42}{space 2} .1062908{col 53}{space 1}   -7.61{col 62}{space 3}0.000{col 70}{space 4}-1.017231{col 83}{space 3}-.6005785
{txt}{space 15}trade_balance {c |}{col 30}{res}{space 2}-.0438095{col 42}{space 2} .0081798{col 53}{space 1}   -5.36{col 62}{space 3}0.000{col 70}{space 4}-.0598416{col 83}{space 3}-.0277773
{txt}{space 27}t {c |}{col 30}{res}{space 2} .7924547{col 42}{space 2} .1823355{col 53}{space 1}    4.35{col 62}{space 3}0.000{col 70}{space 4} .4350836{col 83}{space 3} 1.149826
{txt}{space 26}t2 {c |}{col 30}{res}{space 2}-.0210005{col 42}{space 2} .0061174{col 53}{space 1}   -3.43{col 62}{space 3}0.001{col 70}{space 4}-.0329903{col 83}{space 3}-.0090106
{txt}{space 26}t3 {c |}{col 30}{res}{space 2} .0001996{col 42}{space 2} .0000657{col 53}{space 1}    3.04{col 62}{space 3}0.002{col 70}{space 4} .0000709{col 83}{space 3} .0003283
{txt}{space 23}_cons {c |}{col 30}{res}{space 2}-8.470056{col 42}{space 2} 1.767528{col 53}{space 1}   -4.79{col 62}{space 3}0.000{col 70}{space 4}-11.93435{col 83}{space 3}-5.005764
{txt}{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}mills                        {txt}{c |}
{space 22}lambda {c |}{col 30}{res}{space 2} .1790943{col 42}{space 2} .0769279{col 53}{space 1}    2.33{col 62}{space 3}0.020{col 70}{space 4} .0283185{col 83}{space 3} .3298701
{txt}{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                         rho {c |} {res}   0.62109
                       {txt}sigma {c |} {res}  .2883538
{txt}{hline 29}{c BT}{hline 64}

{com}. 
. est store tab17
{txt}
{com}. 
. heckman log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit11##c.ir_diff polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode if cowcode != 2 & ir_diff >= -.5223463 & ir_diff <= .2247789, select(experience_crisis = log_gdppc gdp_growth kaopen currency_peg trade_balance t t2 t3) twostep
{res}
{txt}Heckman selection model -- two-step estimates   Number of obs      = {res}     1536
{txt}(regression model with sample selection)        Censored obs       = {res}      315
                                                {txt}Uncensored obs     = {res}     1221

                                                {txt}Wald chi2({res}73{txt})      = {res}  6383.87
                                                {txt}Prob > chi2        =    {res}0.0000

{txt}{hline 32}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 33}{c |}      Coef.{col 45}   Std. Err.{col 57}      z{col 65}   P>|z|{col 73}     [95% Con{col 86}f. Interval]
{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}log_fi_res_totl_mo              {txt}{c |}
{space 13}log_fi_res_totl_mo {c |}
{space 28}L1. {c |}{col 33}{res}{space 2} .7797627{col 45}{space 2} .0190955{col 56}{space 1}   40.83{col 65}{space 3}0.000{col 73}{space 4} .7423362{col 86}{space 3} .8171891
{txt}{space 31} {c |}
{space 12}polity_frac_polit11 {c |}{col 33}{res}{space 2} .0259006{col 45}{space 2} .0312203{col 56}{space 1}    0.83{col 65}{space 3}0.407{col 73}{space 4}  -.03529{col 86}{space 3} .0870912
{txt}{space 24}ir_diff {c |}{col 33}{res}{space 2}  .066409{col 45}{space 2} .1639353{col 56}{space 1}    0.41{col 65}{space 3}0.685{col 73}{space 4}-.2548982{col 86}{space 3} .3877163
{txt}{space 31} {c |}
c.polity_frac_polit11#c.ir_diff {c |}{col 33}{res}{space 2}-.3130813{col 45}{space 2} .2460244{col 56}{space 1}   -1.27{col 65}{space 3}0.203{col 73}{space 4}-.7952803{col 86}{space 3} .1691177
{txt}{space 31} {c |}
{space 24}polity2 {c |}{col 33}{res}{space 2} .0066101{col 45}{space 2}  .002735{col 56}{space 1}    2.42{col 65}{space 3}0.016{col 73}{space 4} .0012496{col 86}{space 3} .0119705
{txt}{space 18}sum_imftotal5 {c |}{col 33}{res}{space 2}-.0121838{col 45}{space 2} .0282176{col 56}{space 1}   -0.43{col 65}{space 3}0.666{col 73}{space 4}-.0674893{col 86}{space 3} .0431217
{txt}{space 17}ne_imp_gnfs_zs {c |}{col 33}{res}{space 2}-.0044482{col 45}{space 2} .0014849{col 56}{space 1}   -3.00{col 65}{space 3}0.003{col 73}{space 4}-.0073586{col 86}{space 3}-.0015379
{txt}{space 18}trade_balance {c |}{col 33}{res}{space 2} .0105043{col 45}{space 2} .0022287{col 56}{space 1}    4.71{col 65}{space 3}0.000{col 73}{space 4} .0061361{col 86}{space 3} .0148725
{txt}{space 22}cbi_irreg {c |}{col 33}{res}{space 2} .0026453{col 45}{space 2} .0161033{col 56}{space 1}    0.16{col 65}{space 3}0.870{col 73}{space 4}-.0289166{col 86}{space 3} .0342072
{txt}{space 19}presidential {c |}{col 33}{res}{space 2} .1073736{col 45}{space 2}  .051996{col 56}{space 1}    2.07{col 65}{space 3}0.039{col 73}{space 4} .0054633{col 86}{space 3} .2092839
{txt}{space 22}log_gdppc {c |}{col 33}{res}{space 2}-.1187097{col 45}{space 2} .0363753{col 56}{space 1}   -3.26{col 65}{space 3}0.001{col 73}{space 4} -.190004{col 86}{space 3}-.0474155
{txt}{space 21}gdp_growth {c |}{col 33}{res}{space 2} -.008969{col 45}{space 2}  .002682{col 56}{space 1}   -3.34{col 65}{space 3}0.001{col 73}{space 4}-.0142257{col 86}{space 3}-.0037123
{txt}{space 24}log_pop {c |}{col 33}{res}{space 2} .2399433{col 45}{space 2} .1532307{col 56}{space 1}    1.57{col 65}{space 3}0.117{col 73}{space 4}-.0603834{col 86}{space 3} .5402701
{txt}{space 25}kaopen {c |}{col 33}{res}{space 2}-.0330357{col 45}{space 2} .0128774{col 56}{space 1}   -2.57{col 65}{space 3}0.010{col 73}{space 4}-.0582748{col 86}{space 3}-.0077965
{txt}{space 19}currency_peg {c |}{col 33}{res}{space 2}-.0132066{col 45}{space 2} .0297181{col 56}{space 1}   -0.44{col 65}{space 3}0.657{col 73}{space 4}-.0714531{col 86}{space 3} .0450398
{txt}{space 16}currency_binary {c |}{col 33}{res}{space 2}-.1365601{col 45}{space 2} .0223003{col 56}{space 1}   -6.12{col 65}{space 3}0.000{col 73}{space 4} -.180268{col 86}{space 3}-.0928523
{txt}{space 21}time_trend {c |}{col 33}{res}{space 2} .0073273{col 45}{space 2} .0044259{col 56}{space 1}    1.66{col 65}{space 3}0.098{col 73}{space 4}-.0013473{col 86}{space 3} .0160018
{txt}{space 31} {c |}
{space 24}cowcode {c |}
{space 28}70  {c |}{col 33}{res}{space 2}-.4210518{col 45}{space 2} .3968243{col 56}{space 1}   -1.06{col 65}{space 3}0.289{col 73}{space 4}-1.198813{col 86}{space 3} .3567096
{txt}{space 28}90  {c |}{col 33}{res}{space 2} .1536346{col 45}{space 2} .1099236{col 56}{space 1}    1.40{col 65}{space 3}0.162{col 73}{space 4}-.0618117{col 86}{space 3} .3690809
{txt}{space 28}91  {c |}{col 33}{res}{space 2} .3558065{col 45}{space 2}  .131517{col 56}{space 1}    2.71{col 65}{space 3}0.007{col 73}{space 4}  .098038{col 86}{space 3} .6135749
{txt}{space 28}92  {c |}{col 33}{res}{space 2} .3017018{col 45}{space 2} .1226837{col 56}{space 1}    2.46{col 65}{space 3}0.014{col 73}{space 4} .0612461{col 86}{space 3} .5421575
{txt}{space 28}93  {c |}{col 33}{res}{space 2} .4914462{col 45}{space 2} .1825407{col 56}{space 1}    2.69{col 65}{space 3}0.007{col 73}{space 4} .1336731{col 86}{space 3} .8492193
{txt}{space 28}94  {c |}{col 33}{res}{space 2} .4461717{col 45}{space 2} .1572578{col 56}{space 1}    2.84{col 65}{space 3}0.005{col 73}{space 4}  .137952{col 86}{space 3} .7543914
{txt}{space 27}100  {c |}{col 33}{res}{space 2}-.1284929{col 45}{space 2}  .249401{col 56}{space 1}   -0.52{col 65}{space 3}0.606{col 73}{space 4}-.6173098{col 86}{space 3}  .360324
{txt}{space 27}101  {c |}{col 33}{res}{space 2} .0527896{col 45}{space 2}  .196943{col 56}{space 1}    0.27{col 65}{space 3}0.789{col 73}{space 4}-.3332115{col 86}{space 3} .4387907
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{txt}{space 27}616  {c |}{col 33}{res}{space 2} .1428261{col 45}{space 2}  .146673{col 56}{space 1}    0.97{col 65}{space 3}0.330{col 73}{space 4}-.1446477{col 86}{space 3} .4302999
{txt}{space 27}640  {c |}{col 33}{res}{space 2}-.1520672{col 45}{space 2} .3363166{col 56}{space 1}   -0.45{col 65}{space 3}0.651{col 73}{space 4}-.8112356{col 86}{space 3} .5071011
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{txt}{space 27}710  {c |}{col 33}{res}{space 2}-.8057937{col 45}{space 2}  .760268{col 56}{space 1}   -1.06{col 65}{space 3}0.289{col 73}{space 4}-2.295892{col 86}{space 3} .6843042
{txt}{space 27}732  {c |}{col 33}{res}{space 2}-.0980105{col 45}{space 2} .3055455{col 56}{space 1}   -0.32{col 65}{space 3}0.748{col 73}{space 4}-.6968686{col 86}{space 3} .5008477
{txt}{space 27}740  {c |}{col 33}{res}{space 2}-.1513736{col 45}{space 2} .4962613{col 56}{space 1}   -0.31{col 65}{space 3}0.760{col 73}{space 4}-1.124028{col 86}{space 3} .8212807
{txt}{space 27}780  {c |}{col 33}{res}{space 2} -.076662{col 45}{space 2} .1426542{col 56}{space 1}   -0.54{col 65}{space 3}0.591{col 73}{space 4}-.3562592{col 86}{space 3} .2029351
{txt}{space 27}800  {c |}{col 33}{res}{space 2}-.0638638{col 45}{space 2} .3270045{col 56}{space 1}   -0.20{col 65}{space 3}0.845{col 73}{space 4}-.7047808{col 86}{space 3} .5770532
{txt}{space 27}820  {c |}{col 33}{res}{space 2} .2351112{col 45}{space 2}   .23936{col 56}{space 1}    0.98{col 65}{space 3}0.326{col 73}{space 4}-.2340258{col 86}{space 3} .7042481
{txt}{space 27}830  {c |}{col 33}{res}{space 2} 1.300745{col 45}{space 2} .3015351{col 56}{space 1}    4.31{col 65}{space 3}0.000{col 73}{space 4} .7097465{col 86}{space 3} 1.891742
{txt}{space 27}840  {c |}{col 33}{res}{space 2}-.3897911{col 45}{space 2} .3284069{col 56}{space 1}   -1.19{col 65}{space 3}0.235{col 73}{space 4}-1.033457{col 86}{space 3} .2538745
{txt}{space 27}850  {c |}{col 33}{res}{space 2}-.5818405{col 45}{space 2} .4906001{col 56}{space 1}   -1.19{col 65}{space 3}0.236{col 73}{space 4}-1.543399{col 86}{space 3}  .379718
{txt}{space 27}900  {c |}{col 33}{res}{space 2} .1894566{col 45}{space 2} .2126186{col 56}{space 1}    0.89{col 65}{space 3}0.373{col 73}{space 4}-.2272681{col 86}{space 3} .6061814
{txt}{space 27}920  {c |}{col 33}{res}{space 2}  .632548{col 45}{space 2} .1509628{col 56}{space 1}    4.19{col 65}{space 3}0.000{col 73}{space 4} .3366664{col 86}{space 3} .9284295
{txt}{space 31} {c |}
{space 26}_cons {c |}{col 33}{res}{space 2}-3.095106{col 45}{space 2} 2.460802{col 56}{space 1}   -1.26{col 65}{space 3}0.208{col 73}{space 4} -7.91819{col 86}{space 3} 1.727977
{txt}{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}experience_crisis               {txt}{c |}
{space 22}log_gdppc {c |}{col 33}{res}{space 2}-.0197573{col 45}{space 2}  .042643{col 56}{space 1}   -0.46{col 65}{space 3}0.643{col 73}{space 4} -.103336{col 86}{space 3} .0638213
{txt}{space 21}gdp_growth {c |}{col 33}{res}{space 2} .0186161{col 45}{space 2} .0134455{col 56}{space 1}    1.38{col 65}{space 3}0.166{col 73}{space 4}-.0077367{col 86}{space 3} .0449688
{txt}{space 25}kaopen {c |}{col 33}{res}{space 2}-.3032317{col 45}{space 2} .0423027{col 56}{space 1}   -7.17{col 65}{space 3}0.000{col 73}{space 4}-.3861435{col 86}{space 3}-.2203199
{txt}{space 19}currency_peg {c |}{col 33}{res}{space 2}-.8080903{col 45}{space 2} .1063134{col 56}{space 1}   -7.60{col 65}{space 3}0.000{col 73}{space 4}-1.016461{col 86}{space 3}-.5997198
{txt}{space 18}trade_balance {c |}{col 33}{res}{space 2}-.0438279{col 45}{space 2} .0081786{col 56}{space 1}   -5.36{col 65}{space 3}0.000{col 73}{space 4}-.0598577{col 86}{space 3}-.0277981
{txt}{space 30}t {c |}{col 33}{res}{space 2}   .79372{col 45}{space 2} .1824297{col 56}{space 1}    4.35{col 65}{space 3}0.000{col 73}{space 4} .4361644{col 86}{space 3} 1.151276
{txt}{space 29}t2 {c |}{col 33}{res}{space 2}-.0210467{col 45}{space 2} .0061208{col 56}{space 1}   -3.44{col 65}{space 3}0.001{col 73}{space 4}-.0330433{col 86}{space 3}-.0090501
{txt}{space 29}t3 {c |}{col 33}{res}{space 2} .0002002{col 45}{space 2} .0000657{col 56}{space 1}    3.05{col 65}{space 3}0.002{col 73}{space 4} .0000714{col 86}{space 3} .0003289
{txt}{space 26}_cons {c |}{col 33}{res}{space 2}-8.482992{col 45}{space 2} 1.768553{col 56}{space 1}   -4.80{col 65}{space 3}0.000{col 73}{space 4}-11.94929{col 86}{space 3}-5.016691
{txt}{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}mills                           {txt}{c |}
{space 25}lambda {c |}{col 33}{res}{space 2} .1847904{col 45}{space 2} .0766174{col 56}{space 1}    2.41{col 65}{space 3}0.016{col 73}{space 4} .0346231{col 86}{space 3} .3349577
{txt}{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                            rho {c |} {res}   0.64001
                          {txt}sigma {c |} {res}  .2887288
{txt}{hline 32}{c BT}{hline 64}

{com}. 
. est store tab18
{txt}
{com}. 
. 
. heckman log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit12_binary##c.ir_diff polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode if cowcode != 2 & ir_diff >= -.5223463 & ir_diff <= .2247789, select(experience_crisis = log_gdppc gdp_growth kaopen currency_peg trade_balance t t2 t3) twostep
{res}
{txt}Heckman selection model -- two-step estimates   Number of obs      = {res}     1538
{txt}(regression model with sample selection)        Censored obs       = {res}      315
                                                {txt}Uncensored obs     = {res}     1223

                                                {txt}Wald chi2({res}73{txt})      = {res}  6369.49
                                                {txt}Prob > chi2        =    {res}0.0000

{txt}{hline 29}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 30}{c |}      Coef.{col 42}   Std. Err.{col 54}      z{col 62}   P>|z|{col 70}     [95% Con{col 83}f. Interval]
{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}log_fi_res_totl_mo           {txt}{c |}
{space 10}log_fi_res_totl_mo {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .7798404{col 42}{space 2} .0192541{col 53}{space 1}   40.50{col 62}{space 3}0.000{col 70}{space 4} .7421032{col 83}{space 3} .8175777
{txt}{space 28} {c |}
{space 8}1.sum_polit12_binary {c |}{col 30}{res}{space 2} .0342638{col 42}{space 2} .0301817{col 53}{space 1}    1.14{col 62}{space 3}0.256{col 70}{space 4}-.0248911{col 83}{space 3} .0934188
{txt}{space 21}ir_diff {c |}{col 30}{res}{space 2}-.0001106{col 42}{space 2} .1720873{col 53}{space 1}   -0.00{col 62}{space 3}0.999{col 70}{space 4}-.3373956{col 83}{space 3} .3371744
{txt}{space 28} {c |}
sum_polit12_binary#c.ir_diff {c |}
{space 26}1  {c |}{col 30}{res}{space 2}-.1379264{col 42}{space 2} .2159717{col 53}{space 1}   -0.64{col 62}{space 3}0.523{col 70}{space 4}-.5612232{col 83}{space 3} .2853704
{txt}{space 28} {c |}
{space 21}polity2 {c |}{col 30}{res}{space 2}   .00661{col 42}{space 2} .0027395{col 53}{space 1}    2.41{col 62}{space 3}0.016{col 70}{space 4} .0012407{col 83}{space 3} .0119794
{txt}{space 15}sum_imftotal5 {c |}{col 30}{res}{space 2}-.0190154{col 42}{space 2} .0289899{col 53}{space 1}   -0.66{col 62}{space 3}0.512{col 70}{space 4}-.0758346{col 83}{space 3} .0378038
{txt}{space 14}ne_imp_gnfs_zs {c |}{col 30}{res}{space 2}-.0043148{col 42}{space 2} .0014967{col 53}{space 1}   -2.88{col 62}{space 3}0.004{col 70}{space 4}-.0072483{col 83}{space 3}-.0013814
{txt}{space 15}trade_balance {c |}{col 30}{res}{space 2}   .01084{col 42}{space 2} .0022232{col 53}{space 1}    4.88{col 62}{space 3}0.000{col 70}{space 4} .0064826{col 83}{space 3} .0151974
{txt}{space 19}cbi_irreg {c |}{col 30}{res}{space 2} .0047361{col 42}{space 2} .0160987{col 53}{space 1}    0.29{col 62}{space 3}0.769{col 70}{space 4}-.0268168{col 83}{space 3} .0362889
{txt}{space 16}presidential {c |}{col 30}{res}{space 2} .1169436{col 42}{space 2} .0521321{col 53}{space 1}    2.24{col 62}{space 3}0.025{col 70}{space 4} .0147665{col 83}{space 3} .2191206
{txt}{space 19}log_gdppc {c |}{col 30}{res}{space 2}-.1236659{col 42}{space 2} .0363517{col 53}{space 1}   -3.40{col 62}{space 3}0.001{col 70}{space 4}-.1949139{col 83}{space 3}-.0524179
{txt}{space 18}gdp_growth {c |}{col 30}{res}{space 2}-.0087415{col 42}{space 2} .0026852{col 53}{space 1}   -3.26{col 62}{space 3}0.001{col 70}{space 4}-.0140044{col 83}{space 3}-.0034786
{txt}{space 21}log_pop {c |}{col 30}{res}{space 2} .2137039{col 42}{space 2} .1523241{col 53}{space 1}    1.40{col 62}{space 3}0.161{col 70}{space 4}-.0848459{col 83}{space 3} .5122536
{txt}{space 22}kaopen {c |}{col 30}{res}{space 2}-.0369931{col 42}{space 2} .0130648{col 53}{space 1}   -2.83{col 62}{space 3}0.005{col 70}{space 4}-.0625997{col 83}{space 3}-.0113865
{txt}{space 16}currency_peg {c |}{col 30}{res}{space 2}-.0109904{col 42}{space 2} .0297478{col 53}{space 1}   -0.37{col 62}{space 3}0.712{col 70}{space 4}-.0692949{col 83}{space 3} .0473142
{txt}{space 13}currency_binary {c |}{col 30}{res}{space 2}-.1334336{col 42}{space 2} .0223667{col 53}{space 1}   -5.97{col 62}{space 3}0.000{col 70}{space 4}-.1772715{col 83}{space 3}-.0895956
{txt}{space 18}time_trend {c |}{col 30}{res}{space 2} .0083275{col 42}{space 2}  .004404{col 53}{space 1}    1.89{col 62}{space 3}0.059{col 70}{space 4}-.0003043{col 83}{space 3} .0169592
{txt}{space 28} {c |}
{space 21}cowcode {c |}
{space 25}70  {c |}{col 30}{res}{space 2}-.3634875{col 42}{space 2} .3951011{col 53}{space 1}   -0.92{col 62}{space 3}0.358{col 70}{space 4}-1.137871{col 83}{space 3} .4108964
{txt}{space 25}90  {c |}{col 30}{res}{space 2} .1438767{col 42}{space 2} .1111043{col 53}{space 1}    1.29{col 62}{space 3}0.195{col 70}{space 4}-.0738836{col 83}{space 3} .3616371
{txt}{space 25}91  {c |}{col 30}{res}{space 2} .3390499{col 42}{space 2} .1309842{col 53}{space 1}    2.59{col 62}{space 3}0.010{col 70}{space 4} .0823257{col 83}{space 3} .5957742
{txt}{space 25}92  {c |}{col 30}{res}{space 2} .3028394{col 42}{space 2} .1226395{col 53}{space 1}    2.47{col 62}{space 3}0.014{col 70}{space 4} .0624705{col 83}{space 3} .5432083
{txt}{space 25}93  {c |}{col 30}{res}{space 2} .4713726{col 42}{space 2} .1815822{col 53}{space 1}    2.60{col 62}{space 3}0.009{col 70}{space 4} .1154781{col 83}{space 3} .8272671
{txt}{space 25}94  {c |}{col 30}{res}{space 2} .4135737{col 42}{space 2} .1560487{col 53}{space 1}    2.65{col 62}{space 3}0.008{col 70}{space 4} .1077238{col 83}{space 3} .7194236
{txt}{space 24}100  {c |}{col 30}{res}{space 2}-.0941493{col 42}{space 2} .2473933{col 53}{space 1}   -0.38{col 62}{space 3}0.704{col 70}{space 4}-.5790313{col 83}{space 3} .3907327
{txt}{space 24}101  {c |}{col 30}{res}{space 2} .0641686{col 42}{space 2} .1971855{col 53}{space 1}    0.33{col 62}{space 3}0.745{col 70}{space 4}-.3223079{col 83}{space 3} .4506451
{txt}{space 24}130  {c |}{col 30}{res}{space 2} .0370887{col 42}{space 2} .1141112{col 53}{space 1}    0.33{col 62}{space 3}0.745{col 70}{space 4}-.1865652{col 83}{space 3} .2607426
{txt}{space 24}135  {c |}{col 30}{res}{space 2} .1465237{col 42}{space 2} .2072805{col 53}{space 1}    0.71{col 62}{space 3}0.480{col 70}{space 4}-.2597386{col 83}{space 3} .5527861
{txt}{space 24}140  {c |}{col 30}{res}{space 2}-.4279764{col 42}{space 2} .4747681{col 53}{space 1}   -0.90{col 62}{space 3}0.367{col 70}{space 4}-1.358505{col 83}{space 3} .5025521
{txt}{space 24}145  {c |}{col 30}{res}{space 2} .2109781{col 42}{space 2} .1157716{col 53}{space 1}    1.82{col 62}{space 3}0.068{col 70}{space 4}  -.01593{col 83}{space 3} .4378863
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{txt}{space 24}155  {c |}{col 30}{res}{space 2} .2145382{col 42}{space 2} .1445057{col 53}{space 1}    1.48{col 62}{space 3}0.138{col 70}{space 4}-.0686877{col 83}{space 3} .4977641
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{txt}{space 24}211  {c |}{col 30}{res}{space 2} .3086366{col 42}{space 2} .1682079{col 53}{space 1}    1.83{col 62}{space 3}0.067{col 70}{space 4}-.0210448{col 83}{space 3}  .638318
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{txt}{space 24}360  {c |}{col 30}{res}{space 2} .2464127{col 42}{space 2} .1950265{col 53}{space 1}    1.26{col 62}{space 3}0.206{col 70}{space 4}-.1358322{col 83}{space 3} .6286576
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{txt}{space 24}551  {c |}{col 30}{res}{space 2}-.1290313{col 42}{space 2} .1320521{col 53}{space 1}   -0.98{col 62}{space 3}0.329{col 70}{space 4}-.3878487{col 83}{space 3} .1297861
{txt}{space 24}552  {c |}{col 30}{res}{space 2} .0360921{col 42}{space 2} .1326918{col 53}{space 1}    0.27{col 62}{space 3}0.786{col 70}{space 4} -.223979{col 83}{space 3} .2961632
{txt}{space 24}560  {c |}{col 30}{res}{space 2}-.2461502{col 42}{space 2} .2773684{col 53}{space 1}   -0.89{col 62}{space 3}0.375{col 70}{space 4}-.7897822{col 83}{space 3} .2974819
{txt}{space 24}590  {c |}{col 30}{res}{space 2} .8801097{col 42}{space 2} .3109552{col 53}{space 1}    2.83{col 62}{space 3}0.005{col 70}{space 4} .2706486{col 83}{space 3} 1.489571
{txt}{space 24}600  {c |}{col 30}{res}{space 2} .0931898{col 42}{space 2}  .208666{col 53}{space 1}    0.45{col 62}{space 3}0.655{col 70}{space 4} -.315788{col 83}{space 3} .5021677
{txt}{space 24}615  {c |}{col 30}{res}{space 2} .2696198{col 42}{space 2} .3584049{col 53}{space 1}    0.75{col 62}{space 3}0.452{col 70}{space 4}-.4328409{col 83}{space 3} .9720805
{txt}{space 24}616  {c |}{col 30}{res}{space 2} .1564489{col 42}{space 2}  .147395{col 53}{space 1}    1.06{col 62}{space 3}0.288{col 70}{space 4}  -.13244{col 83}{space 3} .4453378
{txt}{space 24}640  {c |}{col 30}{res}{space 2} -.113397{col 42}{space 2} .3348647{col 53}{space 1}   -0.34{col 62}{space 3}0.735{col 70}{space 4}-.7697198{col 83}{space 3} .5429258
{txt}{space 24}651  {c |}{col 30}{res}{space 2} .0380162{col 42}{space 2} .3287625{col 53}{space 1}    0.12{col 62}{space 3}0.908{col 70}{space 4}-.6063465{col 83}{space 3} .6823789
{txt}{space 24}710  {c |}{col 30}{res}{space 2}-.7006294{col 42}{space 2} .7578634{col 53}{space 1}   -0.92{col 62}{space 3}0.355{col 70}{space 4}-2.186014{col 83}{space 3} .7847555
{txt}{space 24}732  {c |}{col 30}{res}{space 2}-.0656993{col 42}{space 2} .3040513{col 53}{space 1}   -0.22{col 62}{space 3}0.829{col 70}{space 4}-.6616289{col 83}{space 3} .5302302
{txt}{space 24}740  {c |}{col 30}{res}{space 2}-.0080863{col 42}{space 2} .4951105{col 53}{space 1}   -0.02{col 62}{space 3}0.987{col 70}{space 4} -.978485{col 83}{space 3} .9623125
{txt}{space 24}780  {c |}{col 30}{res}{space 2}-.0439847{col 42}{space 2} .1433234{col 53}{space 1}   -0.31{col 62}{space 3}0.759{col 70}{space 4}-.3248934{col 83}{space 3} .2369239
{txt}{space 24}800  {c |}{col 30}{res}{space 2} -.014229{col 42}{space 2} .3265982{col 53}{space 1}   -0.04{col 62}{space 3}0.965{col 70}{space 4}-.6543496{col 83}{space 3} .6258917
{txt}{space 24}820  {c |}{col 30}{res}{space 2} .2458733{col 42}{space 2} .2391507{col 53}{space 1}    1.03{col 62}{space 3}0.304{col 70}{space 4}-.2228534{col 83}{space 3} .7146001
{txt}{space 24}830  {c |}{col 30}{res}{space 2} 1.266072{col 42}{space 2} .3030363{col 53}{space 1}    4.18{col 62}{space 3}0.000{col 70}{space 4}  .672132{col 83}{space 3} 1.860013
{txt}{space 24}840  {c |}{col 30}{res}{space 2}-.3330167{col 42}{space 2} .3280023{col 53}{space 1}   -1.02{col 62}{space 3}0.310{col 70}{space 4}-.9758894{col 83}{space 3}  .309856
{txt}{space 24}850  {c |}{col 30}{res}{space 2}-.4724524{col 42}{space 2} .4891099{col 53}{space 1}   -0.97{col 62}{space 3}0.334{col 70}{space 4} -1.43109{col 83}{space 3} .4861854
{txt}{space 24}900  {c |}{col 30}{res}{space 2} .2283562{col 42}{space 2} .2129279{col 53}{space 1}    1.07{col 62}{space 3}0.284{col 70}{space 4}-.1889747{col 83}{space 3} .6456872
{txt}{space 24}920  {c |}{col 30}{res}{space 2} .6267778{col 42}{space 2} .1519766{col 53}{space 1}    4.12{col 62}{space 3}0.000{col 70}{space 4} .3289091{col 83}{space 3} .9246466
{txt}{space 28} {c |}
{space 23}_cons {c |}{col 30}{res}{space 2} -2.68289{col 42}{space 2} 2.442995{col 53}{space 1}   -1.10{col 62}{space 3}0.272{col 70}{space 4}-7.471072{col 83}{space 3} 2.105292
{txt}{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}experience_crisis            {txt}{c |}
{space 19}log_gdppc {c |}{col 30}{res}{space 2}-.0199207{col 42}{space 2} .0426444{col 53}{space 1}   -0.47{col 62}{space 3}0.640{col 70}{space 4}-.1035022{col 83}{space 3} .0636607
{txt}{space 18}gdp_growth {c |}{col 30}{res}{space 2} .0185079{col 42}{space 2} .0134408{col 53}{space 1}    1.38{col 62}{space 3}0.169{col 70}{space 4}-.0078357{col 83}{space 3} .0448514
{txt}{space 22}kaopen {c |}{col 30}{res}{space 2}-.3033999{col 42}{space 2} .0423057{col 53}{space 1}   -7.17{col 62}{space 3}0.000{col 70}{space 4}-.3863176{col 83}{space 3}-.2204822
{txt}{space 16}currency_peg {c |}{col 30}{res}{space 2}-.8089046{col 42}{space 2} .1062908{col 53}{space 1}   -7.61{col 62}{space 3}0.000{col 70}{space 4}-1.017231{col 83}{space 3}-.6005785
{txt}{space 15}trade_balance {c |}{col 30}{res}{space 2}-.0438095{col 42}{space 2} .0081798{col 53}{space 1}   -5.36{col 62}{space 3}0.000{col 70}{space 4}-.0598416{col 83}{space 3}-.0277773
{txt}{space 27}t {c |}{col 30}{res}{space 2} .7924547{col 42}{space 2} .1823355{col 53}{space 1}    4.35{col 62}{space 3}0.000{col 70}{space 4} .4350836{col 83}{space 3} 1.149826
{txt}{space 26}t2 {c |}{col 30}{res}{space 2}-.0210005{col 42}{space 2} .0061174{col 53}{space 1}   -3.43{col 62}{space 3}0.001{col 70}{space 4}-.0329903{col 83}{space 3}-.0090106
{txt}{space 26}t3 {c |}{col 30}{res}{space 2} .0001996{col 42}{space 2} .0000657{col 53}{space 1}    3.04{col 62}{space 3}0.002{col 70}{space 4} .0000709{col 83}{space 3} .0003283
{txt}{space 23}_cons {c |}{col 30}{res}{space 2}-8.470056{col 42}{space 2} 1.767528{col 53}{space 1}   -4.79{col 62}{space 3}0.000{col 70}{space 4}-11.93435{col 83}{space 3}-5.005764
{txt}{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}mills                        {txt}{c |}
{space 22}lambda {c |}{col 30}{res}{space 2} .1831242{col 42}{space 2} .0767494{col 53}{space 1}    2.39{col 62}{space 3}0.017{col 70}{space 4} .0326981{col 83}{space 3} .3335503
{txt}{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                         rho {c |} {res}   0.63417
                       {txt}sigma {c |} {res} .28876199
{txt}{hline 29}{c BT}{hline 64}

{com}. 
. est store tab19
{txt}
{com}. 
. 
. 
. heckman log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit12##c.ir_diff polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode if cowcode != 2 & ir_diff >= -.5223463 & ir_diff <= .2247789, select(experience_crisis = log_gdppc gdp_growth kaopen currency_peg trade_balance t t2 t3) twostep
{res}
{txt}Heckman selection model -- two-step estimates   Number of obs      = {res}     1536
{txt}(regression model with sample selection)        Censored obs       = {res}      315
                                                {txt}Uncensored obs     = {res}     1221

                                                {txt}Wald chi2({res}73{txt})      = {res}  6402.82
                                                {txt}Prob > chi2        =    {res}0.0000

{txt}{hline 32}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 33}{c |}      Coef.{col 45}   Std. Err.{col 57}      z{col 65}   P>|z|{col 73}     [95% Con{col 86}f. Interval]
{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}log_fi_res_totl_mo              {txt}{c |}
{space 13}log_fi_res_totl_mo {c |}
{space 28}L1. {c |}{col 33}{res}{space 2} .7761385{col 45}{space 2} .0191738{col 56}{space 1}   40.48{col 65}{space 3}0.000{col 73}{space 4} .7385584{col 86}{space 3} .8137185
{txt}{space 31} {c |}
{space 12}polity_frac_polit12 {c |}{col 33}{res}{space 2} .0171525{col 45}{space 2} .0350574{col 56}{space 1}    0.49{col 65}{space 3}0.625{col 73}{space 4}-.0515588{col 86}{space 3} .0858637
{txt}{space 24}ir_diff {c |}{col 33}{res}{space 2} .1018102{col 45}{space 2} .1468879{col 56}{space 1}    0.69{col 65}{space 3}0.488{col 73}{space 4}-.1860848{col 86}{space 3} .3897053
{txt}{space 31} {c |}
c.polity_frac_polit12#c.ir_diff {c |}{col 33}{res}{space 2}-.5523167{col 45}{space 2} .2633823{col 56}{space 1}   -2.10{col 65}{space 3}0.036{col 73}{space 4}-1.068536{col 86}{space 3}-.0360968
{txt}{space 31} {c |}
{space 24}polity2 {c |}{col 33}{res}{space 2} .0058891{col 45}{space 2} .0027243{col 56}{space 1}    2.16{col 65}{space 3}0.031{col 73}{space 4} .0005495{col 86}{space 3} .0112287
{txt}{space 18}sum_imftotal5 {c |}{col 33}{res}{space 2}-.0132365{col 45}{space 2} .0285511{col 56}{space 1}   -0.46{col 65}{space 3}0.643{col 73}{space 4}-.0691956{col 86}{space 3} .0427227
{txt}{space 17}ne_imp_gnfs_zs {c |}{col 33}{res}{space 2}-.0041085{col 45}{space 2} .0014909{col 56}{space 1}   -2.76{col 65}{space 3}0.006{col 73}{space 4}-.0070307{col 86}{space 3}-.0011864
{txt}{space 18}trade_balance {c |}{col 33}{res}{space 2} .0104966{col 45}{space 2}  .002221{col 56}{space 1}    4.73{col 65}{space 3}0.000{col 73}{space 4} .0061435{col 86}{space 3} .0148496
{txt}{space 22}cbi_irreg {c |}{col 33}{res}{space 2} .0041229{col 45}{space 2} .0160804{col 56}{space 1}    0.26{col 65}{space 3}0.798{col 73}{space 4}-.0273942{col 86}{space 3} .0356399
{txt}{space 19}presidential {c |}{col 33}{res}{space 2} .1173112{col 45}{space 2} .0520047{col 56}{space 1}    2.26{col 65}{space 3}0.024{col 73}{space 4} .0153839{col 86}{space 3} .2192384
{txt}{space 22}log_gdppc {c |}{col 33}{res}{space 2}-.1159369{col 45}{space 2} .0363347{col 56}{space 1}   -3.19{col 65}{space 3}0.001{col 73}{space 4}-.1871515{col 86}{space 3}-.0447223
{txt}{space 21}gdp_growth {c |}{col 33}{res}{space 2}-.0091409{col 45}{space 2} .0026826{col 56}{space 1}   -3.41{col 65}{space 3}0.001{col 73}{space 4}-.0143988{col 86}{space 3}-.0038831
{txt}{space 24}log_pop {c |}{col 33}{res}{space 2}  .226484{col 45}{space 2} .1525016{col 56}{space 1}    1.49{col 65}{space 3}0.138{col 73}{space 4}-.0724137{col 86}{space 3} .5253817
{txt}{space 25}kaopen {c |}{col 33}{res}{space 2} -.035175{col 45}{space 2} .0129049{col 56}{space 1}   -2.73{col 65}{space 3}0.006{col 73}{space 4}-.0604682{col 86}{space 3}-.0098818
{txt}{space 19}currency_peg {c |}{col 33}{res}{space 2}-.0115718{col 45}{space 2} .0296653{col 56}{space 1}   -0.39{col 65}{space 3}0.696{col 73}{space 4}-.0697147{col 86}{space 3} .0465711
{txt}{space 16}currency_binary {c |}{col 33}{res}{space 2}-.1392317{col 45}{space 2}  .022335{col 56}{space 1}   -6.23{col 65}{space 3}0.000{col 73}{space 4}-.1830075{col 86}{space 3}-.0954558
{txt}{space 21}time_trend {c |}{col 33}{res}{space 2} .0076686{col 45}{space 2} .0044066{col 56}{space 1}    1.74{col 65}{space 3}0.082{col 73}{space 4}-.0009682{col 86}{space 3} .0163054
{txt}{space 31} {c |}
{space 24}cowcode {c |}
{space 28}70  {c |}{col 33}{res}{space 2}-.4011247{col 45}{space 2} .3953028{col 56}{space 1}   -1.01{col 65}{space 3}0.310{col 73}{space 4}-1.175904{col 86}{space 3} .3736545
{txt}{space 28}90  {c |}{col 33}{res}{space 2} .1520397{col 45}{space 2} .1100207{col 56}{space 1}    1.38{col 65}{space 3}0.167{col 73}{space 4}-.0635969{col 86}{space 3} .3676764
{txt}{space 28}91  {c |}{col 33}{res}{space 2} .3313199{col 45}{space 2} .1312496{col 56}{space 1}    2.52{col 65}{space 3}0.012{col 73}{space 4} .0740755{col 86}{space 3} .5885644
{txt}{space 28}92  {c |}{col 33}{res}{space 2} .3162981{col 45}{space 2} .1225288{col 56}{space 1}    2.58{col 65}{space 3}0.010{col 73}{space 4} .0761459{col 86}{space 3} .5564502
{txt}{space 28}93  {c |}{col 33}{res}{space 2} .4789153{col 45}{space 2}  .181452{col 56}{space 1}    2.64{col 65}{space 3}0.008{col 73}{space 4}  .123276{col 86}{space 3} .8345546
{txt}{space 28}94  {c |}{col 33}{res}{space 2}  .431153{col 45}{space 2} .1563058{col 56}{space 1}    2.76{col 65}{space 3}0.006{col 73}{space 4} .1247992{col 86}{space 3} .7375069
{txt}{space 27}100  {c |}{col 33}{res}{space 2}-.0929234{col 45}{space 2} .2477562{col 56}{space 1}   -0.38{col 65}{space 3}0.708{col 73}{space 4}-.5785166{col 86}{space 3} .3926698
{txt}{space 27}101  {c |}{col 33}{res}{space 2} .0743346{col 45}{space 2} .1964927{col 56}{space 1}    0.38{col 65}{space 3}0.705{col 73}{space 4}-.3107839{col 86}{space 3} .4594532
{txt}{space 27}130  {c |}{col 33}{res}{space 2} .0557144{col 45}{space 2} .1137854{col 56}{space 1}    0.49{col 65}{space 3}0.624{col 73}{space 4}-.1673009{col 86}{space 3} .2787298
{txt}{space 27}135  {c |}{col 33}{res}{space 2} .1544212{col 45}{space 2} .2067864{col 56}{space 1}    0.75{col 65}{space 3}0.455{col 73}{space 4}-.2508726{col 86}{space 3}  .559715
{txt}{space 27}140  {c |}{col 33}{res}{space 2}-.4402155{col 45}{space 2} .4756124{col 56}{space 1}   -0.93{col 65}{space 3}0.355{col 73}{space 4}-1.372399{col 86}{space 3} .4919676
{txt}{space 27}145  {c |}{col 33}{res}{space 2} .2377197{col 45}{space 2} .1153391{col 56}{space 1}    2.06{col 65}{space 3}0.039{col 73}{space 4} .0116593{col 86}{space 3} .4637801
{txt}{space 27}150  {c |}{col 33}{res}{space 2} .3642339{col 45}{space 2} .1371991{col 56}{space 1}    2.65{col 65}{space 3}0.008{col 73}{space 4} .0953287{col 86}{space 3} .6331391
{txt}{space 27}155  {c |}{col 33}{res}{space 2} .2124522{col 45}{space 2} .1441181{col 56}{space 1}    1.47{col 65}{space 3}0.140{col 73}{space 4}-.0700141{col 86}{space 3} .4949186
{txt}{space 27}160  {c |}{col 33}{res}{space 2} -.016009{col 45}{space 2} .2615892{col 56}{space 1}   -0.06{col 65}{space 3}0.951{col 73}{space 4}-.5287144{col 86}{space 3} .4966965
{txt}{space 27}165  {c |}{col 33}{res}{space 2}  .676965{col 45}{space 2} .1711341{col 56}{space 1}    3.96{col 65}{space 3}0.000{col 73}{space 4} .3415483{col 86}{space 3} 1.012382
{txt}{space 27}200  {c |}{col 33}{res}{space 2}-.1790352{col 45}{space 2} .3838971{col 56}{space 1}   -0.47{col 65}{space 3}0.641{col 73}{space 4}-.9314597{col 86}{space 3} .5733893
{txt}{space 27}205  {c |}{col 33}{res}{space 2} .3378761{col 45}{space 2} .1527789{col 56}{space 1}    2.21{col 65}{space 3}0.027{col 73}{space 4} .0384349{col 86}{space 3} .6373173
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{txt}{space 27}211  {c |}{col 33}{res}{space 2} .2844927{col 45}{space 2} .1679955{col 56}{space 1}    1.69{col 65}{space 3}0.090{col 73}{space 4}-.0447724{col 86}{space 3} .6137578
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{txt}{space 27}235  {c |}{col 33}{res}{space 2} .5534001{col 45}{space 2} .1363209{col 56}{space 1}    4.06{col 65}{space 3}0.000{col 73}{space 4} .2862161{col 86}{space 3} .8205841
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{txt}{space 27}310  {c |}{col 33}{res}{space 2} .3527605{col 45}{space 2} .1299532{col 56}{space 1}    2.71{col 65}{space 3}0.007{col 73}{space 4} .0980569{col 86}{space 3} .6074641
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{txt}{space 27}350  {c |}{col 33}{res}{space 2} .3553558{col 45}{space 2} .1424638{col 56}{space 1}    2.49{col 65}{space 3}0.013{col 73}{space 4}  .076132{col 86}{space 3} .6345797
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{txt}{space 27}380  {c |}{col 33}{res}{space 2} .3520957{col 45}{space 2} .1533888{col 56}{space 1}    2.30{col 65}{space 3}0.022{col 73}{space 4} .0514592{col 86}{space 3} .6527322
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{txt}{space 27}452  {c |}{col 33}{res}{space 2}-.0150596{col 45}{space 2} .1357493{col 56}{space 1}   -0.11{col 65}{space 3}0.912{col 73}{space 4}-.2811234{col 86}{space 3} .2510042
{txt}{space 27}475  {c |}{col 33}{res}{space 2}-.6106956{col 45}{space 2} .3825939{col 56}{space 1}   -1.60{col 65}{space 3}0.110{col 73}{space 4}-1.360566{col 86}{space 3} .1391747
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{txt}{space 27}551  {c |}{col 33}{res}{space 2}-.1145452{col 45}{space 2} .1303531{col 56}{space 1}   -0.88{col 65}{space 3}0.380{col 73}{space 4}-.3700327{col 86}{space 3} .1409422
{txt}{space 27}552  {c |}{col 33}{res}{space 2} .0466398{col 45}{space 2} .1319082{col 56}{space 1}    0.35{col 65}{space 3}0.724{col 73}{space 4}-.2118956{col 86}{space 3} .3051752
{txt}{space 27}560  {c |}{col 33}{res}{space 2}-.2580848{col 45}{space 2} .2773083{col 56}{space 1}   -0.93{col 65}{space 3}0.352{col 73}{space 4}-.8015992{col 86}{space 3} .2854295
{txt}{space 27}590  {c |}{col 33}{res}{space 2} .9030232{col 45}{space 2}   .31174{col 56}{space 1}    2.90{col 65}{space 3}0.004{col 73}{space 4}  .292024{col 86}{space 3} 1.514022
{txt}{space 27}600  {c |}{col 33}{res}{space 2} .0755339{col 45}{space 2} .2074021{col 56}{space 1}    0.36{col 65}{space 3}0.716{col 73}{space 4}-.3309668{col 86}{space 3} .4820346
{txt}{space 27}615  {c |}{col 33}{res}{space 2} .2744009{col 45}{space 2} .3571596{col 56}{space 1}    0.77{col 65}{space 3}0.442{col 73}{space 4} -.425619{col 86}{space 3} .9744209
{txt}{space 27}616  {c |}{col 33}{res}{space 2} .1560794{col 45}{space 2} .1466238{col 56}{space 1}    1.06{col 65}{space 3}0.287{col 73}{space 4} -.131298{col 86}{space 3} .4434567
{txt}{space 27}640  {c |}{col 33}{res}{space 2}  -.12077{col 45}{space 2} .3354126{col 56}{space 1}   -0.36{col 65}{space 3}0.719{col 73}{space 4}-.7781668{col 86}{space 3} .5366267
{txt}{space 27}651  {c |}{col 33}{res}{space 2} .0171607{col 45}{space 2} .3274926{col 56}{space 1}    0.05{col 65}{space 3}0.958{col 73}{space 4} -.624713{col 86}{space 3} .6590344
{txt}{space 27}710  {c |}{col 33}{res}{space 2}-.7459443{col 45}{space 2} .7571768{col 56}{space 1}   -0.99{col 65}{space 3}0.325{col 73}{space 4}-2.229983{col 86}{space 3} .7380949
{txt}{space 27}732  {c |}{col 33}{res}{space 2}-.0781361{col 45}{space 2} .3044735{col 56}{space 1}   -0.26{col 65}{space 3}0.797{col 73}{space 4}-.6748932{col 86}{space 3}  .518621
{txt}{space 27}740  {c |}{col 33}{res}{space 2}-.0493516{col 45}{space 2} .4949165{col 56}{space 1}   -0.10{col 65}{space 3}0.921{col 73}{space 4} -1.01937{col 86}{space 3}  .920667
{txt}{space 27}780  {c |}{col 33}{res}{space 2}-.0441448{col 45}{space 2} .1425981{col 56}{space 1}   -0.31{col 65}{space 3}0.757{col 73}{space 4}-.3236319{col 86}{space 3} .2353423
{txt}{space 27}800  {c |}{col 33}{res}{space 2}-.0337162{col 45}{space 2} .3261941{col 56}{space 1}   -0.10{col 65}{space 3}0.918{col 73}{space 4}-.6730449{col 86}{space 3} .6056125
{txt}{space 27}820  {c |}{col 33}{res}{space 2} .2292689{col 45}{space 2} .2385511{col 56}{space 1}    0.96{col 65}{space 3}0.337{col 73}{space 4}-.2382827{col 86}{space 3} .6968206
{txt}{space 27}830  {c |}{col 33}{res}{space 2} 1.234882{col 45}{space 2} .3026373{col 56}{space 1}    4.08{col 65}{space 3}0.000{col 73}{space 4} .6417237{col 86}{space 3}  1.82804
{txt}{space 27}840  {c |}{col 33}{res}{space 2}-.3539089{col 45}{space 2} .3272293{col 56}{space 1}   -1.08{col 65}{space 3}0.279{col 73}{space 4}-.9952666{col 86}{space 3} .2874489
{txt}{space 27}850  {c |}{col 33}{res}{space 2}-.5073605{col 45}{space 2} .4881819{col 56}{space 1}   -1.04{col 65}{space 3}0.299{col 73}{space 4} -1.46418{col 86}{space 3} .4494585
{txt}{space 27}900  {c |}{col 33}{res}{space 2} .2108282{col 45}{space 2} .2125615{col 56}{space 1}    0.99{col 65}{space 3}0.321{col 73}{space 4}-.2057847{col 86}{space 3} .6274411
{txt}{space 27}920  {c |}{col 33}{res}{space 2} .6332737{col 45}{space 2} .1519076{col 56}{space 1}    4.17{col 65}{space 3}0.000{col 73}{space 4} .3355404{col 86}{space 3} .9310071
{txt}{space 31} {c |}
{space 26}_cons {c |}{col 33}{res}{space 2}-2.914154{col 45}{space 2} 2.447656{col 56}{space 1}   -1.19{col 65}{space 3}0.234{col 73}{space 4}-7.711472{col 86}{space 3} 1.883165
{txt}{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}experience_crisis               {txt}{c |}
{space 22}log_gdppc {c |}{col 33}{res}{space 2}-.0197573{col 45}{space 2}  .042643{col 56}{space 1}   -0.46{col 65}{space 3}0.643{col 73}{space 4} -.103336{col 86}{space 3} .0638213
{txt}{space 21}gdp_growth {c |}{col 33}{res}{space 2} .0186161{col 45}{space 2} .0134455{col 56}{space 1}    1.38{col 65}{space 3}0.166{col 73}{space 4}-.0077367{col 86}{space 3} .0449688
{txt}{space 25}kaopen {c |}{col 33}{res}{space 2}-.3032317{col 45}{space 2} .0423027{col 56}{space 1}   -7.17{col 65}{space 3}0.000{col 73}{space 4}-.3861435{col 86}{space 3}-.2203199
{txt}{space 19}currency_peg {c |}{col 33}{res}{space 2}-.8080903{col 45}{space 2} .1063134{col 56}{space 1}   -7.60{col 65}{space 3}0.000{col 73}{space 4}-1.016461{col 86}{space 3}-.5997198
{txt}{space 18}trade_balance {c |}{col 33}{res}{space 2}-.0438279{col 45}{space 2} .0081786{col 56}{space 1}   -5.36{col 65}{space 3}0.000{col 73}{space 4}-.0598577{col 86}{space 3}-.0277981
{txt}{space 30}t {c |}{col 33}{res}{space 2}   .79372{col 45}{space 2} .1824297{col 56}{space 1}    4.35{col 65}{space 3}0.000{col 73}{space 4} .4361644{col 86}{space 3} 1.151276
{txt}{space 29}t2 {c |}{col 33}{res}{space 2}-.0210467{col 45}{space 2} .0061208{col 56}{space 1}   -3.44{col 65}{space 3}0.001{col 73}{space 4}-.0330433{col 86}{space 3}-.0090501
{txt}{space 29}t3 {c |}{col 33}{res}{space 2} .0002002{col 45}{space 2} .0000657{col 56}{space 1}    3.05{col 65}{space 3}0.002{col 73}{space 4} .0000714{col 86}{space 3} .0003289
{txt}{space 26}_cons {c |}{col 33}{res}{space 2}-8.482992{col 45}{space 2} 1.768553{col 56}{space 1}   -4.80{col 65}{space 3}0.000{col 73}{space 4}-11.94929{col 86}{space 3}-5.016691
{txt}{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}mills                           {txt}{c |}
{space 25}lambda {c |}{col 33}{res}{space 2} .1873462{col 45}{space 2} .0764534{col 56}{space 1}    2.45{col 65}{space 3}0.014{col 73}{space 4} .0375003{col 86}{space 3} .3371921
{txt}{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                            rho {c |} {res}   0.64866
                          {txt}sigma {c |} {res} .28881972
{txt}{hline 32}{c BT}{hline 64}

{com}. 
. est store tab20
{txt}
{com}. 
. * Table 37:
. *esttab tab17 tab18 tab19 tab20 using robust_heckman5.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports with Heckman Selection Model") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H6: central bank independence
. 
. heckman log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit11_binary##c.cbi_irreg polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode, select(experience_crisis = log_gdppc gdp_growth kaopen currency_peg trade_balance t t2 t3) twostep
{res}
{txt}Heckman selection model -- two-step estimates   Number of obs      = {res}     2065
{txt}(regression model with sample selection)        Censored obs       = {res}      586
                                                {txt}Uncensored obs     = {res}     1479

                                                {txt}Wald chi2({res}75{txt})      = {res}  8302.59
                                                {txt}Prob > chi2        =    {res}0.0000

{txt}{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      z{col 64}   P>|z|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}log_fi_res_totl_mo             {txt}{c |}
{space 12}log_fi_res_totl_mo {c |}
{space 27}L1. {c |}{col 32}{res}{space 2} .8058953{col 44}{space 2} .0162243{col 55}{space 1}   49.67{col 64}{space 3}0.000{col 72}{space 4} .7740964{col 85}{space 3} .8376943
{txt}{space 30} {c |}
{space 10}1.sum_polit11_binary {c |}{col 32}{res}{space 2}  .046769{col 44}{space 2} .0290599{col 55}{space 1}    1.61{col 64}{space 3}0.108{col 72}{space 4}-.0101873{col 85}{space 3} .1037254
{txt}{space 21}cbi_irreg {c |}{col 32}{res}{space 2} .0246509{col 44}{space 2} .0246339{col 55}{space 1}    1.00{col 64}{space 3}0.317{col 72}{space 4}-.0236307{col 85}{space 3} .0729325
{txt}{space 30} {c |}
sum_polit11_binary#c.cbi_irreg {c |}
{space 28}1  {c |}{col 32}{res}{space 2}-.0137462{col 44}{space 2} .0277271{col 55}{space 1}   -0.50{col 64}{space 3}0.620{col 72}{space 4}-.0680903{col 85}{space 3} .0405979
{txt}{space 30} {c |}
{space 23}polity2 {c |}{col 32}{res}{space 2} .0061829{col 44}{space 2} .0024631{col 55}{space 1}    2.51{col 64}{space 3}0.012{col 72}{space 4} .0013552{col 85}{space 3} .0110106
{txt}{space 17}sum_imftotal5 {c |}{col 32}{res}{space 2}-.0126626{col 44}{space 2} .0262912{col 55}{space 1}   -0.48{col 64}{space 3}0.630{col 72}{space 4}-.0641925{col 85}{space 3} .0388672
{txt}{space 16}ne_imp_gnfs_zs {c |}{col 32}{res}{space 2}-.0033063{col 44}{space 2} .0013958{col 55}{space 1}   -2.37{col 64}{space 3}0.018{col 72}{space 4}-.0060421{col 85}{space 3}-.0005705
{txt}{space 17}trade_balance {c |}{col 32}{res}{space 2} .0132414{col 44}{space 2} .0019295{col 55}{space 1}    6.86{col 64}{space 3}0.000{col 72}{space 4} .0094595{col 85}{space 3} .0170232
{txt}{space 18}presidential {c |}{col 32}{res}{space 2} .0881263{col 44}{space 2} .0488016{col 55}{space 1}    1.81{col 64}{space 3}0.071{col 72}{space 4} -.007523{col 85}{space 3} .1837756
{txt}{space 21}log_gdppc {c |}{col 32}{res}{space 2}-.1170398{col 44}{space 2} .0334323{col 55}{space 1}   -3.50{col 64}{space 3}0.000{col 72}{space 4}-.1825659{col 85}{space 3}-.0515137
{txt}{space 20}gdp_growth {c |}{col 32}{res}{space 2}-.0072897{col 44}{space 2} .0022719{col 55}{space 1}   -3.21{col 64}{space 3}0.001{col 72}{space 4}-.0117425{col 85}{space 3}-.0028369
{txt}{space 23}log_pop {c |}{col 32}{res}{space 2} .3114084{col 44}{space 2} .1341575{col 55}{space 1}    2.32{col 64}{space 3}0.020{col 72}{space 4} .0484646{col 85}{space 3} .5743522
{txt}{space 24}kaopen {c |}{col 32}{res}{space 2}-.0275417{col 44}{space 2} .0110384{col 55}{space 1}   -2.50{col 64}{space 3}0.013{col 72}{space 4}-.0491766{col 85}{space 3}-.0059068
{txt}{space 18}currency_peg {c |}{col 32}{res}{space 2}-.0001458{col 44}{space 2} .0254508{col 55}{space 1}   -0.01{col 64}{space 3}0.995{col 72}{space 4}-.0500285{col 85}{space 3} .0497369
{txt}{space 15}currency_binary {c |}{col 32}{res}{space 2}-.1210928{col 44}{space 2} .0206893{col 55}{space 1}   -5.85{col 64}{space 3}0.000{col 72}{space 4}-.1616431{col 85}{space 3}-.0805425
{txt}{space 20}time_trend {c |}{col 32}{res}{space 2} .0042176{col 44}{space 2} .0037649{col 55}{space 1}    1.12{col 64}{space 3}0.263{col 72}{space 4}-.0031615{col 85}{space 3} .0115966
{txt}{space 30} {c |}
{space 23}cowcode {c |}
{space 27}42  {c |}{col 32}{res}{space 2}   .85986{col 44}{space 2} .5297624{col 55}{space 1}    1.62{col 64}{space 3}0.105{col 72}{space 4}-.1784553{col 85}{space 3} 1.898175
{txt}{space 27}70  {c |}{col 32}{res}{space 2} .2873874{col 44}{space 2} .2002279{col 55}{space 1}    1.44{col 64}{space 3}0.151{col 72}{space 4} -.105052{col 85}{space 3} .6798268
{txt}{space 27}90  {c |}{col 32}{res}{space 2} 1.005414{col 44}{space 2} .5073474{col 55}{space 1}    1.98{col 64}{space 3}0.048{col 72}{space 4} .0110312{col 85}{space 3} 1.999797
{txt}{space 27}91  {c |}{col 32}{res}{space 2} 1.269183{col 44}{space 2}  .593677{col 55}{space 1}    2.14{col 64}{space 3}0.033{col 72}{space 4}  .105597{col 85}{space 3} 2.432768
{txt}{space 27}92  {c |}{col 32}{res}{space 2} 1.208069{col 44}{space 2} .5828729{col 55}{space 1}    2.07{col 64}{space 3}0.038{col 72}{space 4} .0656591{col 85}{space 3} 2.350479
{txt}{space 27}93  {c |}{col 32}{res}{space 2} 1.401242{col 44}{space 2} .6292213{col 55}{space 1}    2.23{col 64}{space 3}0.026{col 72}{space 4} .1679907{col 85}{space 3} 2.634493
{txt}{space 27}94  {c |}{col 32}{res}{space 2}  1.34762{col 44}{space 2} .6350062{col 55}{space 1}    2.12{col 64}{space 3}0.034{col 72}{space 4} .1030307{col 85}{space 3} 2.592209
{txt}{space 26}100  {c |}{col 32}{res}{space 2} .6145136{col 44}{space 2} .3395928{col 55}{space 1}    1.81{col 64}{space 3}0.070{col 72}{space 4} -.051076{col 85}{space 3} 1.280103
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{txt}{space 26}130  {c |}{col 32}{res}{space 2} .8892304{col 44}{space 2} .4894554{col 55}{space 1}    1.82{col 64}{space 3}0.069{col 72}{space 4}-.0700845{col 85}{space 3} 1.848545
{txt}{space 26}135  {c |}{col 32}{res}{space 2} .8229857{col 44}{space 2} .3923961{col 55}{space 1}    2.10{col 64}{space 3}0.036{col 72}{space 4} .0539035{col 85}{space 3} 1.592068
{txt}{space 26}140  {c |}{col 32}{res}{space 2} .1901204{col 44}{space 2} .1466769{col 55}{space 1}    1.30{col 64}{space 3}0.195{col 72}{space 4} -.097361{col 85}{space 3} .4776018
{txt}{space 26}145  {c |}{col 32}{res}{space 2} 1.106925{col 44}{space 2} .5564768{col 55}{space 1}    1.99{col 64}{space 3}0.047{col 72}{space 4} .0162503{col 85}{space 3} 2.197599
{txt}{space 26}150  {c |}{col 32}{res}{space 2} 1.251162{col 44}{space 2} .6063925{col 55}{space 1}    2.06{col 64}{space 3}0.039{col 72}{space 4} .0626547{col 85}{space 3} 2.439669
{txt}{space 26}155  {c |}{col 32}{res}{space 2}  .966947{col 44}{space 2} .4408398{col 55}{space 1}    2.19{col 64}{space 3}0.028{col 72}{space 4}  .102917{col 85}{space 3} 1.830977
{txt}{space 26}160  {c |}{col 32}{res}{space 2} .6719982{col 44}{space 2} .3199526{col 55}{space 1}    2.10{col 64}{space 3}0.036{col 72}{space 4} .0449027{col 85}{space 3} 1.299094
{txt}{space 26}165  {c |}{col 32}{res}{space 2} 1.517333{col 44}{space 2}  .632913{col 55}{space 1}    2.40{col 64}{space 3}0.017{col 72}{space 4} .2768466{col 85}{space 3}  2.75782
{txt}{space 26}200  {c |}{col 32}{res}{space 2} .4688731{col 44}{space 2} .2158135{col 55}{space 1}    2.17{col 64}{space 3}0.030{col 72}{space 4} .0458865{col 85}{space 3} .8918597
{txt}{space 26}205  {c |}{col 32}{res}{space 2} 1.209994{col 44}{space 2} .5834744{col 55}{space 1}    2.07{col 64}{space 3}0.038{col 72}{space 4} .0664052{col 85}{space 3} 2.353583
{txt}{space 26}210  {c |}{col 32}{res}{space 2} .8069991{col 44}{space 2} .4277794{col 55}{space 1}    1.89{col 64}{space 3}0.059{col 72}{space 4}-.0314332{col 85}{space 3} 1.645431
{txt}{space 26}211  {c |}{col 32}{res}{space 2} 1.033263{col 44}{space 2} .4505446{col 55}{space 1}    2.29{col 64}{space 3}0.022{col 72}{space 4} .1502121{col 85}{space 3} 1.916315
{txt}{space 26}220  {c |}{col 32}{res}{space 2} .5431939{col 44}{space 2} .2220595{col 55}{space 1}    2.45{col 64}{space 3}0.014{col 72}{space 4} .1079652{col 85}{space 3} .9784225
{txt}{space 26}225  {c |}{col 32}{res}{space 2} 1.428734{col 44}{space 2} .4994151{col 55}{space 1}    2.86{col 64}{space 3}0.004{col 72}{space 4} .4498984{col 85}{space 3}  2.40757
{txt}{space 26}230  {c |}{col 32}{res}{space 2} .6433964{col 44}{space 2} .2801336{col 55}{space 1}    2.30{col 64}{space 3}0.022{col 72}{space 4} .0943446{col 85}{space 3} 1.192448
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{txt}{space 26}615  {c |}{col 32}{res}{space 2} .9720222{col 44}{space 2} .4578953{col 55}{space 1}    2.12{col 64}{space 3}0.034{col 72}{space 4}  .074564{col 85}{space 3}  1.86948
{txt}{space 26}616  {c |}{col 32}{res}{space 2} 1.013952{col 44}{space 2} .5195965{col 55}{space 1}    1.95{col 64}{space 3}0.051{col 72}{space 4}-.0044381{col 85}{space 3} 2.032343
{txt}{space 26}640  {c |}{col 32}{res}{space 2}   .53667{col 44}{space 2} .2603239{col 55}{space 1}    2.06{col 64}{space 3}0.039{col 72}{space 4} .0264445{col 85}{space 3} 1.046896
{txt}{space 26}651  {c |}{col 32}{res}{space 2} .6963774{col 44}{space 2} .2822357{col 55}{space 1}    2.47{col 64}{space 3}0.014{col 72}{space 4} .1432056{col 85}{space 3} 1.249549
{txt}{space 26}710  {c |}{col 32}{res}{space 2}-.3556569{col 44}{space 2} .2093158{col 55}{space 1}   -1.70{col 64}{space 3}0.089{col 72}{space 4}-.7659083{col 85}{space 3} .0545945
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{txt}{space 26}740  {c |}{col 32}{res}{space 2}  .491563{col 44}{space 2} .1308097{col 55}{space 1}    3.76{col 64}{space 3}0.000{col 72}{space 4} .2351807{col 85}{space 3} .7479452
{txt}{space 26}750  {c |}{col 32}{res}{space 2}-.5380496{col 44}{space 2} .1761662{col 55}{space 1}   -3.05{col 64}{space 3}0.002{col 72}{space 4}-.8833289{col 85}{space 3}-.1927702
{txt}{space 26}780  {c |}{col 32}{res}{space 2}  .757262{col 44}{space 2} .4495018{col 55}{space 1}    1.68{col 64}{space 3}0.092{col 72}{space 4}-.1237453{col 85}{space 3} 1.638269
{txt}{space 26}800  {c |}{col 32}{res}{space 2} .6147107{col 44}{space 2} .2754815{col 55}{space 1}    2.23{col 64}{space 3}0.026{col 72}{space 4} .0747769{col 85}{space 3} 1.154644
{txt}{space 26}820  {c |}{col 32}{res}{space 2} .9111932{col 44}{space 2} .3997782{col 55}{space 1}    2.28{col 64}{space 3}0.023{col 72}{space 4} .1276422{col 85}{space 3} 1.694744
{txt}{space 26}830  {c |}{col 32}{res}{space 2} 1.935095{col 44}{space 2} .6227642{col 55}{space 1}    3.11{col 64}{space 3}0.002{col 72}{space 4} .7144996{col 85}{space 3}  3.15569
{txt}{space 26}840  {c |}{col 32}{res}{space 2}  .312842{col 44}{space 2} .2738158{col 55}{space 1}    1.14{col 64}{space 3}0.253{col 72}{space 4}-.2238271{col 85}{space 3} .8495111
{txt}{space 26}850  {c |}{col 32}{res}{space 2} .0183392{col 44}{space 2} .1666539{col 55}{space 1}    0.11{col 64}{space 3}0.912{col 72}{space 4}-.3082964{col 85}{space 3} .3449748
{txt}{space 26}900  {c |}{col 32}{res}{space 2} .9861104{col 44}{space 2} .3738987{col 55}{space 1}    2.64{col 64}{space 3}0.008{col 72}{space 4} .2532825{col 85}{space 3} 1.718938
{txt}{space 26}920  {c |}{col 32}{res}{space 2} 1.439352{col 44}{space 2} .5861415{col 55}{space 1}    2.46{col 64}{space 3}0.014{col 72}{space 4} .2905361{col 85}{space 3} 2.588168
{txt}{space 30} {c |}
{space 25}_cons {c |}{col 32}{res}{space 2}-5.044442{col 44}{space 2} 2.681633{col 55}{space 1}   -1.88{col 64}{space 3}0.060{col 72}{space 4}-10.30035{col 85}{space 3} .2114626
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}experience_crisis              {txt}{c |}
{space 21}log_gdppc {c |}{col 32}{res}{space 2}-.0514213{col 44}{space 2} .0371857{col 55}{space 1}   -1.38{col 64}{space 3}0.167{col 72}{space 4}-.1243039{col 85}{space 3} .0214613
{txt}{space 20}gdp_growth {c |}{col 32}{res}{space 2}-.0024964{col 44}{space 2} .0105975{col 55}{space 1}   -0.24{col 64}{space 3}0.814{col 72}{space 4}-.0232671{col 85}{space 3} .0182744
{txt}{space 24}kaopen {c |}{col 32}{res}{space 2}-.2756026{col 44}{space 2} .0352976{col 55}{space 1}   -7.81{col 64}{space 3}0.000{col 72}{space 4}-.3447847{col 85}{space 3}-.2064205
{txt}{space 18}currency_peg {c |}{col 32}{res}{space 2}-.5792791{col 44}{space 2} .0842312{col 55}{space 1}   -6.88{col 64}{space 3}0.000{col 72}{space 4}-.7443691{col 85}{space 3} -.414189
{txt}{space 17}trade_balance {c |}{col 32}{res}{space 2} -.032254{col 44}{space 2}   .00669{col 55}{space 1}   -4.82{col 64}{space 3}0.000{col 72}{space 4}-.0453662{col 85}{space 3}-.0191418
{txt}{space 29}t {c |}{col 32}{res}{space 2} 1.013486{col 44}{space 2} .1414147{col 55}{space 1}    7.17{col 64}{space 3}0.000{col 72}{space 4} .7363184{col 85}{space 3} 1.290654
{txt}{space 28}t2 {c |}{col 32}{res}{space 2}-.0270373{col 44}{space 2} .0047919{col 55}{space 1}   -5.64{col 64}{space 3}0.000{col 72}{space 4}-.0364292{col 85}{space 3}-.0176455
{txt}{space 28}t3 {c |}{col 32}{res}{space 2} .0002507{col 44}{space 2} .0000517{col 55}{space 1}    4.85{col 64}{space 3}0.000{col 72}{space 4} .0001494{col 85}{space 3} .0003519
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-10.85823{col 44}{space 2}  1.33699{col 55}{space 1}   -8.12{col 64}{space 3}0.000{col 72}{space 4}-13.47869{col 85}{space 3}-8.237783
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}mills                          {txt}{c |}
{space 24}lambda {c |}{col 32}{res}{space 2} .1408133{col 44}{space 2} .0531095{col 55}{space 1}    2.65{col 64}{space 3}0.008{col 72}{space 4} .0367206{col 85}{space 3}  .244906
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                           rho {c |} {res}   0.48448
                         {txt}sigma {c |} {res} .29064923
{txt}{hline 31}{c BT}{hline 64}

{com}. est store tab21
{txt}
{com}. 
. heckman log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit11##c.cbi_irreg polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode, select(experience_crisis = log_gdppc gdp_growth kaopen currency_peg trade_balance t t2 t3) twostep
{res}
{txt}Heckman selection model -- two-step estimates   Number of obs      = {res}     2063
{txt}(regression model with sample selection)        Censored obs       = {res}      586
                                                {txt}Uncensored obs     = {res}     1477

                                                {txt}Wald chi2({res}75{txt})      = {res}  8309.00
                                                {txt}Prob > chi2        =    {res}0.0000

{txt}{hline 34}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 35}{c |}      Coef.{col 47}   Std. Err.{col 59}      z{col 67}   P>|z|{col 75}     [95% Con{col 88}f. Interval]
{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}log_fi_res_totl_mo                {txt}{c |}
{space 15}log_fi_res_totl_mo {c |}
{space 30}L1. {c |}{col 35}{res}{space 2} .8039585{col 47}{space 2} .0162095{col 58}{space 1}   49.60{col 67}{space 3}0.000{col 75}{space 4} .7721885{col 88}{space 3} .8357285
{txt}{space 33} {c |}
{space 14}polity_frac_polit11 {c |}{col 35}{res}{space 2} .0441477{col 47}{space 2} .0306321{col 58}{space 1}    1.44{col 67}{space 3}0.150{col 75}{space 4}  -.01589{col 88}{space 3} .1041854
{txt}{space 24}cbi_irreg {c |}{col 35}{res}{space 2} .0227089{col 47}{space 2} .0201893{col 58}{space 1}    1.12{col 67}{space 3}0.261{col 75}{space 4}-.0168615{col 88}{space 3} .0622792
{txt}{space 33} {c |}
c.polity_frac_polit11#c.cbi_irreg {c |}{col 35}{res}{space 2}-.0208983{col 47}{space 2}  .029372{col 58}{space 1}   -0.71{col 67}{space 3}0.477{col 75}{space 4}-.0784663{col 88}{space 3} .0366697
{txt}{space 33} {c |}
{space 26}polity2 {c |}{col 35}{res}{space 2} .0058679{col 47}{space 2} .0024583{col 58}{space 1}    2.39{col 67}{space 3}0.017{col 75}{space 4} .0010497{col 88}{space 3} .0106861
{txt}{space 20}sum_imftotal5 {c |}{col 35}{res}{space 2}-.0118184{col 47}{space 2} .0261472{col 58}{space 1}   -0.45{col 67}{space 3}0.651{col 75}{space 4}-.0630659{col 88}{space 3} .0394292
{txt}{space 19}ne_imp_gnfs_zs {c |}{col 35}{res}{space 2}-.0034099{col 47}{space 2} .0013911{col 58}{space 1}   -2.45{col 67}{space 3}0.014{col 75}{space 4}-.0061363{col 88}{space 3}-.0006834
{txt}{space 20}trade_balance {c |}{col 35}{res}{space 2} .0131247{col 47}{space 2} .0019338{col 58}{space 1}    6.79{col 67}{space 3}0.000{col 75}{space 4} .0093345{col 88}{space 3} .0169149
{txt}{space 21}presidential {c |}{col 35}{res}{space 2} .0918061{col 47}{space 2} .0488319{col 58}{space 1}    1.88{col 67}{space 3}0.060{col 75}{space 4}-.0039025{col 88}{space 3} .1875148
{txt}{space 24}log_gdppc {c |}{col 35}{res}{space 2} -.105998{col 47}{space 2} .0336282{col 58}{space 1}   -3.15{col 67}{space 3}0.002{col 75}{space 4}-.1719081{col 88}{space 3} -.040088
{txt}{space 23}gdp_growth {c |}{col 35}{res}{space 2}-.0074616{col 47}{space 2} .0022706{col 58}{space 1}   -3.29{col 67}{space 3}0.001{col 75}{space 4}-.0119119{col 88}{space 3}-.0030113
{txt}{space 26}log_pop {c |}{col 35}{res}{space 2} .3668622{col 47}{space 2} .1353833{col 58}{space 1}    2.71{col 67}{space 3}0.007{col 75}{space 4} .1015159{col 88}{space 3} .6322086
{txt}{space 27}kaopen {c |}{col 35}{res}{space 2}-.0259118{col 47}{space 2} .0110259{col 58}{space 1}   -2.35{col 67}{space 3}0.019{col 75}{space 4}-.0475222{col 88}{space 3}-.0043013
{txt}{space 21}currency_peg {c |}{col 35}{res}{space 2}-.0025856{col 47}{space 2} .0254297{col 58}{space 1}   -0.10{col 67}{space 3}0.919{col 75}{space 4}-.0524269{col 88}{space 3} .0472556
{txt}{space 18}currency_binary {c |}{col 35}{res}{space 2}-.1253199{col 47}{space 2} .0207212{col 58}{space 1}   -6.05{col 67}{space 3}0.000{col 75}{space 4}-.1659328{col 88}{space 3} -.084707
{txt}{space 23}time_trend {c |}{col 35}{res}{space 2} .0028991{col 47}{space 2} .0038055{col 58}{space 1}    0.76{col 67}{space 3}0.446{col 75}{space 4}-.0045595{col 88}{space 3} .0103577
{txt}{space 33} {c |}
{space 26}cowcode {c |}
{space 30}42  {c |}{col 35}{res}{space 2} 1.098913{col 47}{space 2} .5345772{col 58}{space 1}    2.06{col 67}{space 3}0.040{col 75}{space 4}  .051161{col 88}{space 3} 2.146665
{txt}{space 30}70  {c |}{col 35}{res}{space 2}  .376657{col 47}{space 2} .2022445{col 58}{space 1}    1.86{col 67}{space 3}0.063{col 75}{space 4} -.019735{col 88}{space 3}  .773049
{txt}{space 30}90  {c |}{col 35}{res}{space 2} 1.241581{col 47}{space 2} .5104489{col 58}{space 1}    2.43{col 67}{space 3}0.015{col 75}{space 4} .2411197{col 88}{space 3} 2.242043
{txt}{space 30}91  {c |}{col 35}{res}{space 2} 1.526265{col 47}{space 2} .5981425{col 58}{space 1}    2.55{col 67}{space 3}0.011{col 75}{space 4} .3539276{col 88}{space 3} 2.698603
{txt}{space 30}92  {c |}{col 35}{res}{space 2} 1.471007{col 47}{space 2} .5883376{col 58}{space 1}    2.50{col 67}{space 3}0.012{col 75}{space 4} .3178867{col 88}{space 3} 2.624128
{txt}{space 30}93  {c |}{col 35}{res}{space 2} 1.680377{col 47}{space 2} .6352829{col 58}{space 1}    2.65{col 67}{space 3}0.008{col 75}{space 4} .4352452{col 88}{space 3} 2.925508
{txt}{space 30}94  {c |}{col 35}{res}{space 2} 1.619664{col 47}{space 2} .6414852{col 58}{space 1}    2.52{col 67}{space 3}0.012{col 75}{space 4} .3623762{col 88}{space 3} 2.876952
{txt}{space 29}100  {c |}{col 35}{res}{space 2} .7665325{col 47}{space 2} .3427085{col 58}{space 1}    2.24{col 67}{space 3}0.025{col 75}{space 4} .0948363{col 88}{space 3} 1.438229
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{txt}{space 29}200  {c |}{col 35}{res}{space 2} .5604142{col 47}{space 2} .2173942{col 58}{space 1}    2.58{col 67}{space 3}0.010{col 75}{space 4} .1343294{col 88}{space 3}  .986499
{txt}{space 29}205  {c |}{col 35}{res}{space 2} 1.463796{col 47}{space 2} .5881806{col 58}{space 1}    2.49{col 67}{space 3}0.013{col 75}{space 4} .3109835{col 88}{space 3} 2.616609
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{txt}{space 29}360  {c |}{col 35}{res}{space 2} 1.157648{col 47}{space 2} .4073182{col 58}{space 1}    2.84{col 67}{space 3}0.004{col 75}{space 4} .3593193{col 88}{space 3} 1.955977
{txt}{space 29}365  {c |}{col 35}{res}{space 2} .3087324{col 47}{space 2}  .197257{col 58}{space 1}    1.57{col 67}{space 3}0.118{col 75}{space 4}-.0778843{col 88}{space 3}  .695349
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{txt}{space 29}380  {c |}{col 35}{res}{space 2} 1.381177{col 47}{space 2} .4624785{col 58}{space 1}    2.99{col 67}{space 3}0.003{col 75}{space 4} .4747356{col 88}{space 3} 2.287618
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{txt}{space 29}475  {c |}{col 35}{res}{space 2}  .118885{col 47}{space 2} .2439164{col 58}{space 1}    0.49{col 67}{space 3}0.626{col 75}{space 4}-.3591824{col 88}{space 3} .5969524
{txt}{space 29}501  {c |}{col 35}{res}{space 2} .6804591{col 47}{space 2} .4150724{col 58}{space 1}    1.64{col 67}{space 3}0.101{col 75}{space 4}-.1330678{col 88}{space 3} 1.493986
{txt}{space 29}551  {c |}{col 35}{res}{space 2} 1.071093{col 47}{space 2} .5444744{col 58}{space 1}    1.97{col 67}{space 3}0.049{col 75}{space 4} .0039427{col 88}{space 3} 2.138243
{txt}{space 29}552  {c |}{col 35}{res}{space 2} 1.076194{col 47}{space 2} .5069142{col 58}{space 1}    2.12{col 67}{space 3}0.034{col 75}{space 4} .0826607{col 88}{space 3} 2.069728
{txt}{space 29}560  {c |}{col 35}{res}{space 2} .6075307{col 47}{space 2} .3121534{col 58}{space 1}    1.95{col 67}{space 3}0.052{col 75}{space 4}-.0042787{col 88}{space 3}  1.21934
{txt}{space 29}590  {c |}{col 35}{res}{space 2} 2.182642{col 47}{space 2} .7857396{col 58}{space 1}    2.78{col 67}{space 3}0.005{col 75}{space 4} .6426208{col 88}{space 3} 3.722664
{txt}{space 29}600  {c |}{col 35}{res}{space 2} .9724301{col 47}{space 2}  .391693{col 58}{space 1}    2.48{col 67}{space 3}0.013{col 75}{space 4} .2047259{col 88}{space 3} 1.740134
{txt}{space 29}615  {c |}{col 35}{res}{space 2} 1.182042{col 47}{space 2} .4603354{col 58}{space 1}    2.57{col 67}{space 3}0.010{col 75}{space 4} .2798016{col 88}{space 3} 2.084283
{txt}{space 29}616  {c |}{col 35}{res}{space 2}  1.27356{col 47}{space 2} .5236035{col 58}{space 1}    2.43{col 67}{space 3}0.015{col 75}{space 4} .2473161{col 88}{space 3} 2.299804
{txt}{space 29}640  {c |}{col 35}{res}{space 2} .6826278{col 47}{space 2} .2621772{col 58}{space 1}    2.60{col 67}{space 3}0.009{col 75}{space 4} .1687699{col 88}{space 3} 1.196486
{txt}{space 29}651  {c |}{col 35}{res}{space 2}  .818482{col 47}{space 2} .2859577{col 58}{space 1}    2.86{col 67}{space 3}0.004{col 75}{space 4} .2580152{col 88}{space 3} 1.378949
{txt}{space 29}710  {c |}{col 35}{res}{space 2}-.3884352{col 47}{space 2} .2083661{col 58}{space 1}   -1.86{col 67}{space 3}0.062{col 75}{space 4}-.7968253{col 88}{space 3} .0199549
{txt}{space 29}732  {c |}{col 35}{res}{space 2} .7579044{col 47}{space 2} .2796925{col 58}{space 1}    2.71{col 67}{space 3}0.007{col 75}{space 4} .2097172{col 88}{space 3} 1.306092
{txt}{space 29}740  {c |}{col 35}{res}{space 2} .5380474{col 47}{space 2} .1319807{col 58}{space 1}    4.08{col 67}{space 3}0.000{col 75}{space 4} .2793699{col 88}{space 3} .7967249
{txt}{space 29}750  {c |}{col 35}{res}{space 2}-.5382803{col 47}{space 2} .1768204{col 58}{space 1}   -3.04{col 67}{space 3}0.002{col 75}{space 4} -.884842{col 88}{space 3}-.1917186
{txt}{space 29}780  {c |}{col 35}{res}{space 2} .9578201{col 47}{space 2} .4530849{col 58}{space 1}    2.11{col 67}{space 3}0.035{col 75}{space 4} .0697899{col 88}{space 3}  1.84585
{txt}{space 29}800  {c |}{col 35}{res}{space 2} .7381834{col 47}{space 2} .2787083{col 58}{space 1}    2.65{col 67}{space 3}0.008{col 75}{space 4} .1919251{col 88}{space 3} 1.284442
{txt}{space 29}820  {c |}{col 35}{res}{space 2}  1.09053{col 47}{space 2} .4043991{col 58}{space 1}    2.70{col 67}{space 3}0.007{col 75}{space 4}  .297922{col 88}{space 3} 1.883137
{txt}{space 29}830  {c |}{col 35}{res}{space 2} 2.199287{col 47}{space 2} .6255846{col 58}{space 1}    3.52{col 67}{space 3}0.000{col 75}{space 4} .9731633{col 88}{space 3}  3.42541
{txt}{space 29}840  {c |}{col 35}{res}{space 2} .4381151{col 47}{space 2}  .276156{col 58}{space 1}    1.59{col 67}{space 3}0.113{col 75}{space 4}-.1031407{col 88}{space 3} .9793709
{txt}{space 29}850  {c |}{col 35}{res}{space 2}  .084505{col 47}{space 2} .1672993{col 58}{space 1}    0.51{col 67}{space 3}0.613{col 75}{space 4}-.2433955{col 88}{space 3} .4124056
{txt}{space 29}900  {c |}{col 35}{res}{space 2} 1.145612{col 47}{space 2} .3771497{col 58}{space 1}    3.04{col 67}{space 3}0.002{col 75}{space 4} .4064123{col 88}{space 3} 1.884812
{txt}{space 29}920  {c |}{col 35}{res}{space 2} 1.687466{col 47}{space 2} .5911676{col 58}{space 1}    2.85{col 67}{space 3}0.004{col 75}{space 4} .5287991{col 88}{space 3} 2.846133
{txt}{space 33} {c |}
{space 28}_cons {c |}{col 35}{res}{space 2}-6.182059{col 47}{space 2} 2.707046{col 58}{space 1}   -2.28{col 67}{space 3}0.022{col 75}{space 4}-11.48777{col 88}{space 3}-.8763465
{txt}{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}experience_crisis                 {txt}{c |}
{space 24}log_gdppc {c |}{col 35}{res}{space 2}-.0512983{col 47}{space 2}  .037183{col 58}{space 1}   -1.38{col 67}{space 3}0.168{col 75}{space 4}-.1241756{col 88}{space 3}  .021579
{txt}{space 23}gdp_growth {c |}{col 35}{res}{space 2}-.0024183{col 47}{space 2} .0105997{col 58}{space 1}   -0.23{col 67}{space 3}0.820{col 75}{space 4}-.0231933{col 88}{space 3} .0183567
{txt}{space 27}kaopen {c |}{col 35}{res}{space 2}-.2754742{col 47}{space 2} .0352946{col 58}{space 1}   -7.80{col 67}{space 3}0.000{col 75}{space 4}-.3446503{col 88}{space 3}-.2062981
{txt}{space 21}currency_peg {c |}{col 35}{res}{space 2}-.5786558{col 47}{space 2} .0842467{col 58}{space 1}   -6.87{col 67}{space 3}0.000{col 75}{space 4}-.7437764{col 88}{space 3}-.4135352
{txt}{space 20}trade_balance {c |}{col 35}{res}{space 2}-.0322724{col 47}{space 2} .0066894{col 58}{space 1}   -4.82{col 67}{space 3}0.000{col 75}{space 4}-.0453834{col 88}{space 3}-.0191615
{txt}{space 32}t {c |}{col 35}{res}{space 2} 1.014401{col 47}{space 2} .1414721{col 58}{space 1}    7.17{col 67}{space 3}0.000{col 75}{space 4} .7371205{col 88}{space 3} 1.291681
{txt}{space 31}t2 {c |}{col 35}{res}{space 2}-.0270717{col 47}{space 2}  .004794{col 58}{space 1}   -5.65{col 67}{space 3}0.000{col 75}{space 4}-.0364677{col 88}{space 3}-.0176757
{txt}{space 31}t3 {c |}{col 35}{res}{space 2}  .000251{col 47}{space 2} .0000517{col 58}{space 1}    4.86{col 67}{space 3}0.000{col 75}{space 4} .0001497{col 88}{space 3} .0003523
{txt}{space 28}_cons {c |}{col 35}{res}{space 2}-10.86729{col 47}{space 2} 1.337613{col 58}{space 1}   -8.12{col 67}{space 3}0.000{col 75}{space 4}-13.48896{col 88}{space 3}-8.245612
{txt}{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}mills                             {txt}{c |}
{space 27}lambda {c |}{col 35}{res}{space 2}  .139596{col 47}{space 2} .0531074{col 58}{space 1}    2.63{col 67}{space 3}0.009{col 75}{space 4} .0355075{col 88}{space 3} .2436845
{txt}{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                              rho {c |} {res}   0.48077
                            {txt}sigma {c |} {res} .29036043
{txt}{hline 34}{c BT}{hline 64}

{com}. 
. est store tab22
{txt}
{com}. 
. 
. heckman log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit12_binary##c.cbi_irreg polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode, select(experience_crisis = log_gdppc gdp_growth kaopen currency_peg trade_balance t t2 t3) twostep
{res}
{txt}Heckman selection model -- two-step estimates   Number of obs      = {res}     2065
{txt}(regression model with sample selection)        Censored obs       = {res}      586
                                                {txt}Uncensored obs     = {res}     1479

                                                {txt}Wald chi2({res}75{txt})      = {res}  8306.61
                                                {txt}Prob > chi2        =    {res}0.0000

{txt}{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      z{col 64}   P>|z|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}log_fi_res_totl_mo             {txt}{c |}
{space 12}log_fi_res_totl_mo {c |}
{space 27}L1. {c |}{col 32}{res}{space 2} .8064811{col 44}{space 2} .0161693{col 55}{space 1}   49.88{col 64}{space 3}0.000{col 72}{space 4} .7747898{col 85}{space 3} .8381723
{txt}{space 30} {c |}
{space 10}1.sum_polit12_binary {c |}{col 32}{res}{space 2} .0622601{col 44}{space 2} .0317418{col 55}{space 1}    1.96{col 64}{space 3}0.050{col 72}{space 4} .0000474{col 85}{space 3} .1244729
{txt}{space 21}cbi_irreg {c |}{col 32}{res}{space 2} .0156272{col 44}{space 2} .0186716{col 55}{space 1}    0.84{col 64}{space 3}0.403{col 72}{space 4}-.0209686{col 85}{space 3} .0522229
{txt}{space 30} {c |}
sum_polit12_binary#c.cbi_irreg {c |}
{space 28}1  {c |}{col 32}{res}{space 2}-.0013117{col 44}{space 2} .0269404{col 55}{space 1}   -0.05{col 64}{space 3}0.961{col 72}{space 4}-.0541139{col 85}{space 3} .0514906
{txt}{space 30} {c |}
{space 23}polity2 {c |}{col 32}{res}{space 2} .0060487{col 44}{space 2} .0024641{col 55}{space 1}    2.45{col 64}{space 3}0.014{col 72}{space 4} .0012192{col 85}{space 3} .0108783
{txt}{space 17}sum_imftotal5 {c |}{col 32}{res}{space 2}-.0219036{col 44}{space 2}  .026371{col 55}{space 1}   -0.83{col 64}{space 3}0.406{col 72}{space 4}-.0735897{col 85}{space 3} .0297826
{txt}{space 16}ne_imp_gnfs_zs {c |}{col 32}{res}{space 2}-.0032139{col 44}{space 2} .0013979{col 55}{space 1}   -2.30{col 64}{space 3}0.021{col 72}{space 4}-.0059537{col 85}{space 3}-.0004741
{txt}{space 17}trade_balance {c |}{col 32}{res}{space 2} .0132896{col 44}{space 2} .0019288{col 55}{space 1}    6.89{col 64}{space 3}0.000{col 72}{space 4} .0095091{col 85}{space 3}   .01707
{txt}{space 18}presidential {c |}{col 32}{res}{space 2} .0997212{col 44}{space 2} .0490166{col 55}{space 1}    2.03{col 64}{space 3}0.042{col 72}{space 4} .0036504{col 85}{space 3} .1957919
{txt}{space 21}log_gdppc {c |}{col 32}{res}{space 2}-.1150492{col 44}{space 2} .0334077{col 55}{space 1}   -3.44{col 64}{space 3}0.001{col 72}{space 4}-.1805271{col 85}{space 3}-.0495713
{txt}{space 20}gdp_growth {c |}{col 32}{res}{space 2}-.0073416{col 44}{space 2}  .002268{col 55}{space 1}   -3.24{col 64}{space 3}0.001{col 72}{space 4}-.0117869{col 85}{space 3}-.0028963
{txt}{space 23}log_pop {c |}{col 32}{res}{space 2} .3160914{col 44}{space 2}  .133921{col 55}{space 1}    2.36{col 64}{space 3}0.018{col 72}{space 4}  .053611{col 85}{space 3} .5785718
{txt}{space 24}kaopen {c |}{col 32}{res}{space 2}-.0276343{col 44}{space 2} .0111101{col 55}{space 1}   -2.49{col 64}{space 3}0.013{col 72}{space 4}-.0494098{col 85}{space 3}-.0058588
{txt}{space 18}currency_peg {c |}{col 32}{res}{space 2}-.0017905{col 44}{space 2} .0253967{col 55}{space 1}   -0.07{col 64}{space 3}0.944{col 72}{space 4}-.0515671{col 85}{space 3} .0479861
{txt}{space 15}currency_binary {c |}{col 32}{res}{space 2}-.1222311{col 44}{space 2} .0206776{col 55}{space 1}   -5.91{col 64}{space 3}0.000{col 72}{space 4}-.1627584{col 85}{space 3}-.0817038
{txt}{space 20}time_trend {c |}{col 32}{res}{space 2} .0043283{col 44}{space 2} .0037557{col 55}{space 1}    1.15{col 64}{space 3}0.249{col 72}{space 4}-.0030326{col 85}{space 3} .0116893
{txt}{space 30} {c |}
{space 23}cowcode {c |}
{space 27}42  {c |}{col 32}{res}{space 2} .8637967{col 44}{space 2} .5292346{col 55}{space 1}    1.63{col 64}{space 3}0.103{col 72}{space 4}-.1734839{col 85}{space 3} 1.901077
{txt}{space 27}70  {c |}{col 32}{res}{space 2} .2486578{col 44}{space 2} .2012005{col 55}{space 1}    1.24{col 64}{space 3}0.217{col 72}{space 4}-.1456879{col 85}{space 3} .6430035
{txt}{space 27}90  {c |}{col 32}{res}{space 2} .9812259{col 44}{space 2} .5077129{col 55}{space 1}    1.93{col 64}{space 3}0.053{col 72}{space 4}-.0138732{col 85}{space 3} 1.976325
{txt}{space 27}91  {c |}{col 32}{res}{space 2} 1.253502{col 44}{space 2} .5937088{col 55}{space 1}    2.11{col 64}{space 3}0.035{col 72}{space 4} .0898543{col 85}{space 3}  2.41715
{txt}{space 27}92  {c |}{col 32}{res}{space 2} 1.221082{col 44}{space 2} .5820748{col 55}{space 1}    2.10{col 64}{space 3}0.036{col 72}{space 4} .0802361{col 85}{space 3} 2.361927
{txt}{space 27}93  {c |}{col 32}{res}{space 2} 1.376721{col 44}{space 2} .6292786{col 55}{space 1}    2.19{col 64}{space 3}0.029{col 72}{space 4} .1433577{col 85}{space 3} 2.610084
{txt}{space 27}94  {c |}{col 32}{res}{space 2} 1.324443{col 44}{space 2}  .635024{col 55}{space 1}    2.09{col 64}{space 3}0.037{col 72}{space 4} .0798191{col 85}{space 3} 2.569067
{txt}{space 26}100  {c |}{col 32}{res}{space 2} .6150236{col 44}{space 2} .3392865{col 55}{space 1}    1.81{col 64}{space 3}0.070{col 72}{space 4}-.0499657{col 85}{space 3} 1.280013
{txt}{space 26}101  {c |}{col 32}{res}{space 2} .7870864{col 44}{space 2} .3875445{col 55}{space 1}    2.03{col 64}{space 3}0.042{col 72}{space 4} .0275133{col 85}{space 3}  1.54666
{txt}{space 26}130  {c |}{col 32}{res}{space 2} .8642486{col 44}{space 2} .4896266{col 55}{space 1}    1.77{col 64}{space 3}0.078{col 72}{space 4}-.0954018{col 85}{space 3} 1.823899
{txt}{space 26}135  {c |}{col 32}{res}{space 2} .7963642{col 44}{space 2} .3927459{col 55}{space 1}    2.03{col 64}{space 3}0.043{col 72}{space 4} .0265964{col 85}{space 3} 1.566132
{txt}{space 26}140  {c |}{col 32}{res}{space 2} .1512073{col 44}{space 2} .1479655{col 55}{space 1}    1.02{col 64}{space 3}0.307{col 72}{space 4}-.1387997{col 85}{space 3} .4412142
{txt}{space 26}145  {c |}{col 32}{res}{space 2} 1.082584{col 44}{space 2} .5567514{col 55}{space 1}    1.94{col 64}{space 3}0.052{col 72}{space 4}-.0086283{col 85}{space 3} 2.173797
{txt}{space 26}150  {c |}{col 32}{res}{space 2} 1.239019{col 44}{space 2} .6062539{col 55}{space 1}    2.04{col 64}{space 3}0.041{col 72}{space 4} .0507836{col 85}{space 3} 2.427255
{txt}{space 26}155  {c |}{col 32}{res}{space 2} .9836508{col 44}{space 2} .4401323{col 55}{space 1}    2.23{col 64}{space 3}0.025{col 72}{space 4} .1210074{col 85}{space 3} 1.846294
{txt}{space 26}160  {c |}{col 32}{res}{space 2} .6372272{col 44}{space 2} .3208626{col 55}{space 1}    1.99{col 64}{space 3}0.047{col 72}{space 4} .0083479{col 85}{space 3} 1.266106
{txt}{space 26}165  {c |}{col 32}{res}{space 2} 1.549211{col 44}{space 2} .6316686{col 55}{space 1}    2.45{col 64}{space 3}0.014{col 72}{space 4} .3111637{col 85}{space 3} 2.787259
{txt}{space 26}200  {c |}{col 32}{res}{space 2} .4572152{col 44}{space 2} .2159243{col 55}{space 1}    2.12{col 64}{space 3}0.034{col 72}{space 4} .0340113{col 85}{space 3}  .880419
{txt}{space 26}205  {c |}{col 32}{res}{space 2} 1.186533{col 44}{space 2} .5836671{col 55}{space 1}    2.03{col 64}{space 3}0.042{col 72}{space 4} .0425662{col 85}{space 3} 2.330499
{txt}{space 26}210  {c |}{col 32}{res}{space 2} .7848791{col 44}{space 2} .4279287{col 55}{space 1}    1.83{col 64}{space 3}0.067{col 72}{space 4}-.0538458{col 85}{space 3} 1.623604
{txt}{space 26}211  {c |}{col 32}{res}{space 2} 1.055841{col 44}{space 2} .4492983{col 55}{space 1}    2.35{col 64}{space 3}0.019{col 72}{space 4} .1752321{col 85}{space 3} 1.936449
{txt}{space 26}220  {c |}{col 32}{res}{space 2} .5688155{col 44}{space 2} .2211434{col 55}{space 1}    2.57{col 64}{space 3}0.010{col 72}{space 4} .1353823{col 85}{space 3} 1.002249
{txt}{space 26}225  {c |}{col 32}{res}{space 2} 1.402533{col 44}{space 2} .4995331{col 55}{space 1}    2.81{col 64}{space 3}0.005{col 72}{space 4} .4234658{col 85}{space 3}   2.3816
{txt}{space 26}230  {c |}{col 32}{res}{space 2} .6458364{col 44}{space 2} .2798841{col 55}{space 1}    2.31{col 64}{space 3}0.021{col 72}{space 4} .0972737{col 85}{space 3} 1.194399
{txt}{space 26}235  {c |}{col 32}{res}{space 2} 1.252658{col 44}{space 2} .4691391{col 55}{space 1}    2.67{col 64}{space 3}0.008{col 72}{space 4} .3331622{col 85}{space 3} 2.172154
{txt}{space 26}290  {c |}{col 32}{res}{space 2} .6342613{col 44}{space 2}  .322961{col 55}{space 1}    1.96{col 64}{space 3}0.050{col 72}{space 4} .0012694{col 85}{space 3} 1.267253
{txt}{space 26}305  {c |}{col 32}{res}{space 2} 1.136714{col 44}{space 2} .5115997{col 55}{space 1}    2.22{col 64}{space 3}0.026{col 72}{space 4} .1339966{col 85}{space 3} 2.139431
{txt}{space 26}310  {c |}{col 32}{res}{space 2} 1.150523{col 44}{space 2} .4804866{col 55}{space 1}    2.39{col 64}{space 3}0.017{col 72}{space 4} .2087867{col 85}{space 3}  2.09226
{txt}{space 26}325  {c |}{col 32}{res}{space 2} .5203047{col 44}{space 2} .2275665{col 55}{space 1}    2.29{col 64}{space 3}0.022{col 72}{space 4} .0742826{col 85}{space 3} .9663267
{txt}{space 26}350  {c |}{col 32}{res}{space 2} 1.159092{col 44}{space 2} .4563925{col 55}{space 1}    2.54{col 64}{space 3}0.011{col 72}{space 4} .2645795{col 85}{space 3} 2.053605
{txt}{space 26}360  {c |}{col 32}{res}{space 2} .9459893{col 44}{space 2} .4033976{col 55}{space 1}    2.35{col 64}{space 3}0.019{col 72}{space 4} .1553445{col 85}{space 3} 1.736634
{txt}{space 26}365  {c |}{col 32}{res}{space 2} .1309342{col 44}{space 2} .1893156{col 55}{space 1}    0.69{col 64}{space 3}0.489{col 72}{space 4}-.2401175{col 85}{space 3} .5019859
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{txt}{space 26}560  {c |}{col 32}{res}{space 2} .4529118{col 44}{space 2} .3086478{col 55}{space 1}    1.47{col 64}{space 3}0.142{col 72}{space 4}-.1520267{col 85}{space 3}  1.05785
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{txt}{space 26}600  {c |}{col 32}{res}{space 2} .8176757{col 44}{space 2} .3878419{col 55}{space 1}    2.11{col 64}{space 3}0.035{col 72}{space 4} .0575196{col 85}{space 3} 1.577832
{txt}{space 26}615  {c |}{col 32}{res}{space 2}  1.00537{col 44}{space 2} .4572578{col 55}{space 1}    2.20{col 64}{space 3}0.028{col 72}{space 4}  .109161{col 85}{space 3} 1.901579
{txt}{space 26}616  {c |}{col 32}{res}{space 2} 1.040607{col 44}{space 2} .5183623{col 55}{space 1}    2.01{col 64}{space 3}0.045{col 72}{space 4} .0246357{col 85}{space 3} 2.056579
{txt}{space 26}640  {c |}{col 32}{res}{space 2}  .512724{col 44}{space 2} .2610325{col 55}{space 1}    1.96{col 64}{space 3}0.050{col 72}{space 4} .0011098{col 85}{space 3} 1.024338
{txt}{space 26}651  {c |}{col 32}{res}{space 2} .6762679{col 44}{space 2} .2821803{col 55}{space 1}    2.40{col 64}{space 3}0.017{col 72}{space 4} .1232048{col 85}{space 3} 1.229331
{txt}{space 26}710  {c |}{col 32}{res}{space 2}-.4103171{col 44}{space 2} .2067445{col 55}{space 1}   -1.98{col 64}{space 3}0.047{col 72}{space 4}-.8155288{col 85}{space 3}-.0051054
{txt}{space 26}732  {c |}{col 32}{res}{space 2} .5863608{col 44}{space 2} .2775266{col 55}{space 1}    2.11{col 64}{space 3}0.035{col 72}{space 4} .0424186{col 85}{space 3} 1.130303
{txt}{space 26}740  {c |}{col 32}{res}{space 2} .5121415{col 44}{space 2}  .130515{col 55}{space 1}    3.92{col 64}{space 3}0.000{col 72}{space 4} .2563369{col 85}{space 3} .7679462
{txt}{space 26}750  {c |}{col 32}{res}{space 2}-.5328091{col 44}{space 2} .1761472{col 55}{space 1}   -3.02{col 64}{space 3}0.002{col 72}{space 4}-.8780513{col 85}{space 3} -.187567
{txt}{space 26}780  {c |}{col 32}{res}{space 2}  .772003{col 44}{space 2} .4488146{col 55}{space 1}    1.72{col 64}{space 3}0.085{col 72}{space 4}-.1076574{col 85}{space 3} 1.651663
{txt}{space 26}800  {c |}{col 32}{res}{space 2} .5900466{col 44}{space 2}  .275662{col 55}{space 1}    2.14{col 64}{space 3}0.032{col 72}{space 4} .0497591{col 85}{space 3} 1.130334
{txt}{space 26}820  {c |}{col 32}{res}{space 2} .8784259{col 44}{space 2} .4000783{col 55}{space 1}    2.20{col 64}{space 3}0.028{col 72}{space 4} .0942868{col 85}{space 3} 1.662565
{txt}{space 26}830  {c |}{col 32}{res}{space 2} 1.902743{col 44}{space 2} .6231952{col 55}{space 1}    3.05{col 64}{space 3}0.002{col 72}{space 4} .6813025{col 85}{space 3} 3.124183
{txt}{space 26}840  {c |}{col 32}{res}{space 2} .3107085{col 44}{space 2} .2737357{col 55}{space 1}    1.14{col 64}{space 3}0.256{col 72}{space 4}-.2258036{col 85}{space 3} .8472205
{txt}{space 26}850  {c |}{col 32}{res}{space 2} .0425629{col 44}{space 2} .1663909{col 55}{space 1}    0.26{col 64}{space 3}0.798{col 72}{space 4}-.2835572{col 85}{space 3}  .368683
{txt}{space 26}900  {c |}{col 32}{res}{space 2} .9686577{col 44}{space 2} .3738703{col 55}{space 1}    2.59{col 64}{space 3}0.010{col 72}{space 4} .2358854{col 85}{space 3}  1.70143
{txt}{space 26}920  {c |}{col 32}{res}{space 2} 1.418325{col 44}{space 2} .5862256{col 55}{space 1}    2.42{col 64}{space 3}0.016{col 72}{space 4} .2693441{col 85}{space 3} 2.567306
{txt}{space 30} {c |}
{space 25}_cons {c |}{col 32}{res}{space 2}-5.128158{col 44}{space 2} 2.678003{col 55}{space 1}   -1.91{col 64}{space 3}0.056{col 72}{space 4}-10.37695{col 85}{space 3} .1206305
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}experience_crisis              {txt}{c |}
{space 21}log_gdppc {c |}{col 32}{res}{space 2}-.0514213{col 44}{space 2} .0371857{col 55}{space 1}   -1.38{col 64}{space 3}0.167{col 72}{space 4}-.1243039{col 85}{space 3} .0214613
{txt}{space 20}gdp_growth {c |}{col 32}{res}{space 2}-.0024964{col 44}{space 2} .0105975{col 55}{space 1}   -0.24{col 64}{space 3}0.814{col 72}{space 4}-.0232671{col 85}{space 3} .0182744
{txt}{space 24}kaopen {c |}{col 32}{res}{space 2}-.2756026{col 44}{space 2} .0352976{col 55}{space 1}   -7.81{col 64}{space 3}0.000{col 72}{space 4}-.3447847{col 85}{space 3}-.2064205
{txt}{space 18}currency_peg {c |}{col 32}{res}{space 2}-.5792791{col 44}{space 2} .0842312{col 55}{space 1}   -6.88{col 64}{space 3}0.000{col 72}{space 4}-.7443691{col 85}{space 3} -.414189
{txt}{space 17}trade_balance {c |}{col 32}{res}{space 2} -.032254{col 44}{space 2}   .00669{col 55}{space 1}   -4.82{col 64}{space 3}0.000{col 72}{space 4}-.0453662{col 85}{space 3}-.0191418
{txt}{space 29}t {c |}{col 32}{res}{space 2} 1.013486{col 44}{space 2} .1414147{col 55}{space 1}    7.17{col 64}{space 3}0.000{col 72}{space 4} .7363184{col 85}{space 3} 1.290654
{txt}{space 28}t2 {c |}{col 32}{res}{space 2}-.0270373{col 44}{space 2} .0047919{col 55}{space 1}   -5.64{col 64}{space 3}0.000{col 72}{space 4}-.0364292{col 85}{space 3}-.0176455
{txt}{space 28}t3 {c |}{col 32}{res}{space 2} .0002507{col 44}{space 2} .0000517{col 55}{space 1}    4.85{col 64}{space 3}0.000{col 72}{space 4} .0001494{col 85}{space 3} .0003519
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-10.85823{col 44}{space 2}  1.33699{col 55}{space 1}   -8.12{col 64}{space 3}0.000{col 72}{space 4}-13.47869{col 85}{space 3}-8.237783
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}mills                          {txt}{c |}
{space 24}lambda {c |}{col 32}{res}{space 2} .1432427{col 44}{space 2} .0531584{col 55}{space 1}    2.69{col 64}{space 3}0.007{col 72}{space 4} .0390541{col 85}{space 3} .2474313
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                           rho {c |} {res}   0.49239
                         {txt}sigma {c |} {res} .29091352
{txt}{hline 31}{c BT}{hline 64}

{com}. est store tab23
{txt}
{com}. 
. 
. 
. heckman log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit12##c.cbi_irreg polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode, select(experience_crisis = log_gdppc gdp_growth kaopen currency_peg trade_balance t t2 t3) twostep
{res}
{txt}Heckman selection model -- two-step estimates   Number of obs      = {res}     2063
{txt}(regression model with sample selection)        Censored obs       = {res}      586
                                                {txt}Uncensored obs     = {res}     1477

                                                {txt}Wald chi2({res}75{txt})      = {res}  8307.97
                                                {txt}Prob > chi2        =    {res}0.0000

{txt}{hline 34}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 35}{c |}      Coef.{col 47}   Std. Err.{col 59}      z{col 67}   P>|z|{col 75}     [95% Con{col 88}f. Interval]
{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}log_fi_res_totl_mo                {txt}{c |}
{space 15}log_fi_res_totl_mo {c |}
{space 30}L1. {c |}{col 35}{res}{space 2} .8031335{col 47}{space 2}  .016239{col 58}{space 1}   49.46{col 67}{space 3}0.000{col 75}{space 4} .7713057{col 88}{space 3} .8349612
{txt}{space 33} {c |}
{space 14}polity_frac_polit12 {c |}{col 35}{res}{space 2} .0684464{col 47}{space 2} .0356315{col 58}{space 1}    1.92{col 67}{space 3}0.055{col 75}{space 4}  -.00139{col 88}{space 3} .1382828
{txt}{space 24}cbi_irreg {c |}{col 35}{res}{space 2} .0135757{col 47}{space 2} .0172415{col 58}{space 1}    0.79{col 67}{space 3}0.431{col 75}{space 4} -.020217{col 88}{space 3} .0473685
{txt}{space 33} {c |}
c.polity_frac_polit12#c.cbi_irreg {c |}{col 35}{res}{space 2}-.0040361{col 47}{space 2} .0316048{col 58}{space 1}   -0.13{col 67}{space 3}0.898{col 75}{space 4}-.0659804{col 88}{space 3} .0579081
{txt}{space 33} {c |}
{space 26}polity2 {c |}{col 35}{res}{space 2} .0055225{col 47}{space 2}  .002459{col 58}{space 1}    2.25{col 67}{space 3}0.025{col 75}{space 4} .0007029{col 88}{space 3} .0103421
{txt}{space 20}sum_imftotal5 {c |}{col 35}{res}{space 2} -.018843{col 47}{space 2} .0262262{col 58}{space 1}   -0.72{col 67}{space 3}0.472{col 75}{space 4}-.0702455{col 88}{space 3} .0325594
{txt}{space 19}ne_imp_gnfs_zs {c |}{col 35}{res}{space 2}-.0032146{col 47}{space 2} .0013963{col 58}{space 1}   -2.30{col 67}{space 3}0.021{col 75}{space 4}-.0059514{col 88}{space 3}-.0004779
{txt}{space 20}trade_balance {c |}{col 35}{res}{space 2} .0131942{col 47}{space 2} .0019308{col 58}{space 1}    6.83{col 67}{space 3}0.000{col 75}{space 4} .0094098{col 88}{space 3} .0169786
{txt}{space 21}presidential {c |}{col 35}{res}{space 2} .1049898{col 47}{space 2} .0491729{col 58}{space 1}    2.14{col 67}{space 3}0.033{col 75}{space 4} .0086127{col 88}{space 3} .2013669
{txt}{space 24}log_gdppc {c |}{col 35}{res}{space 2}-.1076562{col 47}{space 2} .0334873{col 58}{space 1}   -3.21{col 67}{space 3}0.001{col 75}{space 4}  -.17329{col 88}{space 3}-.0420223
{txt}{space 23}gdp_growth {c |}{col 35}{res}{space 2}-.0073977{col 47}{space 2} .0022692{col 58}{space 1}   -3.26{col 67}{space 3}0.001{col 75}{space 4}-.0118453{col 88}{space 3}-.0029501
{txt}{space 26}log_pop {c |}{col 35}{res}{space 2} .3478436{col 47}{space 2} .1347445{col 58}{space 1}    2.58{col 67}{space 3}0.010{col 75}{space 4} .0837492{col 88}{space 3} .6119381
{txt}{space 27}kaopen {c |}{col 35}{res}{space 2}-.0256115{col 47}{space 2} .0110606{col 58}{space 1}   -2.32{col 67}{space 3}0.021{col 75}{space 4}-.0472898{col 88}{space 3}-.0039331
{txt}{space 21}currency_peg {c |}{col 35}{res}{space 2} .0009968{col 47}{space 2} .0254182{col 58}{space 1}    0.04{col 67}{space 3}0.969{col 75}{space 4}-.0488221{col 88}{space 3} .0508156
{txt}{space 18}currency_binary {c |}{col 35}{res}{space 2}-.1254958{col 47}{space 2} .0207241{col 58}{space 1}   -6.06{col 67}{space 3}0.000{col 75}{space 4}-.1661143{col 88}{space 3}-.0848774
{txt}{space 23}time_trend {c |}{col 35}{res}{space 2} .0032669{col 47}{space 2} .0037699{col 58}{space 1}    0.87{col 67}{space 3}0.386{col 75}{space 4}-.0041221{col 88}{space 3} .0106558
{txt}{space 33} {c |}
{space 26}cowcode {c |}
{space 30}42  {c |}{col 35}{res}{space 2} .9928951{col 47}{space 2} .5331078{col 58}{space 1}    1.86{col 67}{space 3}0.063{col 75}{space 4}-.0519769{col 88}{space 3} 2.037767
{txt}{space 30}70  {c |}{col 35}{res}{space 2} .3002019{col 47}{space 2} .2024005{col 58}{space 1}    1.48{col 67}{space 3}0.138{col 75}{space 4}-.0964958{col 88}{space 3} .6968996
{txt}{space 30}90  {c |}{col 35}{res}{space 2} 1.124979{col 47}{space 2} .5092774{col 58}{space 1}    2.21{col 67}{space 3}0.027{col 75}{space 4} .1268137{col 88}{space 3} 2.123144
{txt}{space 30}91  {c |}{col 35}{res}{space 2} 1.396524{col 47}{space 2} .5969003{col 58}{space 1}    2.34{col 67}{space 3}0.019{col 75}{space 4} .2266208{col 88}{space 3} 2.566427
{txt}{space 30}92  {c |}{col 35}{res}{space 2} 1.361229{col 47}{space 2} .5862806{col 58}{space 1}    2.32{col 67}{space 3}0.020{col 75}{space 4} .2121399{col 88}{space 3} 2.510318
{txt}{space 30}93  {c |}{col 35}{res}{space 2} 1.537544{col 47}{space 2} .6328408{col 58}{space 1}    2.43{col 67}{space 3}0.015{col 75}{space 4} .2971988{col 88}{space 3} 2.777889
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{txt}{space 29}101  {c |}{col 35}{res}{space 2} .8962463{col 47}{space 2} .3903427{col 58}{space 1}    2.30{col 67}{space 3}0.022{col 75}{space 4} .1311887{col 88}{space 3} 1.661304
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{txt}{space 29}200  {c |}{col 35}{res}{space 2} .5096681{col 47}{space 2} .2170957{col 58}{space 1}    2.35{col 67}{space 3}0.019{col 75}{space 4} .0841683{col 88}{space 3} .9351678
{txt}{space 29}205  {c |}{col 35}{res}{space 2} 1.324375{col 47}{space 2} .5877044{col 58}{space 1}    2.25{col 67}{space 3}0.024{col 75}{space 4}  .172496{col 88}{space 3} 2.476255
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{txt}{space 29}475  {c |}{col 35}{res}{space 2} .0459862{col 47}{space 2}  .243262{col 58}{space 1}    0.19{col 67}{space 3}0.850{col 75}{space 4}-.4307985{col 88}{space 3} .5227709
{txt}{space 29}501  {c |}{col 35}{res}{space 2} .6063325{col 47}{space 2} .4138312{col 58}{space 1}    1.47{col 67}{space 3}0.143{col 75}{space 4}-.2047618{col 88}{space 3} 1.417427
{txt}{space 29}551  {c |}{col 35}{res}{space 2} .9757384{col 47}{space 2} .5418755{col 58}{space 1}    1.80{col 67}{space 3}0.072{col 75}{space 4} -.086318{col 88}{space 3} 2.037795
{txt}{space 29}552  {c |}{col 35}{res}{space 2} .9983406{col 47}{space 2} .5042293{col 58}{space 1}    1.98{col 67}{space 3}0.048{col 75}{space 4} .0100694{col 88}{space 3} 1.986612
{txt}{space 29}560  {c |}{col 35}{res}{space 2} .5392117{col 47}{space 2} .3109788{col 58}{space 1}    1.73{col 67}{space 3}0.083{col 75}{space 4}-.0702955{col 88}{space 3} 1.148719
{txt}{space 29}590  {c |}{col 35}{res}{space 2} 2.084366{col 47}{space 2} .7822335{col 58}{space 1}    2.66{col 67}{space 3}0.008{col 75}{space 4} .5512169{col 88}{space 3} 3.617516
{txt}{space 29}600  {c |}{col 35}{res}{space 2} .9064791{col 47}{space 2} .3906978{col 58}{space 1}    2.32{col 67}{space 3}0.020{col 75}{space 4} .1407255{col 88}{space 3} 1.672233
{txt}{space 29}615  {c |}{col 35}{res}{space 2} 1.094459{col 47}{space 2} .4591584{col 58}{space 1}    2.38{col 67}{space 3}0.017{col 75}{space 4} .1945253{col 88}{space 3} 1.994393
{txt}{space 29}616  {c |}{col 35}{res}{space 2} 1.162657{col 47}{space 2} .5221444{col 58}{space 1}    2.23{col 67}{space 3}0.026{col 75}{space 4} .1392732{col 88}{space 3} 2.186042
{txt}{space 29}640  {c |}{col 35}{res}{space 2} .6157194{col 47}{space 2} .2616466{col 58}{space 1}    2.35{col 67}{space 3}0.019{col 75}{space 4} .1029015{col 88}{space 3} 1.128537
{txt}{space 29}651  {c |}{col 35}{res}{space 2} .7451302{col 47}{space 2} .2842742{col 58}{space 1}    2.62{col 67}{space 3}0.009{col 75}{space 4} .1879631{col 88}{space 3} 1.302297
{txt}{space 29}710  {c |}{col 35}{res}{space 2}-.4267663{col 47}{space 2} .2065193{col 58}{space 1}   -2.07{col 67}{space 3}0.039{col 75}{space 4}-.8315366{col 88}{space 3} -.021996
{txt}{space 29}732  {c |}{col 35}{res}{space 2} .6803852{col 47}{space 2} .2789655{col 58}{space 1}    2.44{col 67}{space 3}0.015{col 75}{space 4}  .133623{col 88}{space 3} 1.227147
{txt}{space 29}740  {c |}{col 35}{res}{space 2} .5437786{col 47}{space 2} .1312715{col 58}{space 1}    4.14{col 67}{space 3}0.000{col 75}{space 4} .2864912{col 88}{space 3}  .801066
{txt}{space 29}750  {c |}{col 35}{res}{space 2} -.535409{col 47}{space 2} .1762395{col 58}{space 1}   -3.04{col 67}{space 3}0.002{col 75}{space 4} -.880832{col 88}{space 3}-.1899861
{txt}{space 29}780  {c |}{col 35}{res}{space 2} .8844079{col 47}{space 2} .4519151{col 58}{space 1}    1.96{col 67}{space 3}0.050{col 75}{space 4}-.0013294{col 88}{space 3} 1.770145
{txt}{space 29}800  {c |}{col 35}{res}{space 2}  .663497{col 47}{space 2} .2775585{col 58}{space 1}    2.39{col 67}{space 3}0.017{col 75}{space 4} .1194924{col 88}{space 3} 1.207502
{txt}{space 29}820  {c |}{col 35}{res}{space 2} .9819314{col 47}{space 2} .4030694{col 58}{space 1}    2.44{col 67}{space 3}0.015{col 75}{space 4} .1919298{col 88}{space 3} 1.771933
{txt}{space 29}830  {c |}{col 35}{res}{space 2} 2.048933{col 47}{space 2} .6256442{col 58}{space 1}    3.27{col 67}{space 3}0.001{col 75}{space 4} .8226931{col 88}{space 3} 3.275173
{txt}{space 29}840  {c |}{col 35}{res}{space 2} .3763791{col 47}{space 2} .2754092{col 58}{space 1}    1.37{col 67}{space 3}0.172{col 75}{space 4}-.1634129{col 88}{space 3} .9161711
{txt}{space 29}850  {c |}{col 35}{res}{space 2} .0808691{col 47}{space 2} .1674074{col 58}{space 1}    0.48{col 67}{space 3}0.629{col 75}{space 4}-.2472433{col 88}{space 3} .4089815
{txt}{space 29}900  {c |}{col 35}{res}{space 2} 1.064458{col 47}{space 2} .3762531{col 58}{space 1}    2.83{col 67}{space 3}0.005{col 75}{space 4}  .327015{col 88}{space 3}   1.8019
{txt}{space 29}920  {c |}{col 35}{res}{space 2} 1.557703{col 47}{space 2} .5899596{col 58}{space 1}    2.64{col 67}{space 3}0.008{col 75}{space 4} .4014038{col 88}{space 3} 2.714003
{txt}{space 33} {c |}
{space 28}_cons {c |}{col 35}{res}{space 2}-5.777099{col 47}{space 2} 2.694467{col 58}{space 1}   -2.14{col 67}{space 3}0.032{col 75}{space 4}-11.05816{col 88}{space 3}-.4960412
{txt}{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}experience_crisis                 {txt}{c |}
{space 24}log_gdppc {c |}{col 35}{res}{space 2}-.0512983{col 47}{space 2}  .037183{col 58}{space 1}   -1.38{col 67}{space 3}0.168{col 75}{space 4}-.1241756{col 88}{space 3}  .021579
{txt}{space 23}gdp_growth {c |}{col 35}{res}{space 2}-.0024183{col 47}{space 2} .0105997{col 58}{space 1}   -0.23{col 67}{space 3}0.820{col 75}{space 4}-.0231933{col 88}{space 3} .0183567
{txt}{space 27}kaopen {c |}{col 35}{res}{space 2}-.2754742{col 47}{space 2} .0352946{col 58}{space 1}   -7.80{col 67}{space 3}0.000{col 75}{space 4}-.3446503{col 88}{space 3}-.2062981
{txt}{space 21}currency_peg {c |}{col 35}{res}{space 2}-.5786558{col 47}{space 2} .0842467{col 58}{space 1}   -6.87{col 67}{space 3}0.000{col 75}{space 4}-.7437764{col 88}{space 3}-.4135352
{txt}{space 20}trade_balance {c |}{col 35}{res}{space 2}-.0322724{col 47}{space 2} .0066894{col 58}{space 1}   -4.82{col 67}{space 3}0.000{col 75}{space 4}-.0453834{col 88}{space 3}-.0191615
{txt}{space 32}t {c |}{col 35}{res}{space 2} 1.014401{col 47}{space 2} .1414721{col 58}{space 1}    7.17{col 67}{space 3}0.000{col 75}{space 4} .7371205{col 88}{space 3} 1.291681
{txt}{space 31}t2 {c |}{col 35}{res}{space 2}-.0270717{col 47}{space 2}  .004794{col 58}{space 1}   -5.65{col 67}{space 3}0.000{col 75}{space 4}-.0364677{col 88}{space 3}-.0176757
{txt}{space 31}t3 {c |}{col 35}{res}{space 2}  .000251{col 47}{space 2} .0000517{col 58}{space 1}    4.86{col 67}{space 3}0.000{col 75}{space 4} .0001497{col 88}{space 3} .0003523
{txt}{space 28}_cons {c |}{col 35}{res}{space 2}-10.86729{col 47}{space 2} 1.337613{col 58}{space 1}   -8.12{col 67}{space 3}0.000{col 75}{space 4}-13.48896{col 88}{space 3}-8.245612
{txt}{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}mills                             {txt}{c |}
{space 27}lambda {c |}{col 35}{res}{space 2} .1382884{col 47}{space 2} .0531151{col 58}{space 1}    2.60{col 67}{space 3}0.009{col 75}{space 4} .0341847{col 88}{space 3} .2423922
{txt}{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                              rho {c |} {res}   0.47654
                            {txt}sigma {c |} {res}   .290195
{txt}{hline 34}{c BT}{hline 64}

{com}. 
. est store tab24
{txt}
{com}. 
. 
. 
. * Table 38:
. *esttab tab21 tab22 tab23 tab24 using robust_heckman6.tex, b(%8.3f) se(%8.3f) scalars(ll) bic title("Log Reserves in Months of Imports with Heckman Selection Model") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. * Tables 39 - 41: Setting missing values for political change variables to 0.5 (i.e. those countries that never experience a crisis)
. 
. gen sum_polit11_05 = sum_polit11_binary
{txt}(6109 missing values generated)

{com}. replace sum_polit11_05 = 0.5 if sum_polit11_binary == .
{txt}(6109 real changes made)

{com}. 
. gen sum_polit12_05 = sum_polit12_binary
{txt}(6109 missing values generated)

{com}. replace sum_polit12_05 = 0.5 if sum_polit12_binary == .
{txt}(6109 real changes made)

{com}. 
. gen currency_binary_0 = currency_binary
{txt}(5444 missing values generated)

{com}. replace currency_binary_0 = 0 if currency_binary == .
{txt}(5444 real changes made)

{com}. 
. gen sum_polit11_0 = sum_polit11_binary
{txt}(6109 missing values generated)

{com}. replace sum_polit11_0 = 0 if sum_polit11_binary == .
{txt}(6109 real changes made)

{com}. 
. gen sum_polit12_0 = sum_polit12_binary
{txt}(6109 missing values generated)

{com}. replace sum_polit12_0 = 0 if sum_polit12_binary == .
{txt}(6109 real changes made)

{com}. 
. gen polity_frac_polit11_0 = polity_frac_polit11
{txt}(6346 missing values generated)

{com}. replace polity_frac_polit11_0 = 0 if polity_frac_polit11 == .
{txt}(6346 real changes made)

{com}. 
. 
. gen polity_frac_polit12_0 = polity_frac_polit12
{txt}(6346 missing values generated)

{com}. replace polity_frac_polit12_0 = 0 if polity_frac_polit12 == .
{txt}(6346 real changes made)

{com}. 
. gen sum_imftotal5_0 = sum_imftotal5
{txt}(5970 missing values generated)

{com}. replace sum_imftotal5_0 = 0 if sum_imftotal5 == .
{txt}(5970 real changes made)

{com}. 
. 
. *H1:
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit11_05 polity2 sum_imftotal5_0 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary_0 time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     2632
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}      116

{txt}R-sq:  within  = {res}0.6612                         {txt}Obs per group: min = {res}        2
{txt}       between = {res}0.7128                                        {txt}avg = {res}     22.7
{txt}       overall = {res}0.6722                                        {txt}max = {res}       33

                                                {txt}F({res}15{txt},{res}115{txt})          = {res}   119.32
{txt}corr(u_i, Xb)  = {res}-0.2601                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 84:(Std. Err. adjusted for {res:116} clusters in cowcode)}
{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 20}{c |}{col 32}    Robust
{col 1}log_fi_res_totl_mo{col 20}{c |}      Coef.{col 32}   Std. Err.{col 44}      t{col 52}   P>|t|{col 60}     [95% Con{col 73}f. Interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
log_fi_res_totl_mo {c |}
{space 15}L1. {c |}{col 20}{res}{space 2} .7758171{col 32}{space 2} .0280352{col 43}{space 1}   27.67{col 52}{space 3}0.000{col 60}{space 4} .7202848{col 73}{space 3} .8313494
{txt}{space 18} {c |}
{space 4}sum_polit11_05 {c |}{col 20}{res}{space 2} .0581703{col 32}{space 2} .0240928{col 43}{space 1}    2.41{col 52}{space 3}0.017{col 60}{space 4} .0104471{col 73}{space 3} .1058935
{txt}{space 11}polity2 {c |}{col 20}{res}{space 2} .0063652{col 32}{space 2} .0027936{col 43}{space 1}    2.28{col 52}{space 3}0.025{col 60}{space 4} .0008315{col 73}{space 3} .0118988
{txt}{space 3}sum_imftotal5_0 {c |}{col 20}{res}{space 2} .0105652{col 32}{space 2} .0318592{col 43}{space 1}    0.33{col 52}{space 3}0.741{col 60}{space 4}-.0525418{col 73}{space 3} .0736721
{txt}{space 4}ne_imp_gnfs_zs {c |}{col 20}{res}{space 2}-.0021067{col 32}{space 2} .0015597{col 43}{space 1}   -1.35{col 52}{space 3}0.179{col 60}{space 4}-.0051961{col 73}{space 3} .0009828
{txt}{space 5}trade_balance {c |}{col 20}{res}{space 2} .0089377{col 32}{space 2} .0019437{col 43}{space 1}    4.60{col 52}{space 3}0.000{col 60}{space 4} .0050876{col 73}{space 3} .0127878
{txt}{space 9}cbi_irreg {c |}{col 20}{res}{space 2} .0108128{col 32}{space 2} .0127964{col 43}{space 1}    0.84{col 52}{space 3}0.400{col 60}{space 4}-.0145344{col 73}{space 3}   .03616
{txt}{space 6}presidential {c |}{col 20}{res}{space 2} .1551147{col 32}{space 2} .0503869{col 43}{space 1}    3.08{col 52}{space 3}0.003{col 60}{space 4} .0553079{col 73}{space 3} .2549214
{txt}{space 9}log_gdppc {c |}{col 20}{res}{space 2}-.1583565{col 32}{space 2} .0434571{col 43}{space 1}   -3.64{col 52}{space 3}0.000{col 60}{space 4}-.2444366{col 73}{space 3}-.0722764
{txt}{space 8}gdp_growth {c |}{col 20}{res}{space 2}-.0035958{col 32}{space 2} .0026072{col 43}{space 1}   -1.38{col 52}{space 3}0.171{col 60}{space 4}-.0087602{col 73}{space 3} .0015686
{txt}{space 11}log_pop {c |}{col 20}{res}{space 2}  .134399{col 32}{space 2} .1692314{col 43}{space 1}    0.79{col 52}{space 3}0.429{col 60}{space 4}-.2008158{col 73}{space 3} .4696138
{txt}{space 12}kaopen {c |}{col 20}{res}{space 2} .0058426{col 32}{space 2} .0116168{col 43}{space 1}    0.50{col 52}{space 3}0.616{col 60}{space 4}-.0171681{col 73}{space 3} .0288533
{txt}{space 6}currency_peg {c |}{col 20}{res}{space 2} .0073397{col 32}{space 2} .0267235{col 43}{space 1}    0.27{col 52}{space 3}0.784{col 60}{space 4}-.0455944{col 73}{space 3} .0602737
{txt}{space 1}currency_binary_0 {c |}{col 20}{res}{space 2}-.1162598{col 32}{space 2}  .025908{col 43}{space 1}   -4.49{col 52}{space 3}0.000{col 60}{space 4}-.1675786{col 73}{space 3}-.0649409
{txt}{space 8}time_trend {c |}{col 20}{res}{space 2} .0031778{col 32}{space 2} .0042893{col 43}{space 1}    0.74{col 52}{space 3}0.460{col 60}{space 4}-.0053185{col 73}{space 3} .0116741
{txt}{space 13}_cons {c |}{col 20}{res}{space 2} -.886221{col 32}{space 2} 2.807523{col 43}{space 1}   -0.32{col 52}{space 3}0.753{col 60}{space 4}-6.447384{col 73}{space 3} 4.674942
{txt}{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
           sigma_u {c |} {res} .35158701
           {txt}sigma_e {c |} {res} .32169366
               {txt}rho {c |} {res} .54431219{txt}   (fraction of variance due to u_i)
{hline 19}{c BT}{hline 64}

{com}. 
. est store tab1
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit12_05 polity2 sum_imftotal5_0 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary_0 time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     2632
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}      116

{txt}R-sq:  within  = {res}0.6612                         {txt}Obs per group: min = {res}        2
{txt}       between = {res}0.7186                                        {txt}avg = {res}     22.7
{txt}       overall = {res}0.6758                                        {txt}max = {res}       33

                                                {txt}F({res}15{txt},{res}115{txt})          = {res}   119.90
{txt}corr(u_i, Xb)  = {res}-0.2537                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 84:(Std. Err. adjusted for {res:116} clusters in cowcode)}
{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 20}{c |}{col 32}    Robust
{col 1}log_fi_res_totl_mo{col 20}{c |}      Coef.{col 32}   Std. Err.{col 44}      t{col 52}   P>|t|{col 60}     [95% Con{col 73}f. Interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
log_fi_res_totl_mo {c |}
{space 15}L1. {c |}{col 20}{res}{space 2} .7762403{col 32}{space 2} .0283374{col 43}{space 1}   27.39{col 52}{space 3}0.000{col 60}{space 4} .7201093{col 73}{space 3} .8323713
{txt}{space 18} {c |}
{space 4}sum_polit12_05 {c |}{col 20}{res}{space 2} .0620932{col 32}{space 2} .0281621{col 43}{space 1}    2.20{col 52}{space 3}0.029{col 60}{space 4} .0063095{col 73}{space 3} .1178768
{txt}{space 11}polity2 {c |}{col 20}{res}{space 2} .0063733{col 32}{space 2} .0027901{col 43}{space 1}    2.28{col 52}{space 3}0.024{col 60}{space 4} .0008467{col 73}{space 3} .0118999
{txt}{space 3}sum_imftotal5_0 {c |}{col 20}{res}{space 2} .0083588{col 32}{space 2}  .034753{col 43}{space 1}    0.24{col 52}{space 3}0.810{col 60}{space 4}-.0604802{col 73}{space 3} .0771978
{txt}{space 4}ne_imp_gnfs_zs {c |}{col 20}{res}{space 2}-.0020414{col 32}{space 2} .0015429{col 43}{space 1}   -1.32{col 52}{space 3}0.188{col 60}{space 4}-.0050976{col 73}{space 3} .0010149
{txt}{space 5}trade_balance {c |}{col 20}{res}{space 2} .0089997{col 32}{space 2} .0019579{col 43}{space 1}    4.60{col 52}{space 3}0.000{col 60}{space 4} .0051214{col 73}{space 3} .0128779
{txt}{space 9}cbi_irreg {c |}{col 20}{res}{space 2}  .010259{col 32}{space 2}  .012861{col 43}{space 1}    0.80{col 52}{space 3}0.427{col 60}{space 4}-.0152162{col 73}{space 3} .0357343
{txt}{space 6}presidential {c |}{col 20}{res}{space 2} .1601663{col 32}{space 2} .0503537{col 43}{space 1}    3.18{col 52}{space 3}0.002{col 60}{space 4} .0604253{col 73}{space 3} .2599073
{txt}{space 9}log_gdppc {c |}{col 20}{res}{space 2}-.1564764{col 32}{space 2} .0436057{col 43}{space 1}   -3.59{col 52}{space 3}0.000{col 60}{space 4}-.2428508{col 73}{space 3}-.0701019
{txt}{space 8}gdp_growth {c |}{col 20}{res}{space 2}-.0036816{col 32}{space 2} .0026135{col 43}{space 1}   -1.41{col 52}{space 3}0.162{col 60}{space 4}-.0088584{col 73}{space 3} .0014952
{txt}{space 11}log_pop {c |}{col 20}{res}{space 2} .1351722{col 32}{space 2} .1680087{col 43}{space 1}    0.80{col 52}{space 3}0.423{col 60}{space 4}-.1976207{col 73}{space 3} .4679651
{txt}{space 12}kaopen {c |}{col 20}{res}{space 2} .0059751{col 32}{space 2} .0114542{col 43}{space 1}    0.52{col 52}{space 3}0.603{col 60}{space 4}-.0167134{col 73}{space 3} .0286637
{txt}{space 6}currency_peg {c |}{col 20}{res}{space 2} .0059715{col 32}{space 2} .0264014{col 43}{space 1}    0.23{col 52}{space 3}0.821{col 60}{space 4}-.0463245{col 73}{space 3} .0582676
{txt}{space 1}currency_binary_0 {c |}{col 20}{res}{space 2}-.1163172{col 32}{space 2} .0259442{col 43}{space 1}   -4.48{col 52}{space 3}0.000{col 60}{space 4}-.1677076{col 73}{space 3}-.0649268
{txt}{space 8}time_trend {c |}{col 20}{res}{space 2} .0032987{col 32}{space 2} .0042868{col 43}{space 1}    0.77{col 52}{space 3}0.443{col 60}{space 4}-.0051926{col 73}{space 3}   .01179
{txt}{space 13}_cons {c |}{col 20}{res}{space 2}-.9130682{col 32}{space 2} 2.788197{col 43}{space 1}   -0.33{col 52}{space 3}0.744{col 60}{space 4} -6.43595{col 73}{space 3} 4.609814
{txt}{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
           sigma_u {c |} {res}  .3474104
           {txt}sigma_e {c |} {res} .32167972
               {txt}rho {c |} {res} .53839945{txt}   (fraction of variance due to u_i)
{hline 19}{c BT}{hline 64}

{com}. 
. est store tab2
{txt}
{com}. 
. * Table 39:
. **esttab tab1 tab2 using impute_05.tex, b(%8.3f) se(%8.3f) title("Setting Missing Values in the Political Change Variables to 0") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. *H5: ir differential
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.sum_polit11_05##c.ir_diff polity2 sum_imftotal5_0 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary_0 time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     2112
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}      109

{txt}R-sq:  within  = {res}0.6302                         {txt}Obs per group: min = {res}        2
{txt}       between = {res}0.4748                                        {txt}avg = {res}     19.4
{txt}       overall = {res}0.4603                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}108{txt})          = {res}    80.86
{txt}corr(u_i, Xb)  = {res}-0.6138                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 92:(Std. Err. adjusted for {res:109} clusters in cowcode)}
{hline 27}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 28}{c |}{col 40}    Robust
{col 1}        log_fi_res_totl_mo{col 28}{c |}      Coef.{col 40}   Std. Err.{col 52}      t{col 60}   P>|t|{col 68}     [95% Con{col 81}f. Interval]
{hline 27}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}log_fi_res_totl_mo {c |}
{space 23}L1. {c |}{col 28}{res}{space 2} .7459232{col 40}{space 2} .0354918{col 51}{space 1}   21.02{col 60}{space 3}0.000{col 68}{space 4} .6755723{col 81}{space 3} .8162742
{txt}{space 26} {c |}
{space 12}sum_polit11_05 {c |}{col 28}{res}{space 2} .0042424{col 40}{space 2} .0377442{col 51}{space 1}    0.11{col 60}{space 3}0.911{col 68}{space 4}-.0705732{col 81}{space 3}  .079058
{txt}{space 19}ir_diff {c |}{col 28}{res}{space 2} .1618777{col 40}{space 2} .2791656{col 51}{space 1}    0.58{col 60}{space 3}0.563{col 68}{space 4}-.3914769{col 81}{space 3} .7152322
{txt}{space 26} {c |}
c.sum_polit11_05#c.ir_diff {c |}{col 28}{res}{space 2}-.2651016{col 40}{space 2} .2826822{col 51}{space 1}   -0.94{col 60}{space 3}0.350{col 68}{space 4}-.8254269{col 81}{space 3} .2952236
{txt}{space 26} {c |}
{space 19}polity2 {c |}{col 28}{res}{space 2} .0075695{col 40}{space 2} .0029888{col 51}{space 1}    2.53{col 60}{space 3}0.013{col 68}{space 4} .0016451{col 81}{space 3} .0134939
{txt}{space 11}sum_imftotal5_0 {c |}{col 28}{res}{space 2} .0144866{col 40}{space 2} .0374492{col 51}{space 1}    0.39{col 60}{space 3}0.700{col 68}{space 4}-.0597443{col 81}{space 3} .0887175
{txt}{space 12}ne_imp_gnfs_zs {c |}{col 28}{res}{space 2}-.0030679{col 40}{space 2} .0016111{col 51}{space 1}   -1.90{col 60}{space 3}0.060{col 68}{space 4}-.0062614{col 81}{space 3} .0001256
{txt}{space 13}trade_balance {c |}{col 28}{res}{space 2} .0081656{col 40}{space 2} .0021633{col 51}{space 1}    3.77{col 60}{space 3}0.000{col 68}{space 4} .0038775{col 81}{space 3} .0124537
{txt}{space 17}cbi_irreg {c |}{col 28}{res}{space 2}-.0090017{col 40}{space 2} .0136033{col 51}{space 1}   -0.66{col 60}{space 3}0.510{col 68}{space 4}-.0359657{col 81}{space 3} .0179624
{txt}{space 14}presidential {c |}{col 28}{res}{space 2} .2008452{col 40}{space 2} .0565963{col 51}{space 1}    3.55{col 60}{space 3}0.001{col 68}{space 4} .0886615{col 81}{space 3}  .313029
{txt}{space 17}log_gdppc {c |}{col 28}{res}{space 2}-.1290574{col 40}{space 2} .0474587{col 51}{space 1}   -2.72{col 60}{space 3}0.008{col 68}{space 4}-.2231287{col 81}{space 3}-.0349861
{txt}{space 16}gdp_growth {c |}{col 28}{res}{space 2}-.0031066{col 40}{space 2}  .003005{col 51}{space 1}   -1.03{col 60}{space 3}0.304{col 68}{space 4}-.0090631{col 81}{space 3} .0028498
{txt}{space 19}log_pop {c |}{col 28}{res}{space 2} .3305249{col 40}{space 2} .2048436{col 51}{space 1}    1.61{col 60}{space 3}0.110{col 68}{space 4}-.0755106{col 81}{space 3} .7365604
{txt}{space 20}kaopen {c |}{col 28}{res}{space 2}  .000209{col 40}{space 2} .0127489{col 51}{space 1}    0.02{col 60}{space 3}0.987{col 68}{space 4}-.0250616{col 81}{space 3} .0254796
{txt}{space 14}currency_peg {c |}{col 28}{res}{space 2} .0322101{col 40}{space 2} .0325919{col 51}{space 1}    0.99{col 60}{space 3}0.325{col 68}{space 4}-.0323926{col 81}{space 3} .0968129
{txt}{space 9}currency_binary_0 {c |}{col 28}{res}{space 2}-.1166842{col 40}{space 2} .0294522{col 51}{space 1}   -3.96{col 60}{space 3}0.000{col 68}{space 4}-.1750637{col 81}{space 3}-.0583048
{txt}{space 16}time_trend {c |}{col 28}{res}{space 2}  .000829{col 40}{space 2} .0050511{col 51}{space 1}    0.16{col 60}{space 3}0.870{col 68}{space 4}-.0091832{col 81}{space 3} .0108412
{txt}{space 21}_cons {c |}{col 28}{res}{space 2}-4.165079{col 40}{space 2} 3.339097{col 51}{space 1}   -1.25{col 60}{space 3}0.215{col 68}{space 4}-10.78375{col 81}{space 3} 2.453592
{txt}{hline 27}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                   sigma_u {c |} {res} .57833636
                   {txt}sigma_e {c |} {res} .30060256
                       {txt}rho {c |} {res} .78730111{txt}   (fraction of variance due to u_i)
{hline 27}{c BT}{hline 64}

{com}. 
. est store tab3
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.sum_polit12_05##c.ir_diff polity2 sum_imftotal5_0 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary_0 time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     2112
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}      109

{txt}R-sq:  within  = {res}0.6300                         {txt}Obs per group: min = {res}        2
{txt}       between = {res}0.4768                                        {txt}avg = {res}     19.4
{txt}       overall = {res}0.4617                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}108{txt})          = {res}    83.72
{txt}corr(u_i, Xb)  = {res}-0.6146                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 92:(Std. Err. adjusted for {res:109} clusters in cowcode)}
{hline 27}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 28}{c |}{col 40}    Robust
{col 1}        log_fi_res_totl_mo{col 28}{c |}      Coef.{col 40}   Std. Err.{col 52}      t{col 60}   P>|t|{col 68}     [95% Con{col 81}f. Interval]
{hline 27}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 8}log_fi_res_totl_mo {c |}
{space 23}L1. {c |}{col 28}{res}{space 2} .7472391{col 40}{space 2} .0352182{col 51}{space 1}   21.22{col 60}{space 3}0.000{col 68}{space 4} .6774305{col 81}{space 3} .8170477
{txt}{space 26} {c |}
{space 12}sum_polit12_05 {c |}{col 28}{res}{space 2} .0256047{col 40}{space 2} .0367795{col 51}{space 1}    0.70{col 60}{space 3}0.488{col 68}{space 4}-.0472986{col 81}{space 3} .0985081
{txt}{space 19}ir_diff {c |}{col 28}{res}{space 2} .0216473{col 40}{space 2} .2422748{col 51}{space 1}    0.09{col 60}{space 3}0.929{col 68}{space 4}-.4585834{col 81}{space 3}  .501878
{txt}{space 26} {c |}
c.sum_polit12_05#c.ir_diff {c |}{col 28}{res}{space 2}-.1165289{col 40}{space 2} .2459227{col 51}{space 1}   -0.47{col 60}{space 3}0.637{col 68}{space 4}-.6039904{col 81}{space 3} .3709326
{txt}{space 26} {c |}
{space 19}polity2 {c |}{col 28}{res}{space 2} .0072507{col 40}{space 2} .0029751{col 51}{space 1}    2.44{col 60}{space 3}0.016{col 68}{space 4} .0013535{col 81}{space 3} .0131478
{txt}{space 11}sum_imftotal5_0 {c |}{col 28}{res}{space 2} .0109319{col 40}{space 2} .0381187{col 51}{space 1}    0.29{col 60}{space 3}0.775{col 68}{space 4}-.0646259{col 81}{space 3} .0864896
{txt}{space 12}ne_imp_gnfs_zs {c |}{col 28}{res}{space 2}-.0030742{col 40}{space 2} .0015878{col 51}{space 1}   -1.94{col 60}{space 3}0.055{col 68}{space 4}-.0062216{col 81}{space 3} .0000731
{txt}{space 13}trade_balance {c |}{col 28}{res}{space 2} .0081513{col 40}{space 2} .0021779{col 51}{space 1}    3.74{col 60}{space 3}0.000{col 68}{space 4} .0038343{col 81}{space 3} .0124683
{txt}{space 17}cbi_irreg {c |}{col 28}{res}{space 2}-.0084616{col 40}{space 2} .0136255{col 51}{space 1}   -0.62{col 60}{space 3}0.536{col 68}{space 4}-.0354696{col 81}{space 3} .0185465
{txt}{space 14}presidential {c |}{col 28}{res}{space 2} .2032376{col 40}{space 2} .0561814{col 51}{space 1}    3.62{col 60}{space 3}0.000{col 68}{space 4} .0918763{col 81}{space 3} .3145988
{txt}{space 17}log_gdppc {c |}{col 28}{res}{space 2}-.1295151{col 40}{space 2} .0477297{col 51}{space 1}   -2.71{col 60}{space 3}0.008{col 68}{space 4}-.2241237{col 81}{space 3}-.0349065
{txt}{space 16}gdp_growth {c |}{col 28}{res}{space 2}-.0029621{col 40}{space 2} .0029853{col 51}{space 1}   -0.99{col 60}{space 3}0.323{col 68}{space 4}-.0088795{col 81}{space 3} .0029554
{txt}{space 19}log_pop {c |}{col 28}{res}{space 2} .3311913{col 40}{space 2} .2042962{col 51}{space 1}    1.62{col 60}{space 3}0.108{col 68}{space 4}-.0737593{col 81}{space 3} .7361418
{txt}{space 20}kaopen {c |}{col 28}{res}{space 2}-.0003148{col 40}{space 2} .0128731{col 51}{space 1}   -0.02{col 60}{space 3}0.981{col 68}{space 4}-.0258315{col 81}{space 3} .0252019
{txt}{space 14}currency_peg {c |}{col 28}{res}{space 2} .0319937{col 40}{space 2} .0321446{col 51}{space 1}    1.00{col 60}{space 3}0.322{col 68}{space 4}-.0317225{col 81}{space 3} .0957098
{txt}{space 9}currency_binary_0 {c |}{col 28}{res}{space 2}-.1165467{col 40}{space 2} .0297158{col 51}{space 1}   -3.92{col 60}{space 3}0.000{col 68}{space 4}-.1754486{col 81}{space 3}-.0576448
{txt}{space 16}time_trend {c |}{col 28}{res}{space 2} .0012716{col 40}{space 2} .0049109{col 51}{space 1}    0.26{col 60}{space 3}0.796{col 68}{space 4}-.0084627{col 81}{space 3}  .011006
{txt}{space 21}_cons {c |}{col 28}{res}{space 2}-4.195796{col 40}{space 2} 3.334301{col 51}{space 1}   -1.26{col 60}{space 3}0.211{col 68}{space 4}-10.80496{col 81}{space 3} 2.413367
{txt}{hline 27}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                   sigma_u {c |} {res} .57807465
                   {txt}sigma_e {c |} {res} .30066632
                       {txt}rho {c |} {res} .78707841{txt}   (fraction of variance due to u_i)
{hline 27}{c BT}{hline 64}

{com}. 
. est store tab4
{txt}
{com}. 
. * Table 40:
. *esttab tab3 tab4 using impute_05_5.tex, b(%8.3f) se(%8.3f) title("Setting Missing Values in the Political Change Variables to 0.5") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. *H6: CBI
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.sum_polit11_05##c.cbi_irreg polity2 sum_imftotal5_0 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary_0 time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     2632
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}      116

{txt}R-sq:  within  = {res}0.6612                         {txt}Obs per group: min = {res}        2
{txt}       between = {res}0.7130                                        {txt}avg = {res}     22.7
{txt}       overall = {res}0.6723                                        {txt}max = {res}       33

                                                {txt}F({res}16{txt},{res}115{txt})          = {res}   111.69
{txt}corr(u_i, Xb)  = {res}-0.2599                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 94:(Std. Err. adjusted for {res:116} clusters in cowcode)}
{hline 29}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 30}{c |}{col 42}    Robust
{col 1}          log_fi_res_totl_mo{col 30}{c |}      Coef.{col 42}   Std. Err.{col 54}      t{col 62}   P>|t|{col 70}     [95% Con{col 83}f. Interval]
{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}log_fi_res_totl_mo {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .7758794{col 42}{space 2} .0281433{col 53}{space 1}   27.57{col 62}{space 3}0.000{col 70}{space 4} .7201331{col 83}{space 3} .8316258
{txt}{space 28} {c |}
{space 14}sum_polit11_05 {c |}{col 30}{res}{space 2} .0555575{col 42}{space 2} .0310082{col 53}{space 1}    1.79{col 62}{space 3}0.076{col 70}{space 4}-.0058637{col 83}{space 3} .1169788
{txt}{space 19}cbi_irreg {c |}{col 30}{res}{space 2} .0131676{col 42}{space 2} .0195732{col 53}{space 1}    0.67{col 62}{space 3}0.502{col 70}{space 4}-.0256032{col 83}{space 3} .0519384
{txt}{space 28} {c |}
c.sum_polit11_05#c.cbi_irreg {c |}{col 30}{res}{space 2}-.0037806{col 42}{space 2} .0274484{col 53}{space 1}   -0.14{col 62}{space 3}0.891{col 70}{space 4}-.0581505{col 83}{space 3} .0505894
{txt}{space 28} {c |}
{space 21}polity2 {c |}{col 30}{res}{space 2} .0063641{col 42}{space 2}  .002797{col 53}{space 1}    2.28{col 62}{space 3}0.025{col 70}{space 4} .0008238{col 83}{space 3} .0119044
{txt}{space 13}sum_imftotal5_0 {c |}{col 30}{res}{space 2} .0109084{col 42}{space 2} .0323229{col 53}{space 1}    0.34{col 62}{space 3}0.736{col 70}{space 4} -.053117{col 83}{space 3} .0749338
{txt}{space 14}ne_imp_gnfs_zs {c |}{col 30}{res}{space 2}-.0021035{col 42}{space 2} .0015611{col 53}{space 1}   -1.35{col 62}{space 3}0.180{col 70}{space 4}-.0051959{col 83}{space 3} .0009888
{txt}{space 15}trade_balance {c |}{col 30}{res}{space 2} .0089454{col 42}{space 2} .0019334{col 53}{space 1}    4.63{col 62}{space 3}0.000{col 70}{space 4} .0051157{col 83}{space 3} .0127752
{txt}{space 16}presidential {c |}{col 30}{res}{space 2} .1550819{col 42}{space 2} .0504602{col 53}{space 1}    3.07{col 62}{space 3}0.003{col 70}{space 4}   .05513{col 83}{space 3} .2550337
{txt}{space 19}log_gdppc {c |}{col 30}{res}{space 2}-.1583349{col 42}{space 2}  .043462{col 53}{space 1}   -3.64{col 62}{space 3}0.000{col 70}{space 4}-.2444249{col 83}{space 3} -.072245
{txt}{space 18}gdp_growth {c |}{col 30}{res}{space 2}-.0036034{col 42}{space 2} .0026181{col 53}{space 1}   -1.38{col 62}{space 3}0.171{col 70}{space 4}-.0087894{col 83}{space 3} .0015827
{txt}{space 21}log_pop {c |}{col 30}{res}{space 2} .1342994{col 42}{space 2} .1691812{col 53}{space 1}    0.79{col 62}{space 3}0.429{col 70}{space 4} -.200816{col 83}{space 3} .4694147
{txt}{space 22}kaopen {c |}{col 30}{res}{space 2} .0058752{col 42}{space 2} .0115608{col 53}{space 1}    0.51{col 62}{space 3}0.612{col 70}{space 4}-.0170246{col 83}{space 3}  .028775
{txt}{space 16}currency_peg {c |}{col 30}{res}{space 2} .0071493{col 42}{space 2}  .026393{col 53}{space 1}    0.27{col 62}{space 3}0.787{col 70}{space 4}-.0451301{col 83}{space 3} .0594287
{txt}{space 11}currency_binary_0 {c |}{col 30}{res}{space 2}-.1163162{col 42}{space 2} .0258904{col 53}{space 1}   -4.49{col 62}{space 3}0.000{col 70}{space 4}-.1676001{col 83}{space 3}-.0650323
{txt}{space 18}time_trend {c |}{col 30}{res}{space 2} .0031638{col 42}{space 2} .0042871{col 53}{space 1}    0.74{col 62}{space 3}0.462{col 70}{space 4}-.0053282{col 83}{space 3} .0116557
{txt}{space 23}_cons {c |}{col 30}{res}{space 2}-.8827831{col 42}{space 2} 2.805852{col 53}{space 1}   -0.31{col 62}{space 3}0.754{col 70}{space 4}-6.440636{col 83}{space 3}  4.67507
{txt}{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                     sigma_u {c |} {res} .35140827
                     {txt}sigma_e {c |} {res} .32175697
                         {txt}rho {c |} {res} .54396228{txt}   (fraction of variance due to u_i)
{hline 29}{c BT}{hline 64}

{com}. 
. est store tab5
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.sum_polit12_05##c.cbi_irreg polity2 sum_imftotal5_0 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary_0 time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     2632
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}      116

{txt}R-sq:  within  = {res}0.6612                         {txt}Obs per group: min = {res}        2
{txt}       between = {res}0.7181                                        {txt}avg = {res}     22.7
{txt}       overall = {res}0.6754                                        {txt}max = {res}       33

                                                {txt}F({res}16{txt},{res}115{txt})          = {res}   114.02
{txt}corr(u_i, Xb)  = {res}-0.2547                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 94:(Std. Err. adjusted for {res:116} clusters in cowcode)}
{hline 29}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 30}{c |}{col 42}    Robust
{col 1}          log_fi_res_totl_mo{col 30}{c |}      Coef.{col 42}   Std. Err.{col 54}      t{col 62}   P>|t|{col 70}     [95% Con{col 83}f. Interval]
{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}log_fi_res_totl_mo {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}  .776335{col 42}{space 2} .0283629{col 53}{space 1}   27.37{col 62}{space 3}0.000{col 70}{space 4} .7201536{col 83}{space 3} .8325165
{txt}{space 28} {c |}
{space 14}sum_polit12_05 {c |}{col 30}{res}{space 2} .0516566{col 42}{space 2}  .034805{col 53}{space 1}    1.48{col 62}{space 3}0.140{col 70}{space 4}-.0172854{col 83}{space 3} .1205987
{txt}{space 19}cbi_irreg {c |}{col 30}{res}{space 2} .0162007{col 42}{space 2} .0142079{col 53}{space 1}    1.14{col 62}{space 3}0.257{col 70}{space 4}-.0119425{col 83}{space 3} .0443439
{txt}{space 28} {c |}
c.sum_polit12_05#c.cbi_irreg {c |}{col 30}{res}{space 2}-.0130827{col 42}{space 2}   .02731{col 53}{space 1}   -0.48{col 62}{space 3}0.633{col 70}{space 4}-.0671786{col 83}{space 3} .0410131
{txt}{space 28} {c |}
{space 21}polity2 {c |}{col 30}{res}{space 2} .0064008{col 42}{space 2} .0027971{col 53}{space 1}    2.29{col 62}{space 3}0.024{col 70}{space 4} .0008603{col 83}{space 3} .0119413
{txt}{space 13}sum_imftotal5_0 {c |}{col 30}{res}{space 2} .0093846{col 42}{space 2} .0353659{col 53}{space 1}    0.27{col 62}{space 3}0.791{col 70}{space 4}-.0606685{col 83}{space 3} .0794377
{txt}{space 14}ne_imp_gnfs_zs {c |}{col 30}{res}{space 2}-.0020455{col 42}{space 2} .0015399{col 53}{space 1}   -1.33{col 62}{space 3}0.187{col 70}{space 4}-.0050956{col 83}{space 3} .0010047
{txt}{space 15}trade_balance {c |}{col 30}{res}{space 2} .0090181{col 42}{space 2} .0019532{col 53}{space 1}    4.62{col 62}{space 3}0.000{col 70}{space 4} .0051492{col 83}{space 3}  .012887
{txt}{space 16}presidential {c |}{col 30}{res}{space 2} .1597053{col 42}{space 2} .0506003{col 53}{space 1}    3.16{col 62}{space 3}0.002{col 70}{space 4} .0594758{col 83}{space 3} .2599348
{txt}{space 19}log_gdppc {c |}{col 30}{res}{space 2}-.1566832{col 42}{space 2} .0436621{col 53}{space 1}   -3.59{col 62}{space 3}0.000{col 70}{space 4}-.2431694{col 83}{space 3} -.070197
{txt}{space 18}gdp_growth {c |}{col 30}{res}{space 2}-.0036823{col 42}{space 2} .0026166{col 53}{space 1}   -1.41{col 62}{space 3}0.162{col 70}{space 4}-.0088653{col 83}{space 3} .0015007
{txt}{space 21}log_pop {c |}{col 30}{res}{space 2} .1353704{col 42}{space 2} .1680872{col 53}{space 1}    0.81{col 62}{space 3}0.422{col 70}{space 4} -.197578{col 83}{space 3} .4683189
{txt}{space 22}kaopen {c |}{col 30}{res}{space 2} .0063145{col 42}{space 2} .0115202{col 53}{space 1}    0.55{col 62}{space 3}0.585{col 70}{space 4}-.0165047{col 83}{space 3} .0291337
{txt}{space 16}currency_peg {c |}{col 30}{res}{space 2} .0054778{col 42}{space 2} .0263168{col 53}{space 1}    0.21{col 62}{space 3}0.835{col 70}{space 4}-.0466508{col 83}{space 3} .0576064
{txt}{space 11}currency_binary_0 {c |}{col 30}{res}{space 2}-.1166352{col 42}{space 2} .0259277{col 53}{space 1}   -4.50{col 62}{space 3}0.000{col 70}{space 4}-.1679931{col 83}{space 3}-.0652773
{txt}{space 18}time_trend {c |}{col 30}{res}{space 2} .0032597{col 42}{space 2} .0042911{col 53}{space 1}    0.76{col 62}{space 3}0.449{col 70}{space 4}-.0052402{col 83}{space 3} .0117596
{txt}{space 23}_cons {c |}{col 30}{res}{space 2}-.9089836{col 42}{space 2}  2.78738{col 53}{space 1}   -0.33{col 62}{space 3}0.745{col 70}{space 4}-6.430246{col 83}{space 3} 4.612279
{txt}{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                     sigma_u {c |} {res} .34775611
                     {txt}sigma_e {c |} {res} .32173165
                         {txt}rho {c |} {res} .53881356{txt}   (fraction of variance due to u_i)
{hline 29}{c BT}{hline 64}

{com}. 
. est store tab6
{txt}
{com}. 
. * Table 41:
. *esttab tab5 tab6 using impute_05_6.tex, b(%8.3f) se(%8.3f) title("Setting Missing Values in the Political Change Variables to 0.5") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. * Tables 42-44: Setting missing values for political change variables to 0 (i.e. those countries that never experience a crisis)
. 
. * H1:
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit11_0 polity2 sum_imftotal5_0 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary_0 time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     2632
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}      116

{txt}R-sq:  within  = {res}0.6611                         {txt}Obs per group: min = {res}        2
{txt}       between = {res}0.7104                                        {txt}avg = {res}     22.7
{txt}       overall = {res}0.6709                                        {txt}max = {res}       33

                                                {txt}F({res}15{txt},{res}115{txt})          = {res}   120.01
{txt}corr(u_i, Xb)  = {res}-0.2655                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 84:(Std. Err. adjusted for {res:116} clusters in cowcode)}
{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 20}{c |}{col 32}    Robust
{col 1}log_fi_res_totl_mo{col 20}{c |}      Coef.{col 32}   Std. Err.{col 44}      t{col 52}   P>|t|{col 60}     [95% Con{col 73}f. Interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
log_fi_res_totl_mo {c |}
{space 15}L1. {c |}{col 20}{res}{space 2} .7763199{col 32}{space 2} .0279894{col 43}{space 1}   27.74{col 52}{space 3}0.000{col 60}{space 4} .7208782{col 73}{space 3} .8317615
{txt}{space 18} {c |}
{space 5}sum_polit11_0 {c |}{col 20}{res}{space 2}  .054174{col 32}{space 2} .0237097{col 43}{space 1}    2.28{col 52}{space 3}0.024{col 60}{space 4} .0072097{col 73}{space 3} .1011383
{txt}{space 11}polity2 {c |}{col 20}{res}{space 2} .0064596{col 32}{space 2} .0028094{col 43}{space 1}    2.30{col 52}{space 3}0.023{col 60}{space 4} .0008947{col 73}{space 3} .0120244
{txt}{space 3}sum_imftotal5_0 {c |}{col 20}{res}{space 2}  .005967{col 32}{space 2} .0315423{col 43}{space 1}    0.19{col 52}{space 3}0.850{col 60}{space 4}-.0565123{col 73}{space 3} .0684462
{txt}{space 4}ne_imp_gnfs_zs {c |}{col 20}{res}{space 2} -.002232{col 32}{space 2} .0015541{col 43}{space 1}   -1.44{col 52}{space 3}0.154{col 60}{space 4}-.0053104{col 73}{space 3} .0008465
{txt}{space 5}trade_balance {c |}{col 20}{res}{space 2} .0088653{col 32}{space 2} .0019388{col 43}{space 1}    4.57{col 52}{space 3}0.000{col 60}{space 4} .0050249{col 73}{space 3} .0127057
{txt}{space 9}cbi_irreg {c |}{col 20}{res}{space 2} .0119645{col 32}{space 2} .0127201{col 43}{space 1}    0.94{col 52}{space 3}0.349{col 60}{space 4}-.0132315{col 73}{space 3} .0371606
{txt}{space 6}presidential {c |}{col 20}{res}{space 2} .1557447{col 32}{space 2} .0498425{col 43}{space 1}    3.12{col 52}{space 3}0.002{col 60}{space 4} .0570163{col 73}{space 3} .2544732
{txt}{space 9}log_gdppc {c |}{col 20}{res}{space 2}-.1591693{col 32}{space 2} .0434564{col 43}{space 1}   -3.66{col 52}{space 3}0.000{col 60}{space 4} -.245248{col 73}{space 3}-.0730906
{txt}{space 8}gdp_growth {c |}{col 20}{res}{space 2}-.0036029{col 32}{space 2} .0026171{col 43}{space 1}   -1.38{col 52}{space 3}0.171{col 60}{space 4}-.0087868{col 73}{space 3}  .001581
{txt}{space 11}log_pop {c |}{col 20}{res}{space 2} .1324839{col 32}{space 2}  .169169{col 43}{space 1}    0.78{col 52}{space 3}0.435{col 60}{space 4}-.2026073{col 73}{space 3} .4675751
{txt}{space 12}kaopen {c |}{col 20}{res}{space 2} .0063039{col 32}{space 2} .0115709{col 43}{space 1}    0.54{col 52}{space 3}0.587{col 60}{space 4}-.0166158{col 73}{space 3} .0292236
{txt}{space 6}currency_peg {c |}{col 20}{res}{space 2} .0073729{col 32}{space 2} .0266664{col 43}{space 1}    0.28{col 52}{space 3}0.783{col 60}{space 4} -.045448{col 73}{space 3} .0601938
{txt}{space 1}currency_binary_0 {c |}{col 20}{res}{space 2}-.1186598{col 32}{space 2} .0259744{col 43}{space 1}   -4.57{col 52}{space 3}0.000{col 60}{space 4}-.1701101{col 73}{space 3}-.0672095
{txt}{space 8}time_trend {c |}{col 20}{res}{space 2} .0029796{col 32}{space 2} .0042883{col 43}{space 1}    0.69{col 52}{space 3}0.489{col 60}{space 4}-.0055146{col 73}{space 3} .0114739
{txt}{space 13}_cons {c |}{col 20}{res}{space 2} -.823396{col 32}{space 2} 2.805923{col 43}{space 1}   -0.29{col 52}{space 3}0.770{col 60}{space 4} -6.38139{col 73}{space 3} 4.734598
{txt}{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
           sigma_u {c |} {res} .35358241
           {txt}sigma_e {c |} {res} .32169877
               {txt}rho {c |} {res} .54711034{txt}   (fraction of variance due to u_i)
{hline 19}{c BT}{hline 64}

{com}. 
. est store tab1
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo polity_frac_polit11_0 polity2 sum_imftotal5_0 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary_0 time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     2632
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}      116

{txt}R-sq:  within  = {res}0.6613                         {txt}Obs per group: min = {res}        2
{txt}       between = {res}0.6998                                        {txt}avg = {res}     22.7
{txt}       overall = {res}0.6640                                        {txt}max = {res}       33

                                                {txt}F({res}15{txt},{res}115{txt})          = {res}   121.14
{txt}corr(u_i, Xb)  = {res}-0.2809                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 87:(Std. Err. adjusted for {res:116} clusters in cowcode)}
{hline 22}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 23}{c |}{col 35}    Robust
{col 1}   log_fi_res_totl_mo{col 23}{c |}      Coef.{col 35}   Std. Err.{col 47}      t{col 55}   P>|t|{col 63}     [95% Con{col 76}f. Interval]
{hline 22}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}log_fi_res_totl_mo {c |}
{space 18}L1. {c |}{col 23}{res}{space 2} .7762537{col 35}{space 2}  .028224{col 46}{space 1}   27.50{col 55}{space 3}0.000{col 63}{space 4} .7203473{col 76}{space 3} .8321601
{txt}{space 21} {c |}
polity_frac_polit11_0 {c |}{col 23}{res}{space 2} .0595846{col 35}{space 2} .0211599{col 46}{space 1}    2.82{col 55}{space 3}0.006{col 63}{space 4} .0176709{col 76}{space 3} .1014982
{txt}{space 14}polity2 {c |}{col 23}{res}{space 2} .0064697{col 35}{space 2} .0028439{col 46}{space 1}    2.27{col 55}{space 3}0.025{col 63}{space 4} .0008366{col 76}{space 3} .0121029
{txt}{space 6}sum_imftotal5_0 {c |}{col 23}{res}{space 2} .0081715{col 35}{space 2} .0314113{col 46}{space 1}    0.26{col 55}{space 3}0.795{col 63}{space 4}-.0540483{col 76}{space 3} .0703912
{txt}{space 7}ne_imp_gnfs_zs {c |}{col 23}{res}{space 2}-.0022823{col 35}{space 2} .0015494{col 46}{space 1}   -1.47{col 55}{space 3}0.143{col 63}{space 4}-.0053513{col 76}{space 3} .0007866
{txt}{space 8}trade_balance {c |}{col 23}{res}{space 2} .0088396{col 35}{space 2} .0019396{col 46}{space 1}    4.56{col 55}{space 3}0.000{col 63}{space 4} .0049976{col 76}{space 3} .0126817
{txt}{space 12}cbi_irreg {c |}{col 23}{res}{space 2} .0111493{col 35}{space 2} .0127864{col 46}{space 1}    0.87{col 55}{space 3}0.385{col 63}{space 4}-.0141782{col 76}{space 3} .0364768
{txt}{space 9}presidential {c |}{col 23}{res}{space 2}   .15642{col 35}{space 2} .0499965{col 46}{space 1}    3.13{col 55}{space 3}0.002{col 63}{space 4} .0573866{col 76}{space 3} .2554534
{txt}{space 12}log_gdppc {c |}{col 23}{res}{space 2}-.1565431{col 35}{space 2} .0437492{col 46}{space 1}   -3.58{col 55}{space 3}0.001{col 63}{space 4}-.2432019{col 76}{space 3}-.0698844
{txt}{space 11}gdp_growth {c |}{col 23}{res}{space 2}-.0036035{col 35}{space 2} .0026019{col 46}{space 1}   -1.38{col 55}{space 3}0.169{col 63}{space 4}-.0087573{col 76}{space 3} .0015503
{txt}{space 14}log_pop {c |}{col 23}{res}{space 2} .1430772{col 35}{space 2} .1699793{col 46}{space 1}    0.84{col 55}{space 3}0.402{col 63}{space 4}-.1936192{col 76}{space 3} .4797736
{txt}{space 15}kaopen {c |}{col 23}{res}{space 2} .0068017{col 35}{space 2} .0114762{col 46}{space 1}    0.59{col 55}{space 3}0.555{col 63}{space 4}-.0159305{col 76}{space 3}  .029534
{txt}{space 9}currency_peg {c |}{col 23}{res}{space 2} .0074859{col 35}{space 2} .0263151{col 46}{space 1}    0.28{col 55}{space 3}0.777{col 63}{space 4}-.0446392{col 76}{space 3}  .059611
{txt}{space 4}currency_binary_0 {c |}{col 23}{res}{space 2}-.1228607{col 35}{space 2} .0259214{col 46}{space 1}   -4.74{col 55}{space 3}0.000{col 63}{space 4}-.1742061{col 76}{space 3}-.0715154
{txt}{space 11}time_trend {c |}{col 23}{res}{space 2} .0027598{col 35}{space 2} .0043195{col 46}{space 1}    0.64{col 55}{space 3}0.524{col 63}{space 4}-.0057964{col 76}{space 3} .0113159
{txt}{space 16}_cons {c |}{col 23}{res}{space 2} -1.00483{col 35}{space 2} 2.821432{col 46}{space 1}   -0.36{col 55}{space 3}0.722{col 63}{space 4}-6.593545{col 76}{space 3} 4.583884
{txt}{hline 22}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
              sigma_u {c |} {res} .36196138
              {txt}sigma_e {c |} {res} .32164127
                  {txt}rho {c |} {res} .55877731{txt}   (fraction of variance due to u_i)
{hline 22}{c BT}{hline 64}

{com}. 
. est store tab2
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit12_0 polity2 sum_imftotal5_0 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary_0 time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     2632
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}      116

{txt}R-sq:  within  = {res}0.6613                         {txt}Obs per group: min = {res}        2
{txt}       between = {res}0.7172                                        {txt}avg = {res}     22.7
{txt}       overall = {res}0.6752                                        {txt}max = {res}       33

                                                {txt}F({res}15{txt},{res}115{txt})          = {res}   121.49
{txt}corr(u_i, Xb)  = {res}-0.2578                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 84:(Std. Err. adjusted for {res:116} clusters in cowcode)}
{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 20}{c |}{col 32}    Robust
{col 1}log_fi_res_totl_mo{col 20}{c |}      Coef.{col 32}   Std. Err.{col 44}      t{col 52}   P>|t|{col 60}     [95% Con{col 73}f. Interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
log_fi_res_totl_mo {c |}
{space 15}L1. {c |}{col 20}{res}{space 2} .7766283{col 32}{space 2} .0282248{col 43}{space 1}   27.52{col 52}{space 3}0.000{col 60}{space 4} .7207204{col 73}{space 3} .8325362
{txt}{space 18} {c |}
{space 5}sum_polit12_0 {c |}{col 20}{res}{space 2} .0642928{col 32}{space 2} .0272837{col 43}{space 1}    2.36{col 52}{space 3}0.020{col 60}{space 4} .0102489{col 73}{space 3} .1183367
{txt}{space 11}polity2 {c |}{col 20}{res}{space 2} .0064835{col 32}{space 2} .0028018{col 43}{space 1}    2.31{col 52}{space 3}0.022{col 60}{space 4} .0009337{col 73}{space 3} .0120333
{txt}{space 3}sum_imftotal5_0 {c |}{col 20}{res}{space 2} .0024835{col 32}{space 2} .0339651{col 43}{space 1}    0.07{col 52}{space 3}0.942{col 60}{space 4}-.0647948{col 73}{space 3} .0697617
{txt}{space 4}ne_imp_gnfs_zs {c |}{col 20}{res}{space 2}-.0021597{col 32}{space 2} .0015438{col 43}{space 1}   -1.40{col 52}{space 3}0.165{col 60}{space 4}-.0052176{col 73}{space 3} .0008982
{txt}{space 5}trade_balance {c |}{col 20}{res}{space 2} .0089198{col 32}{space 2} .0019465{col 43}{space 1}    4.58{col 52}{space 3}0.000{col 60}{space 4} .0050641{col 73}{space 3} .0127755
{txt}{space 9}cbi_irreg {c |}{col 20}{res}{space 2} .0118274{col 32}{space 2} .0127783{col 43}{space 1}    0.93{col 52}{space 3}0.357{col 60}{space 4}-.0134839{col 73}{space 3} .0371388
{txt}{space 6}presidential {c |}{col 20}{res}{space 2} .1610975{col 32}{space 2} .0497389{col 43}{space 1}    3.24{col 52}{space 3}0.002{col 60}{space 4} .0625743{col 73}{space 3} .2596208
{txt}{space 9}log_gdppc {c |}{col 20}{res}{space 2}-.1574782{col 32}{space 2} .0436769{col 43}{space 1}   -3.61{col 52}{space 3}0.000{col 60}{space 4}-.2439937{col 73}{space 3}-.0709626
{txt}{space 8}gdp_growth {c |}{col 20}{res}{space 2}-.0036802{col 32}{space 2} .0026235{col 43}{space 1}   -1.40{col 52}{space 3}0.163{col 60}{space 4}-.0088767{col 73}{space 3} .0015164
{txt}{space 11}log_pop {c |}{col 20}{res}{space 2} .1322295{col 32}{space 2} .1679569{col 43}{space 1}    0.79{col 52}{space 3}0.433{col 60}{space 4}-.2004608{col 73}{space 3} .4649198
{txt}{space 12}kaopen {c |}{col 20}{res}{space 2} .0064385{col 32}{space 2} .0114155{col 43}{space 1}    0.56{col 52}{space 3}0.574{col 60}{space 4}-.0161735{col 73}{space 3} .0290504
{txt}{space 6}currency_peg {c |}{col 20}{res}{space 2} .0060258{col 32}{space 2} .0263662{col 43}{space 1}    0.23{col 52}{space 3}0.820{col 60}{space 4}-.0462006{col 73}{space 3} .0582522
{txt}{space 1}currency_binary_0 {c |}{col 20}{res}{space 2}-.1189838{col 32}{space 2} .0260511{col 43}{space 1}   -4.57{col 52}{space 3}0.000{col 60}{space 4} -.170586{col 73}{space 3}-.0673816
{txt}{space 8}time_trend {c |}{col 20}{res}{space 2} .0030868{col 32}{space 2} .0042823{col 43}{space 1}    0.72{col 52}{space 3}0.472{col 60}{space 4}-.0053956{col 73}{space 3} .0115691
{txt}{space 13}_cons {c |}{col 20}{res}{space 2}-.8325249{col 32}{space 2} 2.787404{col 43}{space 1}   -0.30{col 52}{space 3}0.766{col 60}{space 4}-6.353836{col 73}{space 3} 4.688786
{txt}{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
           sigma_u {c |} {res} .34865322
           {txt}sigma_e {c |} {res} .32164045
               {txt}rho {c |} {res} .54023456{txt}   (fraction of variance due to u_i)
{hline 19}{c BT}{hline 64}

{com}. 
. est store tab3
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo polity_frac_polit12_0 polity2 sum_imftotal5_0 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary_0 time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     2632
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}      116

{txt}R-sq:  within  = {res}0.6616                         {txt}Obs per group: min = {res}        2
{txt}       between = {res}0.7098                                        {txt}avg = {res}     22.7
{txt}       overall = {res}0.6709                                        {txt}max = {res}       33

                                                {txt}F({res}15{txt},{res}115{txt})          = {res}   121.65
{txt}corr(u_i, Xb)  = {res}-0.2652                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 87:(Std. Err. adjusted for {res:116} clusters in cowcode)}
{hline 22}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 23}{c |}{col 35}    Robust
{col 1}   log_fi_res_totl_mo{col 23}{c |}      Coef.{col 35}   Std. Err.{col 47}      t{col 55}   P>|t|{col 63}     [95% Con{col 76}f. Interval]
{hline 22}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}log_fi_res_totl_mo {c |}
{space 18}L1. {c |}{col 23}{res}{space 2} .7754318{col 35}{space 2}  .028325{col 46}{space 1}   27.38{col 55}{space 3}0.000{col 63}{space 4} .7193254{col 76}{space 3} .8315383
{txt}{space 21} {c |}
polity_frac_polit12_0 {c |}{col 23}{res}{space 2} .0814245{col 35}{space 2} .0289372{col 46}{space 1}    2.81{col 55}{space 3}0.006{col 63}{space 4} .0241055{col 76}{space 3} .1387435
{txt}{space 14}polity2 {c |}{col 23}{res}{space 2} .0063077{col 35}{space 2} .0028255{col 46}{space 1}    2.23{col 55}{space 3}0.028{col 63}{space 4} .0007109{col 76}{space 3} .0119045
{txt}{space 6}sum_imftotal5_0 {c |}{col 23}{res}{space 2}  .004724{col 35}{space 2} .0333726{col 46}{space 1}    0.14{col 55}{space 3}0.888{col 63}{space 4}-.0613806{col 76}{space 3} .0708286
{txt}{space 7}ne_imp_gnfs_zs {c |}{col 23}{res}{space 2}-.0021765{col 35}{space 2} .0015582{col 46}{space 1}   -1.40{col 55}{space 3}0.165{col 63}{space 4} -.005263{col 76}{space 3}   .00091
{txt}{space 8}trade_balance {c |}{col 23}{res}{space 2} .0089175{col 35}{space 2} .0019504{col 46}{space 1}    4.57{col 55}{space 3}0.000{col 63}{space 4} .0050541{col 76}{space 3} .0127809
{txt}{space 12}cbi_irreg {c |}{col 23}{res}{space 2} .0108885{col 35}{space 2} .0128594{col 46}{space 1}    0.85{col 55}{space 3}0.399{col 63}{space 4}-.0145835{col 76}{space 3} .0363605
{txt}{space 9}presidential {c |}{col 23}{res}{space 2} .1621635{col 35}{space 2} .0495481{col 46}{space 1}    3.27{col 55}{space 3}0.001{col 63}{space 4} .0640183{col 76}{space 3} .2603086
{txt}{space 12}log_gdppc {c |}{col 23}{res}{space 2}-.1554991{col 35}{space 2} .0439438{col 46}{space 1}   -3.54{col 55}{space 3}0.001{col 63}{space 4}-.2425434{col 76}{space 3}-.0684548
{txt}{space 11}gdp_growth {c |}{col 23}{res}{space 2}-.0036138{col 35}{space 2} .0025975{col 46}{space 1}   -1.39{col 55}{space 3}0.167{col 63}{space 4}-.0087589{col 76}{space 3} .0015313
{txt}{space 14}log_pop {c |}{col 23}{res}{space 2} .1388656{col 35}{space 2} .1688966{col 46}{space 1}    0.82{col 55}{space 3}0.413{col 63}{space 4}-.1956861{col 76}{space 3} .4734173
{txt}{space 15}kaopen {c |}{col 23}{res}{space 2} .0069803{col 35}{space 2}  .011427{col 46}{space 1}    0.61{col 55}{space 3}0.542{col 63}{space 4}-.0156543{col 76}{space 3}  .029615
{txt}{space 9}currency_peg {c |}{col 23}{res}{space 2} .0092307{col 35}{space 2} .0261973{col 46}{space 1}    0.35{col 55}{space 3}0.725{col 63}{space 4}-.0426612{col 76}{space 3} .0611226
{txt}{space 4}currency_binary_0 {c |}{col 23}{res}{space 2}-.1226629{col 35}{space 2} .0260977{col 46}{space 1}   -4.70{col 55}{space 3}0.000{col 63}{space 4}-.1743575{col 76}{space 3}-.0709684
{txt}{space 11}time_trend {c |}{col 23}{res}{space 2}  .002866{col 35}{space 2} .0043128{col 46}{space 1}    0.66{col 55}{space 3}0.508{col 63}{space 4}-.0056769{col 76}{space 3} .0114089
{txt}{space 16}_cons {c |}{col 23}{res}{space 2}-.9467907{col 35}{space 2} 2.805147{col 46}{space 1}   -0.34{col 55}{space 3}0.736{col 63}{space 4}-6.503248{col 76}{space 3} 4.609666
{txt}{hline 22}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
              sigma_u {c |} {res}  .3540839
              {txt}sigma_e {c |} {res} .32150022
                  {txt}rho {c |} {res} .54811844{txt}   (fraction of variance due to u_i)
{hline 22}{c BT}{hline 64}

{com}. 
. est store tab4
{txt}
{com}. 
. * Table 42:
. *esttab tab1 tab2 tab3 tab4 using impute_0.tex, b(%8.3f) se(%8.3f) title("Setting Missing Values in the Political Change Variables to 0") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. *H5: ir differential
. 
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.sum_polit11_0##c.ir_diff polity2 sum_imftotal5_0 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary_0 time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     2112
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}      109

{txt}R-sq:  within  = {res}0.6306                         {txt}Obs per group: min = {res}        2
{txt}       between = {res}0.4772                                        {txt}avg = {res}     19.4
{txt}       overall = {res}0.4624                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}108{txt})          = {res}    80.04
{txt}corr(u_i, Xb)  = {res}-0.6111                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 91:(Std. Err. adjusted for {res:109} clusters in cowcode)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}       log_fi_res_totl_mo{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      t{col 59}   P>|t|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}log_fi_res_totl_mo {c |}
{space 22}L1. {c |}{col 27}{res}{space 2} .7448253{col 39}{space 2} .0356928{col 50}{space 1}   20.87{col 59}{space 3}0.000{col 67}{space 4} .6740759{col 80}{space 3} .8155747
{txt}{space 25} {c |}
{space 12}sum_polit11_0 {c |}{col 27}{res}{space 2} .0155312{col 39}{space 2} .0322346{col 50}{space 1}    0.48{col 59}{space 3}0.631{col 67}{space 4}-.0483632{col 80}{space 3} .0794257
{txt}{space 18}ir_diff {c |}{col 27}{res}{space 2} .1090113{col 39}{space 2} .2025648{col 50}{space 1}    0.54{col 59}{space 3}0.592{col 67}{space 4}-.2925072{col 80}{space 3} .5105299
{txt}{space 25} {c |}
c.sum_polit11_0#c.ir_diff {c |}{col 27}{res}{space 2} -.220815{col 39}{space 2} .2078997{col 50}{space 1}   -1.06{col 59}{space 3}0.291{col 67}{space 4}-.6329082{col 80}{space 3} .1912782
{txt}{space 25} {c |}
{space 18}polity2 {c |}{col 27}{res}{space 2} .0077774{col 39}{space 2} .0029809{col 50}{space 1}    2.61{col 59}{space 3}0.010{col 67}{space 4} .0018688{col 80}{space 3}  .013686
{txt}{space 10}sum_imftotal5_0 {c |}{col 27}{res}{space 2} .0110158{col 39}{space 2}  .036815{col 50}{space 1}    0.30{col 59}{space 3}0.765{col 67}{space 4}-.0619578{col 80}{space 3} .0839894
{txt}{space 11}ne_imp_gnfs_zs {c |}{col 27}{res}{space 2}-.0029953{col 39}{space 2} .0016279{col 50}{space 1}   -1.84{col 59}{space 3}0.069{col 67}{space 4}-.0062221{col 80}{space 3} .0002316
{txt}{space 12}trade_balance {c |}{col 27}{res}{space 2} .0081626{col 39}{space 2} .0021656{col 50}{space 1}    3.77{col 59}{space 3}0.000{col 67}{space 4}   .00387{col 80}{space 3} .0124552
{txt}{space 16}cbi_irreg {c |}{col 27}{res}{space 2}-.0083384{col 39}{space 2} .0135594{col 50}{space 1}   -0.61{col 59}{space 3}0.540{col 67}{space 4}-.0352155{col 80}{space 3} .0185386
{txt}{space 13}presidential {c |}{col 27}{res}{space 2} .2012103{col 39}{space 2} .0560058{col 50}{space 1}    3.59{col 59}{space 3}0.000{col 67}{space 4} .0901972{col 80}{space 3} .3122235
{txt}{space 16}log_gdppc {c |}{col 27}{res}{space 2}-.1296057{col 39}{space 2} .0474307{col 50}{space 1}   -2.73{col 59}{space 3}0.007{col 67}{space 4}-.2236215{col 80}{space 3}-.0355899
{txt}{space 15}gdp_growth {c |}{col 27}{res}{space 2}-.0030969{col 39}{space 2} .0030206{col 50}{space 1}   -1.03{col 59}{space 3}0.308{col 67}{space 4}-.0090842{col 80}{space 3} .0028904
{txt}{space 18}log_pop {c |}{col 27}{res}{space 2} .3270267{col 39}{space 2}  .204629{col 50}{space 1}    1.60{col 59}{space 3}0.113{col 67}{space 4}-.0785834{col 80}{space 3} .7326368
{txt}{space 19}kaopen {c |}{col 27}{res}{space 2} .0004515{col 39}{space 2} .0127561{col 50}{space 1}    0.04{col 59}{space 3}0.972{col 67}{space 4}-.0248333{col 80}{space 3} .0257363
{txt}{space 13}currency_peg {c |}{col 27}{res}{space 2} .0323716{col 39}{space 2} .0327578{col 50}{space 1}    0.99{col 59}{space 3}0.325{col 67}{space 4}  -.03256{col 80}{space 3} .0973033
{txt}{space 8}currency_binary_0 {c |}{col 27}{res}{space 2}-.1185687{col 39}{space 2} .0295329{col 50}{space 1}   -4.01{col 59}{space 3}0.000{col 67}{space 4}-.1771081{col 80}{space 3}-.0600292
{txt}{space 15}time_trend {c |}{col 27}{res}{space 2}  .000676{col 39}{space 2} .0050815{col 50}{space 1}    0.13{col 59}{space 3}0.894{col 67}{space 4}-.0093964{col 80}{space 3} .0107484
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-4.103956{col 39}{space 2} 3.337593{col 50}{space 1}   -1.23{col 59}{space 3}0.222{col 67}{space 4}-10.71965{col 80}{space 3} 2.511733
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                  sigma_u {c |} {res} .57494846
                  {txt}sigma_e {c |} {res} .30044035
                      {txt}rho {c |} {res} .78550869{txt}   (fraction of variance due to u_i)
{hline 26}{c BT}{hline 64}

{com}. 
. est store tab5
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit11_0##c.ir_diff polity2 sum_imftotal5_0 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary_0 time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     2112
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}      109

{txt}R-sq:  within  = {res}0.6316                         {txt}Obs per group: min = {res}        2
{txt}       between = {res}0.4683                                        {txt}avg = {res}     19.4
{txt}       overall = {res}0.4547                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}108{txt})          = {res}    82.14
{txt}corr(u_i, Xb)  = {res}-0.6215                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 99:(Std. Err. adjusted for {res:109} clusters in cowcode)}
{hline 34}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 35}{c |}{col 47}    Robust
{col 1}               log_fi_res_totl_mo{col 35}{c |}      Coef.{col 47}   Std. Err.{col 59}      t{col 67}   P>|t|{col 75}     [95% Con{col 88}f. Interval]
{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 15}log_fi_res_totl_mo {c |}
{space 30}L1. {c |}{col 35}{res}{space 2} .7471601{col 47}{space 2} .0353836{col 58}{space 1}   21.12{col 67}{space 3}0.000{col 75}{space 4} .6770237{col 88}{space 3} .8172964
{txt}{space 33} {c |}
{space 12}polity_frac_polit11_0 {c |}{col 35}{res}{space 2}  .020947{col 47}{space 2} .0249735{col 58}{space 1}    0.84{col 67}{space 3}0.403{col 75}{space 4}-.0285549{col 88}{space 3} .0704488
{txt}{space 26}ir_diff {c |}{col 35}{res}{space 2} .0421733{col 47}{space 2}  .081273{col 58}{space 1}    0.52{col 67}{space 3}0.605{col 75}{space 4}-.1189239{col 88}{space 3} .2032705
{txt}{space 33} {c |}
c.polity_frac_polit11_0#c.ir_diff {c |}{col 35}{res}{space 2}-.3539206{col 47}{space 2} .1773031{col 58}{space 1}   -2.00{col 67}{space 3}0.048{col 75}{space 4}-.7053661{col 88}{space 3}-.0024752
{txt}{space 33} {c |}
{space 26}polity2 {c |}{col 35}{res}{space 2} .0073121{col 47}{space 2} .0031092{col 58}{space 1}    2.35{col 67}{space 3}0.020{col 75}{space 4} .0011491{col 88}{space 3}  .013475
{txt}{space 18}sum_imftotal5_0 {c |}{col 35}{res}{space 2} .0169166{col 47}{space 2} .0368284{col 58}{space 1}    0.46{col 67}{space 3}0.647{col 75}{space 4}-.0560838{col 88}{space 3} .0899169
{txt}{space 19}ne_imp_gnfs_zs {c |}{col 35}{res}{space 2}-.0031714{col 47}{space 2} .0015866{col 58}{space 1}   -2.00{col 67}{space 3}0.048{col 75}{space 4}-.0063163{col 88}{space 3}-.0000266
{txt}{space 20}trade_balance {c |}{col 35}{res}{space 2} .0079908{col 47}{space 2} .0021475{col 58}{space 1}    3.72{col 67}{space 3}0.000{col 75}{space 4}  .003734{col 88}{space 3} .0122475
{txt}{space 24}cbi_irreg {c |}{col 35}{res}{space 2}-.0067472{col 47}{space 2} .0135701{col 58}{space 1}   -0.50{col 67}{space 3}0.620{col 75}{space 4}-.0336455{col 88}{space 3} .0201511
{txt}{space 21}presidential {c |}{col 35}{res}{space 2} .1935747{col 47}{space 2} .0571534{col 58}{space 1}    3.39{col 67}{space 3}0.001{col 75}{space 4} .0802867{col 88}{space 3} .3068626
{txt}{space 24}log_gdppc {c |}{col 35}{res}{space 2}-.1319511{col 47}{space 2} .0477852{col 58}{space 1}   -2.76{col 67}{space 3}0.007{col 75}{space 4}-.2266697{col 88}{space 3}-.0372325
{txt}{space 23}gdp_growth {c |}{col 35}{res}{space 2}-.0029857{col 47}{space 2} .0029834{col 58}{space 1}   -1.00{col 67}{space 3}0.319{col 75}{space 4}-.0088994{col 88}{space 3}  .002928
{txt}{space 26}log_pop {c |}{col 35}{res}{space 2} .3347046{col 47}{space 2} .2050428{col 58}{space 1}    1.63{col 67}{space 3}0.106{col 75}{space 4}-.0717259{col 88}{space 3} .7411351
{txt}{space 27}kaopen {c |}{col 35}{res}{space 2} .0031951{col 47}{space 2} .0130945{col 58}{space 1}    0.24{col 67}{space 3}0.808{col 75}{space 4}-.0227606{col 88}{space 3} .0291507
{txt}{space 21}currency_peg {c |}{col 35}{res}{space 2} .0347487{col 47}{space 2} .0321377{col 58}{space 1}    1.08{col 67}{space 3}0.282{col 75}{space 4}-.0289538{col 88}{space 3} .0984512
{txt}{space 16}currency_binary_0 {c |}{col 35}{res}{space 2}-.1268726{col 47}{space 2} .0300667{col 58}{space 1}   -4.22{col 67}{space 3}0.000{col 75}{space 4}-.1864701{col 88}{space 3}-.0672751
{txt}{space 23}time_trend {c |}{col 35}{res}{space 2}  .000954{col 47}{space 2} .0050586{col 58}{space 1}    0.19{col 67}{space 3}0.851{col 75}{space 4}-.0090731{col 88}{space 3} .0109811
{txt}{space 28}_cons {c |}{col 35}{res}{space 2}-4.213982{col 47}{space 2} 3.346393{col 58}{space 1}   -1.26{col 67}{space 3}0.211{col 75}{space 4}-10.84711{col 88}{space 3}  2.41915
{txt}{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                          sigma_u {c |} {res} .58699721
                          {txt}sigma_e {c |} {res} .30002797
                              {txt}rho {c |} {res} .79286607{txt}   (fraction of variance due to u_i)
{hline 34}{c BT}{hline 64}

{com}. 
. est store tab6
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.sum_polit12_0##c.ir_diff polity2 sum_imftotal5_0 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary_0 time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     2112
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}      109

{txt}R-sq:  within  = {res}0.6305                         {txt}Obs per group: min = {res}        2
{txt}       between = {res}0.4825                                        {txt}avg = {res}     19.4
{txt}       overall = {res}0.4668                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}108{txt})          = {res}    84.09
{txt}corr(u_i, Xb)  = {res}-0.6083                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 91:(Std. Err. adjusted for {res:109} clusters in cowcode)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}       log_fi_res_totl_mo{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      t{col 59}   P>|t|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}log_fi_res_totl_mo {c |}
{space 22}L1. {c |}{col 27}{res}{space 2} .7455814{col 39}{space 2}  .035449{col 50}{space 1}   21.03{col 59}{space 3}0.000{col 67}{space 4} .6753154{col 80}{space 3} .8158475
{txt}{space 25} {c |}
{space 12}sum_polit12_0 {c |}{col 27}{res}{space 2} .0334753{col 39}{space 2} .0334282{col 50}{space 1}    1.00{col 59}{space 3}0.319{col 67}{space 4}-.0327853{col 80}{space 3} .0997359
{txt}{space 18}ir_diff {c |}{col 27}{res}{space 2} .0490615{col 39}{space 2} .1871636{col 50}{space 1}    0.26{col 59}{space 3}0.794{col 67}{space 4}-.3219293{col 80}{space 3} .4200522
{txt}{space 25} {c |}
c.sum_polit12_0#c.ir_diff {c |}{col 27}{res}{space 2}-.1569285{col 39}{space 2} .1910474{col 50}{space 1}   -0.82{col 59}{space 3}0.413{col 67}{space 4}-.5356176{col 80}{space 3} .2217605
{txt}{space 25} {c |}
{space 18}polity2 {c |}{col 27}{res}{space 2} .0074876{col 39}{space 2} .0029603{col 50}{space 1}    2.53{col 59}{space 3}0.013{col 67}{space 4} .0016197{col 80}{space 3} .0133555
{txt}{space 10}sum_imftotal5_0 {c |}{col 27}{res}{space 2} .0067393{col 39}{space 2}  .037326{col 50}{space 1}    0.18{col 59}{space 3}0.857{col 67}{space 4}-.0672473{col 80}{space 3} .0807258
{txt}{space 11}ne_imp_gnfs_zs {c |}{col 27}{res}{space 2}-.0029991{col 39}{space 2} .0016015{col 50}{space 1}   -1.87{col 59}{space 3}0.064{col 67}{space 4}-.0061735{col 80}{space 3} .0001753
{txt}{space 12}trade_balance {c |}{col 27}{res}{space 2} .0081506{col 39}{space 2} .0021656{col 50}{space 1}    3.76{col 59}{space 3}0.000{col 67}{space 4} .0038579{col 80}{space 3} .0124432
{txt}{space 16}cbi_irreg {c |}{col 27}{res}{space 2}-.0075909{col 39}{space 2} .0136004{col 50}{space 1}   -0.56{col 59}{space 3}0.578{col 67}{space 4}-.0345494{col 80}{space 3} .0193675
{txt}{space 13}presidential {c |}{col 27}{res}{space 2}  .204494{col 39}{space 2} .0555009{col 50}{space 1}    3.68{col 59}{space 3}0.000{col 67}{space 4} .0944816{col 80}{space 3} .3145064
{txt}{space 16}log_gdppc {c |}{col 27}{res}{space 2} -.129884{col 39}{space 2} .0477538{col 50}{space 1}   -2.72{col 59}{space 3}0.008{col 67}{space 4}-.2245403{col 80}{space 3}-.0352277
{txt}{space 15}gdp_growth {c |}{col 27}{res}{space 2}-.0029828{col 39}{space 2} .0029985{col 50}{space 1}   -0.99{col 59}{space 3}0.322{col 67}{space 4}-.0089263{col 80}{space 3} .0029607
{txt}{space 18}log_pop {c |}{col 27}{res}{space 2} .3240705{col 39}{space 2} .2033405{col 50}{space 1}    1.59{col 59}{space 3}0.114{col 67}{space 4}-.0789856{col 80}{space 3} .7271266
{txt}{space 19}kaopen {c |}{col 27}{res}{space 2}-.0003416{col 39}{space 2} .0125944{col 50}{space 1}   -0.03{col 59}{space 3}0.978{col 67}{space 4}-.0253058{col 80}{space 3} .0246227
{txt}{space 13}currency_peg {c |}{col 27}{res}{space 2} .0314462{col 39}{space 2} .0323367{col 50}{space 1}    0.97{col 59}{space 3}0.333{col 67}{space 4}-.0326508{col 80}{space 3} .0955432
{txt}{space 8}currency_binary_0 {c |}{col 27}{res}{space 2} -.118712{col 39}{space 2} .0297171{col 50}{space 1}   -3.99{col 59}{space 3}0.000{col 67}{space 4}-.1776164{col 80}{space 3}-.0598077
{txt}{space 15}time_trend {c |}{col 27}{res}{space 2} .0010785{col 39}{space 2} .0049648{col 50}{space 1}    0.22{col 59}{space 3}0.828{col 67}{space 4}-.0087626{col 80}{space 3} .0109195
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-4.066365{col 39}{space 2} 3.318438{col 50}{space 1}   -1.23{col 59}{space 3}0.223{col 67}{space 4}-10.64408{col 80}{space 3} 2.511354
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                  sigma_u {c |} {res} .57044937
                  {txt}sigma_e {c |} {res} .30046673
                      {txt}rho {c |} {res} .78281974{txt}   (fraction of variance due to u_i)
{hline 26}{c BT}{hline 64}

{com}. 
. est store tab7
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit12_0##c.ir_diff polity2 sum_imftotal5_0 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary_0 time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     2112
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}      109

{txt}R-sq:  within  = {res}0.6316                         {txt}Obs per group: min = {res}        2
{txt}       between = {res}0.4778                                        {txt}avg = {res}     19.4
{txt}       overall = {res}0.4632                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}108{txt})          = {res}    89.33
{txt}corr(u_i, Xb)  = {res}-0.6119                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 99:(Std. Err. adjusted for {res:109} clusters in cowcode)}
{hline 34}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 35}{c |}{col 47}    Robust
{col 1}               log_fi_res_totl_mo{col 35}{c |}      Coef.{col 47}   Std. Err.{col 59}      t{col 67}   P>|t|{col 75}     [95% Con{col 88}f. Interval]
{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 15}log_fi_res_totl_mo {c |}
{space 30}L1. {c |}{col 35}{res}{space 2} .7455646{col 47}{space 2} .0356119{col 58}{space 1}   20.94{col 67}{space 3}0.000{col 75}{space 4} .6749756{col 88}{space 3} .8161535
{txt}{space 33} {c |}
{space 12}polity_frac_polit12_0 {c |}{col 35}{res}{space 2} .0414639{col 47}{space 2} .0340673{col 58}{space 1}    1.22{col 67}{space 3}0.226{col 75}{space 4}-.0260633{col 88}{space 3} .1089911
{txt}{space 26}ir_diff {c |}{col 35}{res}{space 2} .0262626{col 47}{space 2} .0817085{col 58}{space 1}    0.32{col 67}{space 3}0.749{col 75}{space 4}-.1356979{col 88}{space 3}  .188223
{txt}{space 33} {c |}
c.polity_frac_polit12_0#c.ir_diff {c |}{col 35}{res}{space 2}-.3238323{col 47}{space 2} .1713501{col 58}{space 1}   -1.89{col 67}{space 3}0.061{col 75}{space 4}-.6634779{col 88}{space 3} .0158133
{txt}{space 33} {c |}
{space 26}polity2 {c |}{col 35}{res}{space 2} .0069292{col 47}{space 2} .0030757{col 58}{space 1}    2.25{col 67}{space 3}0.026{col 75}{space 4} .0008327{col 88}{space 3} .0130257
{txt}{space 18}sum_imftotal5_0 {c |}{col 35}{res}{space 2} .0129734{col 47}{space 2} .0381917{col 58}{space 1}    0.34{col 67}{space 3}0.735{col 75}{space 4}-.0627293{col 88}{space 3}  .088676
{txt}{space 19}ne_imp_gnfs_zs {c |}{col 35}{res}{space 2}-.0030393{col 47}{space 2} .0015892{col 58}{space 1}   -1.91{col 67}{space 3}0.058{col 75}{space 4}-.0061894{col 88}{space 3} .0001107
{txt}{space 20}trade_balance {c |}{col 35}{res}{space 2} .0081073{col 47}{space 2} .0021524{col 58}{space 1}    3.77{col 67}{space 3}0.000{col 75}{space 4}  .003841{col 88}{space 3} .0123736
{txt}{space 24}cbi_irreg {c |}{col 35}{res}{space 2}-.0060226{col 47}{space 2}  .013555{col 58}{space 1}   -0.44{col 67}{space 3}0.658{col 75}{space 4} -.032891{col 88}{space 3} .0208458
{txt}{space 21}presidential {c |}{col 35}{res}{space 2} .1990054{col 47}{space 2} .0567624{col 58}{space 1}    3.51{col 67}{space 3}0.001{col 75}{space 4} .0864925{col 88}{space 3} .3115182
{txt}{space 24}log_gdppc {c |}{col 35}{res}{space 2}-.1300906{col 47}{space 2}   .04849{col 58}{space 1}   -2.68{col 67}{space 3}0.008{col 75}{space 4}-.2262062{col 88}{space 3}-.0339749
{txt}{space 23}gdp_growth {c |}{col 35}{res}{space 2}-.0028833{col 47}{space 2} .0029799{col 58}{space 1}   -0.97{col 67}{space 3}0.335{col 75}{space 4}  -.00879{col 88}{space 3} .0030233
{txt}{space 26}log_pop {c |}{col 35}{res}{space 2} .3283197{col 47}{space 2}  .203345{col 58}{space 1}    1.61{col 67}{space 3}0.109{col 75}{space 4}-.0747454{col 88}{space 3} .7313848
{txt}{space 27}kaopen {c |}{col 35}{res}{space 2} .0019707{col 47}{space 2} .0126767{col 58}{space 1}    0.16{col 67}{space 3}0.877{col 75}{space 4}-.0231567{col 88}{space 3} .0270981
{txt}{space 21}currency_peg {c |}{col 35}{res}{space 2}  .035845{col 47}{space 2} .0322589{col 58}{space 1}    1.11{col 67}{space 3}0.269{col 75}{space 4}-.0280977{col 88}{space 3} .0997877
{txt}{space 16}currency_binary_0 {c |}{col 35}{res}{space 2}-.1264389{col 47}{space 2} .0298949{col 58}{space 1}   -4.23{col 67}{space 3}0.000{col 75}{space 4}-.1856958{col 88}{space 3}-.0671821
{txt}{space 23}time_trend {c |}{col 35}{res}{space 2} .0010852{col 47}{space 2} .0050128{col 58}{space 1}    0.22{col 67}{space 3}0.829{col 75}{space 4} -.008851{col 88}{space 3} .0110214
{txt}{space 28}_cons {c |}{col 35}{res}{space 2}-4.127272{col 47}{space 2} 3.323564{col 58}{space 1}   -1.24{col 67}{space 3}0.217{col 75}{space 4}-10.71515{col 88}{space 3} 2.460608
{txt}{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                          sigma_u {c |} {res} .57543988
                          {txt}sigma_e {c |} {res} .30002156
                              {txt}rho {c |} {res} .78626565{txt}   (fraction of variance due to u_i)
{hline 34}{c BT}{hline 64}

{com}. 
. est store tab8
{txt}
{com}. 
. * Table 43:
. *esttab tab5 tab6 tab7 tab8 using impute_0_5.tex, b(%8.3f) se(%8.3f) title("Setting Missing Values in the Political Change Variables to 0") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. *H6: CBI
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.sum_polit11_0##c.cbi_irreg polity2 sum_imftotal5_0 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary_0 time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     2632
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}      116

{txt}R-sq:  within  = {res}0.6612                         {txt}Obs per group: min = {res}        2
{txt}       between = {res}0.7082                                        {txt}avg = {res}     22.7
{txt}       overall = {res}0.6695                                        {txt}max = {res}       33

                                                {txt}F({res}16{txt},{res}115{txt})          = {res}   113.23
{txt}corr(u_i, Xb)  = {res}-0.2686                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 93:(Std. Err. adjusted for {res:116} clusters in cowcode)}
{hline 28}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 29}{c |}{col 41}    Robust
{col 1}         log_fi_res_totl_mo{col 29}{c |}      Coef.{col 41}   Std. Err.{col 53}      t{col 61}   P>|t|{col 69}     [95% Con{col 82}f. Interval]
{hline 28}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}log_fi_res_totl_mo {c |}
{space 24}L1. {c |}{col 29}{res}{space 2} .7761929{col 41}{space 2} .0280646{col 52}{space 1}   27.66{col 61}{space 3}0.000{col 69}{space 4} .7206024{col 82}{space 3} .8317835
{txt}{space 27} {c |}
{space 14}sum_polit11_0 {c |}{col 29}{res}{space 2} .0618554{col 41}{space 2} .0278364{col 52}{space 1}    2.22{col 61}{space 3}0.028{col 69}{space 4} .0067169{col 82}{space 3} .1169939
{txt}{space 18}cbi_irreg {c |}{col 29}{res}{space 2} .0073117{col 41}{space 2}  .016176{col 52}{space 1}    0.45{col 61}{space 3}0.652{col 69}{space 4}  -.02473{col 82}{space 3} .0393533
{txt}{space 27} {c |}
c.sum_polit11_0#c.cbi_irreg {c |}{col 29}{res}{space 2} .0109775{col 41}{space 2} .0230491{col 52}{space 1}    0.48{col 61}{space 3}0.635{col 69}{space 4}-.0346784{col 82}{space 3} .0566334
{txt}{space 27} {c |}
{space 20}polity2 {c |}{col 29}{res}{space 2} .0064754{col 41}{space 2} .0028098{col 52}{space 1}    2.30{col 61}{space 3}0.023{col 69}{space 4} .0009096{col 82}{space 3} .0120411
{txt}{space 12}sum_imftotal5_0 {c |}{col 29}{res}{space 2} .0051446{col 41}{space 2} .0313883{col 52}{space 1}    0.16{col 61}{space 3}0.870{col 69}{space 4}-.0570297{col 82}{space 3} .0673188
{txt}{space 13}ne_imp_gnfs_zs {c |}{col 29}{res}{space 2}-.0022503{col 41}{space 2} .0015552{col 52}{space 1}   -1.45{col 61}{space 3}0.151{col 69}{space 4}-.0053308{col 82}{space 3} .0008302
{txt}{space 14}trade_balance {c |}{col 29}{res}{space 2} .0088337{col 41}{space 2}   .00192{col 52}{space 1}    4.60{col 61}{space 3}0.000{col 69}{space 4} .0050304{col 82}{space 3} .0126369
{txt}{space 15}presidential {c |}{col 29}{res}{space 2} .1558481{col 41}{space 2} .0497764{col 52}{space 1}    3.13{col 61}{space 3}0.002{col 69}{space 4} .0572506{col 82}{space 3} .2544455
{txt}{space 18}log_gdppc {c |}{col 29}{res}{space 2}-.1589007{col 41}{space 2}  .043468{col 52}{space 1}   -3.66{col 61}{space 3}0.000{col 69}{space 4}-.2450025{col 82}{space 3} -.072799
{txt}{space 17}gdp_growth {c |}{col 29}{res}{space 2}-.0035842{col 41}{space 2} .0026209{col 52}{space 1}   -1.37{col 61}{space 3}0.174{col 69}{space 4}-.0087757{col 82}{space 3} .0016074
{txt}{space 20}log_pop {c |}{col 29}{res}{space 2} .1338645{col 41}{space 2} .1692877{col 52}{space 1}    0.79{col 61}{space 3}0.431{col 69}{space 4}-.2014619{col 82}{space 3} .4691909
{txt}{space 21}kaopen {c |}{col 29}{res}{space 2} .0061595{col 41}{space 2} .0114457{col 52}{space 1}    0.54{col 61}{space 3}0.592{col 69}{space 4}-.0165123{col 82}{space 3} .0288313
{txt}{space 15}currency_peg {c |}{col 29}{res}{space 2} .0077799{col 41}{space 2} .0264893{col 52}{space 1}    0.29{col 61}{space 3}0.770{col 69}{space 4}-.0446902{col 82}{space 3} .0602501
{txt}{space 10}currency_binary_0 {c |}{col 29}{res}{space 2} -.118285{col 41}{space 2} .0260145{col 52}{space 1}   -4.55{col 61}{space 3}0.000{col 69}{space 4}-.1698148{col 82}{space 3}-.0667552
{txt}{space 17}time_trend {c |}{col 29}{res}{space 2} .0029904{col 41}{space 2} .0042961{col 52}{space 1}    0.70{col 61}{space 3}0.488{col 69}{space 4}-.0055193{col 82}{space 3}    .0115
{txt}{space 22}_cons {c |}{col 29}{res}{space 2}-.8509248{col 41}{space 2} 2.807861{col 52}{space 1}   -0.30{col 61}{space 3}0.762{col 69}{space 4}-6.412757{col 82}{space 3} 4.710907
{txt}{hline 28}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                    sigma_u {c |} {res} .35533989
                    {txt}sigma_e {c |} {res} .32174911
                        {txt}rho {c |} {res} .54948878{txt}   (fraction of variance due to u_i)
{hline 28}{c BT}{hline 64}

{com}. 
. est store tab9
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit11_0##c.cbi_irreg polity2 sum_imftotal5_0 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary_0 time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     2632
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}      116

{txt}R-sq:  within  = {res}0.6613                         {txt}Obs per group: min = {res}        2
{txt}       between = {res}0.6999                                        {txt}avg = {res}     22.7
{txt}       overall = {res}0.6640                                        {txt}max = {res}       33

                                                {txt}F({res}16{txt},{res}115{txt})          = {res}   114.36
{txt}corr(u_i, Xb)  = {res}-0.2808                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 101:(Std. Err. adjusted for {res:116} clusters in cowcode)}
{hline 36}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 37}{c |}{col 49}    Robust
{col 1}                 log_fi_res_totl_mo{col 37}{c |}      Coef.{col 49}   Std. Err.{col 61}      t{col 69}   P>|t|{col 77}     [95% Con{col 90}f. Interval]
{hline 36}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}log_fi_res_totl_mo {c |}
{space 32}L1. {c |}{col 37}{res}{space 2} .7762575{col 49}{space 2} .0281942{col 60}{space 1}   27.53{col 69}{space 3}0.000{col 77}{space 4} .7204103{col 90}{space 3} .8321048
{txt}{space 35} {c |}
{space 14}polity_frac_polit11_0 {c |}{col 37}{res}{space 2} .0602671{col 49}{space 2} .0310104{col 60}{space 1}    1.94{col 69}{space 3}0.054{col 77}{space 4}-.0011586{col 90}{space 3} .1216928
{txt}{space 26}cbi_irreg {c |}{col 37}{res}{space 2} .0108919{col 49}{space 2} .0149449{col 60}{space 1}    0.73{col 69}{space 3}0.468{col 77}{space 4} -.018711{col 90}{space 3} .0404949
{txt}{space 35} {c |}
c.polity_frac_polit11_0#c.cbi_irreg {c |}{col 37}{res}{space 2} .0009216{col 49}{space 2} .0302235{col 60}{space 1}    0.03{col 69}{space 3}0.976{col 77}{space 4}-.0589454{col 90}{space 3} .0607886
{txt}{space 35} {c |}
{space 28}polity2 {c |}{col 37}{res}{space 2} .0064715{col 49}{space 2} .0028443{col 60}{space 1}    2.28{col 69}{space 3}0.025{col 77}{space 4} .0008374{col 90}{space 3} .0121056
{txt}{space 20}sum_imftotal5_0 {c |}{col 37}{res}{space 2} .0081243{col 49}{space 2} .0314975{col 60}{space 1}    0.26{col 69}{space 3}0.797{col 77}{space 4}-.0542663{col 90}{space 3} .0705149
{txt}{space 21}ne_imp_gnfs_zs {c |}{col 37}{res}{space 2}-.0022838{col 49}{space 2} .0015461{col 60}{space 1}   -1.48{col 69}{space 3}0.142{col 77}{space 4}-.0053462{col 90}{space 3} .0007787
{txt}{space 22}trade_balance {c |}{col 37}{res}{space 2} .0088375{col 49}{space 2} .0019217{col 60}{space 1}    4.60{col 69}{space 3}0.000{col 77}{space 4} .0050308{col 90}{space 3} .0126441
{txt}{space 23}presidential {c |}{col 37}{res}{space 2} .1564084{col 49}{space 2} .0499494{col 60}{space 1}    3.13{col 69}{space 3}0.002{col 77}{space 4} .0574682{col 90}{space 3} .2553486
{txt}{space 26}log_gdppc {c |}{col 37}{res}{space 2}-.1565618{col 49}{space 2} .0437857{col 60}{space 1}   -3.58{col 69}{space 3}0.001{col 77}{space 4}-.2432929{col 90}{space 3}-.0698307
{txt}{space 25}gdp_growth {c |}{col 37}{res}{space 2}-.0036027{col 49}{space 2} .0026056{col 60}{space 1}   -1.38{col 69}{space 3}0.169{col 77}{space 4}-.0087638{col 90}{space 3} .0015584
{txt}{space 28}log_pop {c |}{col 37}{res}{space 2} .1429844{col 49}{space 2} .1701622{col 60}{space 1}    0.84{col 69}{space 3}0.402{col 77}{space 4}-.1940741{col 90}{space 3} .4800429
{txt}{space 29}kaopen {c |}{col 37}{res}{space 2} .0067939{col 49}{space 2}  .011384{col 60}{space 1}    0.60{col 69}{space 3}0.552{col 77}{space 4}-.0157557{col 90}{space 3} .0293434
{txt}{space 23}currency_peg {c |}{col 37}{res}{space 2} .0074913{col 49}{space 2} .0263118{col 60}{space 1}    0.28{col 69}{space 3}0.776{col 77}{space 4}-.0446273{col 90}{space 3} .0596099
{txt}{space 18}currency_binary_0 {c |}{col 37}{res}{space 2} -.122853{col 49}{space 2} .0259327{col 60}{space 1}   -4.74{col 69}{space 3}0.000{col 77}{space 4}-.1742206{col 90}{space 3}-.0714854
{txt}{space 25}time_trend {c |}{col 37}{res}{space 2} .0027652{col 49}{space 2} .0043279{col 60}{space 1}    0.64{col 69}{space 3}0.524{col 77}{space 4}-.0058075{col 90}{space 3} .0113379
{txt}{space 30}_cons {c |}{col 37}{res}{space 2}-1.003496{col 49}{space 2} 2.824209{col 60}{space 1}   -0.36{col 69}{space 3}0.723{col 77}{space 4}-6.597711{col 90}{space 3} 4.590718
{txt}{hline 36}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                            sigma_u {c |} {res} .36190366
                            {txt}sigma_e {c |} {res} .32170552
                                {txt}rho {c |} {res} .55860018{txt}   (fraction of variance due to u_i)
{hline 36}{c BT}{hline 64}

{com}. 
. est store tab10
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.sum_polit12_0##c.cbi_irreg polity2 sum_imftotal5_0 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary_0 time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     2632
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}      116

{txt}R-sq:  within  = {res}0.6613                         {txt}Obs per group: min = {res}        2
{txt}       between = {res}0.7163                                        {txt}avg = {res}     22.7
{txt}       overall = {res}0.6747                                        {txt}max = {res}       33

                                                {txt}F({res}16{txt},{res}115{txt})          = {res}   114.80
{txt}corr(u_i, Xb)  = {res}-0.2593                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 93:(Std. Err. adjusted for {res:116} clusters in cowcode)}
{hline 28}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 29}{c |}{col 41}    Robust
{col 1}         log_fi_res_totl_mo{col 29}{c |}      Coef.{col 41}   Std. Err.{col 53}      t{col 61}   P>|t|{col 69}     [95% Con{col 82}f. Interval]
{hline 28}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 9}log_fi_res_totl_mo {c |}
{space 24}L1. {c |}{col 29}{res}{space 2} .7766098{col 41}{space 2}  .028238{col 52}{space 1}   27.50{col 61}{space 3}0.000{col 69}{space 4} .7206758{col 82}{space 3} .8325437
{txt}{space 27} {c |}
{space 14}sum_polit12_0 {c |}{col 29}{res}{space 2} .0721383{col 41}{space 2}  .031771{col 52}{space 1}    2.27{col 61}{space 3}0.025{col 69}{space 4}  .009206{col 82}{space 3} .1350706
{txt}{space 18}cbi_irreg {c |}{col 29}{res}{space 2} .0094573{col 41}{space 2} .0135282{col 52}{space 1}    0.70{col 61}{space 3}0.486{col 69}{space 4}-.0173395{col 82}{space 3} .0362541
{txt}{space 27} {c |}
c.sum_polit12_0#c.cbi_irreg {c |}{col 29}{res}{space 2} .0094227{col 41}{space 2} .0259382{col 52}{space 1}    0.36{col 61}{space 3}0.717{col 69}{space 4}-.0419558{col 82}{space 3} .0608013
{txt}{space 27} {c |}
{space 20}polity2 {c |}{col 29}{res}{space 2} .0064766{col 41}{space 2} .0027947{col 52}{space 1}    2.32{col 61}{space 3}0.022{col 69}{space 4} .0009409{col 82}{space 3} .0120124
{txt}{space 12}sum_imftotal5_0 {c |}{col 29}{res}{space 2} .0017604{col 41}{space 2} .0339663{col 52}{space 1}    0.05{col 61}{space 3}0.959{col 69}{space 4}-.0655202{col 82}{space 3} .0690411
{txt}{space 13}ne_imp_gnfs_zs {c |}{col 29}{res}{space 2} -.002166{col 41}{space 2} .0015454{col 52}{space 1}   -1.40{col 61}{space 3}0.164{col 69}{space 4}-.0052271{col 82}{space 3} .0008951
{txt}{space 14}trade_balance {c |}{col 29}{res}{space 2} .0088974{col 41}{space 2} .0019267{col 52}{space 1}    4.62{col 61}{space 3}0.000{col 69}{space 4}  .005081{col 82}{space 3} .0127139
{txt}{space 15}presidential {c |}{col 29}{res}{space 2} .1614781{col 41}{space 2} .0498051{col 52}{space 1}    3.24{col 61}{space 3}0.002{col 69}{space 4} .0628237{col 82}{space 3} .2601324
{txt}{space 18}log_gdppc {c |}{col 29}{res}{space 2}-.1570587{col 41}{space 2} .0438455{col 52}{space 1}   -3.58{col 61}{space 3}0.001{col 69}{space 4}-.2439081{col 82}{space 3}-.0702093
{txt}{space 17}gdp_growth {c |}{col 29}{res}{space 2}-.0036824{col 41}{space 2}   .00262{col 52}{space 1}   -1.41{col 61}{space 3}0.163{col 69}{space 4}-.0088721{col 82}{space 3} .0015073
{txt}{space 20}log_pop {c |}{col 29}{res}{space 2} .1329506{col 41}{space 2} .1678773{col 52}{space 1}    0.79{col 61}{space 3}0.430{col 69}{space 4} -.199582{col 82}{space 3} .4654832
{txt}{space 21}kaopen {c |}{col 29}{res}{space 2} .0061585{col 41}{space 2} .0112705{col 52}{space 1}    0.55{col 61}{space 3}0.586{col 69}{space 4}-.0161663{col 82}{space 3} .0284832
{txt}{space 15}currency_peg {c |}{col 29}{res}{space 2} .0062527{col 41}{space 2} .0263279{col 52}{space 1}    0.24{col 61}{space 3}0.813{col 69}{space 4}-.0458978{col 82}{space 3} .0584033
{txt}{space 10}currency_binary_0 {c |}{col 29}{res}{space 2}-.1186208{col 41}{space 2}  .026203{col 52}{space 1}   -4.53{col 61}{space 3}0.000{col 69}{space 4} -.170524{col 82}{space 3}-.0667177
{txt}{space 17}time_trend {c |}{col 29}{res}{space 2}  .003086{col 41}{space 2}  .004284{col 52}{space 1}    0.72{col 61}{space 3}0.473{col 69}{space 4}-.0053997{col 82}{space 3} .0115718
{txt}{space 22}_cons {c |}{col 29}{res}{space 2} -.848893{col 41}{space 2} 2.786354{col 52}{space 1}   -0.30{col 61}{space 3}0.761{col 69}{space 4}-6.368123{col 82}{space 3} 4.670337
{txt}{hline 28}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                    sigma_u {c |} {res} .34942173
                    {txt}sigma_e {c |} {res} .32169709
                        {txt}rho {c |} {res} .54124069{txt}   (fraction of variance due to u_i)
{hline 28}{c BT}{hline 64}

{com}. 
. est store tab11
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit12_0##c.cbi_irreg polity2 sum_imftotal5_0 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary_0 time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     2632
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}      116

{txt}R-sq:  within  = {res}0.6616                         {txt}Obs per group: min = {res}        2
{txt}       between = {res}0.7101                                        {txt}avg = {res}     22.7
{txt}       overall = {res}0.6710                                        {txt}max = {res}       33

                                                {txt}F({res}16{txt},{res}115{txt})          = {res}   114.44
{txt}corr(u_i, Xb)  = {res}-0.2647                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 101:(Std. Err. adjusted for {res:116} clusters in cowcode)}
{hline 36}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 37}{c |}{col 49}    Robust
{col 1}                 log_fi_res_totl_mo{col 37}{c |}      Coef.{col 49}   Std. Err.{col 61}      t{col 69}   P>|t|{col 77}     [95% Con{col 90}f. Interval]
{hline 36}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}log_fi_res_totl_mo {c |}
{space 32}L1. {c |}{col 37}{res}{space 2} .7754841{col 49}{space 2} .0282423{col 60}{space 1}   27.46{col 69}{space 3}0.000{col 77}{space 4} .7195416{col 90}{space 3} .8314266
{txt}{space 35} {c |}
{space 14}polity_frac_polit12_0 {c |}{col 37}{res}{space 2} .0860171{col 49}{space 2}  .040821{col 60}{space 1}    2.11{col 69}{space 3}0.037{col 77}{space 4} .0051587{col 90}{space 3} .1668756
{txt}{space 26}cbi_irreg {c |}{col 37}{res}{space 2} .0099369{col 49}{space 2} .0133634{col 60}{space 1}    0.74{col 69}{space 3}0.459{col 77}{space 4}-.0165334{col 90}{space 3} .0364072
{txt}{space 35} {c |}
c.polity_frac_polit12_0#c.cbi_irreg {c |}{col 37}{res}{space 2} .0056429{col 49}{space 2} .0373863{col 60}{space 1}    0.15{col 69}{space 3}0.880{col 77}{space 4}-.0684122{col 90}{space 3} .0796981
{txt}{space 35} {c |}
{space 28}polity2 {c |}{col 37}{res}{space 2} .0063163{col 49}{space 2}  .002822{col 60}{space 1}    2.24{col 69}{space 3}0.027{col 77}{space 4} .0007264{col 90}{space 3} .0119062
{txt}{space 20}sum_imftotal5_0 {c |}{col 37}{res}{space 2} .0044121{col 49}{space 2} .0333563{col 60}{space 1}    0.13{col 69}{space 3}0.895{col 77}{space 4}-.0616604{col 90}{space 3} .0704845
{txt}{space 21}ne_imp_gnfs_zs {c |}{col 37}{res}{space 2}-.0021795{col 49}{space 2} .0015588{col 60}{space 1}   -1.40{col 69}{space 3}0.165{col 77}{space 4}-.0052672{col 90}{space 3} .0009083
{txt}{space 22}trade_balance {c |}{col 37}{res}{space 2} .0089081{col 49}{space 2} .0019333{col 60}{space 1}    4.61{col 69}{space 3}0.000{col 77}{space 4} .0050787{col 90}{space 3} .0127376
{txt}{space 23}presidential {c |}{col 37}{res}{space 2} .1622511{col 49}{space 2} .0495695{col 60}{space 1}    3.27{col 69}{space 3}0.001{col 77}{space 4} .0640635{col 90}{space 3} .2604387
{txt}{space 26}log_gdppc {c |}{col 37}{res}{space 2}-.1554261{col 49}{space 2} .0440077{col 60}{space 1}   -3.53{col 69}{space 3}0.001{col 77}{space 4}-.2425969{col 90}{space 3}-.0682553
{txt}{space 25}gdp_growth {c |}{col 37}{res}{space 2}-.0036177{col 49}{space 2} .0025959{col 60}{space 1}   -1.39{col 69}{space 3}0.166{col 77}{space 4}-.0087596{col 90}{space 3} .0015243
{txt}{space 28}log_pop {c |}{col 37}{res}{space 2} .1386416{col 49}{space 2}  .168996{col 60}{space 1}    0.82{col 69}{space 3}0.414{col 77}{space 4} -.196107{col 90}{space 3} .4733902
{txt}{space 29}kaopen {c |}{col 37}{res}{space 2} .0068765{col 49}{space 2} .0112653{col 60}{space 1}    0.61{col 69}{space 3}0.543{col 77}{space 4}-.0154378{col 90}{space 3} .0291909
{txt}{space 23}currency_peg {c |}{col 37}{res}{space 2} .0092448{col 49}{space 2} .0261994{col 60}{space 1}    0.35{col 69}{space 3}0.725{col 77}{space 4}-.0426511{col 90}{space 3} .0611407
{txt}{space 18}currency_binary_0 {c |}{col 37}{res}{space 2}-.1226075{col 49}{space 2} .0261627{col 60}{space 1}   -4.69{col 69}{space 3}0.000{col 77}{space 4}-.1744307{col 90}{space 3}-.0707843
{txt}{space 25}time_trend {c |}{col 37}{res}{space 2} .0028769{col 49}{space 2} .0043172{col 60}{space 1}    0.67{col 69}{space 3}0.506{col 77}{space 4}-.0056746{col 90}{space 3} .0114284
{txt}{space 30}_cons {c |}{col 37}{res}{space 2}-.9447164{col 49}{space 2} 2.805839{col 60}{space 1}   -0.34{col 69}{space 3}0.737{col 77}{space 4}-6.502543{col 90}{space 3}  4.61311
{txt}{hline 36}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                            sigma_u {c |} {res} .35387979
                            {txt}sigma_e {c |} {res} .32156267
                                {txt}rho {c |} {res} .54773658{txt}   (fraction of variance due to u_i)
{hline 36}{c BT}{hline 64}

{com}. 
. est store tab12
{txt}
{com}. 
. * Table 44:
. *esttab tab9 tab10 tab11 tab12 using impute_0_6.tex, b(%8.3f) se(%8.3f) title("Setting Missing Values in the Political Change Variables to 0") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. * Tables 45 - 50: Controlling for Changes in the Exchange Rate
. 
. * H1
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit11_binary polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg   devalue time_trend if devalue < 10 & cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1433
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6779                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6572                                        {txt}avg = {res}     24.3
{txt}       overall = {res}0.6007                                        {txt}max = {res}       33

                                                {txt}F({res}15{txt},{res}58{txt})           = {res}   100.94
{txt}corr(u_i, Xb)  = {res}-0.6462                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 84:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 20}{c |}{col 32}    Robust
{col 1}log_fi_res_totl_mo{col 20}{c |}      Coef.{col 32}   Std. Err.{col 44}      t{col 52}   P>|t|{col 60}     [95% Con{col 73}f. Interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
log_fi_res_totl_mo {c |}
{space 15}L1. {c |}{col 20}{res}{space 2} .8211301{col 32}{space 2} .0420054{col 43}{space 1}   19.55{col 52}{space 3}0.000{col 60}{space 4} .7370471{col 73}{space 3}  .905213
{txt}{space 18} {c |}
sum_polit11_binary {c |}{col 20}{res}{space 2} .0579648{col 32}{space 2} .0275228{col 43}{space 1}    2.11{col 52}{space 3}0.040{col 60}{space 4}  .002872{col 73}{space 3} .1130576
{txt}{space 11}polity2 {c |}{col 20}{res}{space 2} .0067145{col 32}{space 2} .0027901{col 43}{space 1}    2.41{col 52}{space 3}0.019{col 60}{space 4} .0011295{col 73}{space 3} .0122996
{txt}{space 5}sum_imftotal5 {c |}{col 20}{res}{space 2}  .000378{col 32}{space 2} .0290163{col 43}{space 1}    0.01{col 52}{space 3}0.990{col 60}{space 4}-.0577045{col 73}{space 3} .0584605
{txt}{space 4}ne_imp_gnfs_zs {c |}{col 20}{res}{space 2} -.002836{col 32}{space 2} .0020064{col 43}{space 1}   -1.41{col 52}{space 3}0.163{col 60}{space 4}-.0068522{col 73}{space 3} .0011801
{txt}{space 5}trade_balance {c |}{col 20}{res}{space 2} .0154293{col 32}{space 2}  .004089{col 43}{space 1}    3.77{col 52}{space 3}0.000{col 60}{space 4} .0072443{col 73}{space 3} .0236143
{txt}{space 9}cbi_irreg {c |}{col 20}{res}{space 2} .0234336{col 32}{space 2} .0161026{col 43}{space 1}    1.46{col 52}{space 3}0.151{col 60}{space 4}-.0087993{col 73}{space 3} .0556665
{txt}{space 6}presidential {c |}{col 20}{res}{space 2} .0699781{col 32}{space 2} .0650596{col 43}{space 1}    1.08{col 52}{space 3}0.287{col 60}{space 4}-.0602529{col 73}{space 3} .2002091
{txt}{space 9}log_gdppc {c |}{col 20}{res}{space 2}-.1030719{col 32}{space 2} .0630293{col 43}{space 1}   -1.64{col 52}{space 3}0.107{col 60}{space 4}-.2292388{col 73}{space 3} .0230951
{txt}{space 8}gdp_growth {c |}{col 20}{res}{space 2}-.0053053{col 32}{space 2}  .003819{col 43}{space 1}   -1.39{col 52}{space 3}0.170{col 60}{space 4}-.0129499{col 73}{space 3} .0023394
{txt}{space 11}log_pop {c |}{col 20}{res}{space 2} .3215057{col 32}{space 2} .2284712{col 43}{space 1}    1.41{col 52}{space 3}0.165{col 60}{space 4}-.1358292{col 73}{space 3} .7788405
{txt}{space 12}kaopen {c |}{col 20}{res}{space 2}-.0106899{col 32}{space 2} .0139973{col 43}{space 1}   -0.76{col 52}{space 3}0.448{col 60}{space 4}-.0387084{col 73}{space 3} .0173287
{txt}{space 6}currency_peg {c |}{col 20}{res}{space 2} .0476353{col 32}{space 2}  .036851{col 43}{space 1}    1.29{col 52}{space 3}0.201{col 60}{space 4}-.0261299{col 73}{space 3} .1214006
{txt}{space 11}devalue {c |}{col 20}{res}{space 2}-.0062724{col 32}{space 2} .0142664{col 43}{space 1}   -0.44{col 52}{space 3}0.662{col 60}{space 4}-.0348298{col 73}{space 3} .0222849
{txt}{space 8}time_trend {c |}{col 20}{res}{space 2} .0003228{col 32}{space 2} .0060152{col 43}{space 1}    0.05{col 52}{space 3}0.957{col 60}{space 4} -.011718{col 73}{space 3} .0123636
{txt}{space 13}_cons {c |}{col 20}{res}{space 2}-4.442473{col 32}{space 2}  4.00042{col 43}{space 1}   -1.11{col 52}{space 3}0.271{col 60}{space 4}-12.45018{col 73}{space 3} 3.565238
{txt}{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
           sigma_u {c |} {res} .48385918
           {txt}sigma_e {c |} {res} .29332689
               {txt}rho {c |} {res}  .7312576{txt}   (fraction of variance due to u_i)
{hline 19}{c BT}{hline 64}

{com}. 
. est store tab1
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo polity_frac_polit11 polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg   devalue time_trend if devalue < 10 & cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1431
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6761                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6227                                        {txt}avg = {res}     24.3
{txt}       overall = {res}0.5663                                        {txt}max = {res}       33

                                                {txt}F({res}15{txt},{res}58{txt})           = {res}    95.22
{txt}corr(u_i, Xb)  = {res}-0.6851                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 85:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 20}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 21}{c |}{col 33}    Robust
{col 1} log_fi_res_totl_mo{col 21}{c |}      Coef.{col 33}   Std. Err.{col 45}      t{col 53}   P>|t|{col 61}     [95% Con{col 74}f. Interval]
{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}log_fi_res_totl_mo {c |}
{space 16}L1. {c |}{col 21}{res}{space 2} .8212319{col 33}{space 2} .0429158{col 44}{space 1}   19.14{col 53}{space 3}0.000{col 61}{space 4} .7353266{col 74}{space 3} .9071371
{txt}{space 19} {c |}
polity_frac_polit11 {c |}{col 21}{res}{space 2} .0506525{col 33}{space 2} .0229538{col 44}{space 1}    2.21{col 53}{space 3}0.031{col 61}{space 4} .0047055{col 74}{space 3} .0965996
{txt}{space 12}polity2 {c |}{col 21}{res}{space 2} .0064064{col 33}{space 2} .0029072{col 44}{space 1}    2.20{col 53}{space 3}0.032{col 61}{space 4} .0005869{col 74}{space 3} .0122258
{txt}{space 6}sum_imftotal5 {c |}{col 21}{res}{space 2}  .003235{col 33}{space 2} .0284335{col 44}{space 1}    0.11{col 53}{space 3}0.910{col 61}{space 4}-.0536809{col 74}{space 3} .0601508
{txt}{space 5}ne_imp_gnfs_zs {c |}{col 21}{res}{space 2}  -.00304{col 33}{space 2} .0019909{col 44}{space 1}   -1.53{col 53}{space 3}0.132{col 61}{space 4}-.0070253{col 74}{space 3} .0009452
{txt}{space 6}trade_balance {c |}{col 21}{res}{space 2} .0153368{col 33}{space 2} .0041225{col 44}{space 1}    3.72{col 53}{space 3}0.000{col 61}{space 4} .0070848{col 74}{space 3} .0235888
{txt}{space 10}cbi_irreg {c |}{col 21}{res}{space 2} .0217524{col 33}{space 2} .0157772{col 44}{space 1}    1.38{col 53}{space 3}0.173{col 61}{space 4}-.0098291{col 74}{space 3} .0533338
{txt}{space 7}presidential {c |}{col 21}{res}{space 2} .0701177{col 33}{space 2} .0655073{col 44}{space 1}    1.07{col 53}{space 3}0.289{col 61}{space 4}-.0610094{col 74}{space 3} .2012448
{txt}{space 10}log_gdppc {c |}{col 21}{res}{space 2}-.0922639{col 33}{space 2} .0636458{col 44}{space 1}   -1.45{col 53}{space 3}0.153{col 61}{space 4}-.2196648{col 74}{space 3}  .035137
{txt}{space 9}gdp_growth {c |}{col 21}{res}{space 2}-.0053997{col 33}{space 2} .0038084{col 44}{space 1}   -1.42{col 53}{space 3}0.162{col 61}{space 4}-.0130231{col 74}{space 3} .0022237
{txt}{space 12}log_pop {c |}{col 21}{res}{space 2} .3672134{col 33}{space 2} .2282219{col 44}{space 1}    1.61{col 53}{space 3}0.113{col 61}{space 4}-.0896223{col 74}{space 3} .8240491
{txt}{space 13}kaopen {c |}{col 21}{res}{space 2}-.0086949{col 33}{space 2}  .013818{col 44}{space 1}   -0.63{col 53}{space 3}0.532{col 61}{space 4}-.0363547{col 74}{space 3} .0189649
{txt}{space 7}currency_peg {c |}{col 21}{res}{space 2} .0447252{col 33}{space 2} .0360271{col 44}{space 1}    1.24{col 53}{space 3}0.219{col 61}{space 4}-.0273909{col 74}{space 3} .1168414
{txt}{space 12}devalue {c |}{col 21}{res}{space 2}-.0037233{col 33}{space 2} .0132265{col 44}{space 1}   -0.28{col 53}{space 3}0.779{col 61}{space 4} -.030199{col 74}{space 3} .0227523
{txt}{space 9}time_trend {c |}{col 21}{res}{space 2}-.0007307{col 33}{space 2} .0060522{col 44}{space 1}   -0.12{col 53}{space 3}0.904{col 61}{space 4}-.0128455{col 74}{space 3} .0113841
{txt}{space 14}_cons {c |}{col 21}{res}{space 2}-5.237707{col 33}{space 2} 4.000403{col 44}{space 1}   -1.31{col 53}{space 3}0.196{col 61}{space 4}-13.24538{col 74}{space 3} 2.769969
{txt}{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
            sigma_u {c |} {res} .53873686
            {txt}sigma_e {c |} {res} .29348124
                {txt}rho {c |} {res} .77115193{txt}   (fraction of variance due to u_i)
{hline 20}{c BT}{hline 64}

{com}. 
. est store tab2
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit12_binary polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg   devalue time_trend if devalue < 10 & cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1433
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6779                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6564                                        {txt}avg = {res}     24.3
{txt}       overall = {res}0.5989                                        {txt}max = {res}       33

                                                {txt}F({res}15{txt},{res}58{txt})           = {res}    94.05
{txt}corr(u_i, Xb)  = {res}-0.6517                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 84:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 20}{c |}{col 32}    Robust
{col 1}log_fi_res_totl_mo{col 20}{c |}      Coef.{col 32}   Std. Err.{col 44}      t{col 52}   P>|t|{col 60}     [95% Con{col 73}f. Interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
log_fi_res_totl_mo {c |}
{space 15}L1. {c |}{col 20}{res}{space 2} .8218561{col 32}{space 2} .0427277{col 43}{space 1}   19.23{col 52}{space 3}0.000{col 60}{space 4} .7363274{col 73}{space 3} .9073849
{txt}{space 18} {c |}
sum_polit12_binary {c |}{col 20}{res}{space 2} .0610171{col 32}{space 2} .0255602{col 43}{space 1}    2.39{col 52}{space 3}0.020{col 60}{space 4} .0098528{col 73}{space 3} .1121814
{txt}{space 11}polity2 {c |}{col 20}{res}{space 2} .0065789{col 32}{space 2} .0027327{col 43}{space 1}    2.41{col 52}{space 3}0.019{col 60}{space 4} .0011088{col 73}{space 3} .0120489
{txt}{space 5}sum_imftotal5 {c |}{col 20}{res}{space 2}-.0074512{col 32}{space 2} .0320969{col 43}{space 1}   -0.23{col 52}{space 3}0.817{col 60}{space 4}-.0717001{col 73}{space 3} .0567977
{txt}{space 4}ne_imp_gnfs_zs {c |}{col 20}{res}{space 2}-.0027583{col 32}{space 2} .0019553{col 43}{space 1}   -1.41{col 52}{space 3}0.164{col 60}{space 4}-.0066722{col 73}{space 3} .0011556
{txt}{space 5}trade_balance {c |}{col 20}{res}{space 2} .0155096{col 32}{space 2}  .004109{col 43}{space 1}    3.77{col 52}{space 3}0.000{col 60}{space 4} .0072846{col 73}{space 3} .0237346
{txt}{space 9}cbi_irreg {c |}{col 20}{res}{space 2}  .023248{col 32}{space 2}  .015879{col 43}{space 1}    1.46{col 52}{space 3}0.149{col 60}{space 4}-.0085373{col 73}{space 3} .0550332
{txt}{space 6}presidential {c |}{col 20}{res}{space 2} .0815901{col 32}{space 2} .0648612{col 43}{space 1}    1.26{col 52}{space 3}0.213{col 60}{space 4}-.0482438{col 73}{space 3} .2114239
{txt}{space 9}log_gdppc {c |}{col 20}{res}{space 2}-.1002996{col 32}{space 2}  .063564{col 43}{space 1}   -1.58{col 52}{space 3}0.120{col 60}{space 4}-.2275367{col 73}{space 3} .0269376
{txt}{space 8}gdp_growth {c |}{col 20}{res}{space 2}-.0054488{col 32}{space 2} .0038386{col 43}{space 1}   -1.42{col 52}{space 3}0.161{col 60}{space 4}-.0131326{col 73}{space 3}  .002235
{txt}{space 11}log_pop {c |}{col 20}{res}{space 2} .3271812{col 32}{space 2} .2220109{col 43}{space 1}    1.47{col 52}{space 3}0.146{col 60}{space 4}-.1172219{col 73}{space 3} .7715842
{txt}{space 12}kaopen {c |}{col 20}{res}{space 2}-.0106805{col 32}{space 2} .0136025{col 43}{space 1}   -0.79{col 52}{space 3}0.436{col 60}{space 4}-.0379088{col 73}{space 3} .0165479
{txt}{space 6}currency_peg {c |}{col 20}{res}{space 2} .0452893{col 32}{space 2} .0357788{col 43}{space 1}    1.27{col 52}{space 3}0.211{col 60}{space 4}-.0263298{col 73}{space 3} .1169084
{txt}{space 11}devalue {c |}{col 20}{res}{space 2}-.0074785{col 32}{space 2} .0139135{col 43}{space 1}   -0.54{col 52}{space 3}0.593{col 60}{space 4}-.0353293{col 73}{space 3} .0203723
{txt}{space 8}time_trend {c |}{col 20}{res}{space 2} .0003103{col 32}{space 2} .0059669{col 43}{space 1}    0.05{col 52}{space 3}0.959{col 60}{space 4}-.0116338{col 73}{space 3} .0122545
{txt}{space 13}_cons {c |}{col 20}{res}{space 2}-4.545362{col 32}{space 2} 3.898718{col 43}{space 1}   -1.17{col 52}{space 3}0.248{col 60}{space 4}-12.34949{col 73}{space 3}  3.25877
{txt}{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
           sigma_u {c |} {res} .48731828
           {txt}sigma_e {c |} {res} .29331383
               {txt}rho {c |} {res} .73406558{txt}   (fraction of variance due to u_i)
{hline 19}{c BT}{hline 64}

{com}. 
. est store tab3
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo polity_frac_polit12 polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg   devalue time_trend if devalue < 10 & cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1431
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6763                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6337                                        {txt}avg = {res}     24.3
{txt}       overall = {res}0.5755                                        {txt}max = {res}       33

                                                {txt}F({res}15{txt},{res}58{txt})           = {res}    97.83
{txt}corr(u_i, Xb)  = {res}-0.6761                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 85:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 20}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 21}{c |}{col 33}    Robust
{col 1} log_fi_res_totl_mo{col 21}{c |}      Coef.{col 33}   Std. Err.{col 45}      t{col 53}   P>|t|{col 61}     [95% Con{col 74}f. Interval]
{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}log_fi_res_totl_mo {c |}
{space 16}L1. {c |}{col 21}{res}{space 2} .8196363{col 33}{space 2} .0432801{col 44}{space 1}   18.94{col 53}{space 3}0.000{col 61}{space 4} .7330017{col 74}{space 3} .9062708
{txt}{space 19} {c |}
polity_frac_polit12 {c |}{col 21}{res}{space 2} .0627022{col 33}{space 2} .0250667{col 44}{space 1}    2.50{col 53}{space 3}0.015{col 61}{space 4} .0125258{col 74}{space 3} .1128786
{txt}{space 12}polity2 {c |}{col 21}{res}{space 2} .0060716{col 33}{space 2} .0028011{col 44}{space 1}    2.17{col 53}{space 3}0.034{col 61}{space 4} .0004646{col 74}{space 3} .0116786
{txt}{space 6}sum_imftotal5 {c |}{col 21}{res}{space 2}-.0018872{col 33}{space 2} .0307245{col 44}{space 1}   -0.06{col 53}{space 3}0.951{col 61}{space 4} -.063389{col 74}{space 3} .0596146
{txt}{space 5}ne_imp_gnfs_zs {c |}{col 21}{res}{space 2}-.0028579{col 33}{space 2} .0019953{col 44}{space 1}   -1.43{col 53}{space 3}0.157{col 61}{space 4}-.0068519{col 74}{space 3} .0011361
{txt}{space 6}trade_balance {c |}{col 21}{res}{space 2}  .015378{col 33}{space 2} .0041368{col 44}{space 1}    3.72{col 53}{space 3}0.000{col 61}{space 4} .0070973{col 74}{space 3} .0236587
{txt}{space 10}cbi_irreg {c |}{col 21}{res}{space 2} .0211381{col 33}{space 2} .0157124{col 44}{space 1}    1.35{col 53}{space 3}0.184{col 61}{space 4}-.0103138{col 74}{space 3}   .05259
{txt}{space 7}presidential {c |}{col 21}{res}{space 2} .0828872{col 33}{space 2} .0638373{col 44}{space 1}    1.30{col 53}{space 3}0.199{col 61}{space 4}-.0448971{col 74}{space 3} .2106715
{txt}{space 10}log_gdppc {c |}{col 21}{res}{space 2}  -.09186{col 33}{space 2} .0642926{col 44}{space 1}   -1.43{col 53}{space 3}0.158{col 61}{space 4}-.2205555{col 74}{space 3} .0368355
{txt}{space 9}gdp_growth {c |}{col 21}{res}{space 2}-.0054091{col 33}{space 2} .0038253{col 44}{space 1}   -1.41{col 53}{space 3}0.163{col 61}{space 4}-.0130662{col 74}{space 3}  .002248
{txt}{space 12}log_pop {c |}{col 21}{res}{space 2} .3584056{col 33}{space 2} .2253289{col 44}{space 1}    1.59{col 53}{space 3}0.117{col 61}{space 4}-.0926392{col 74}{space 3} .8094505
{txt}{space 13}kaopen {c |}{col 21}{res}{space 2}-.0087657{col 33}{space 2} .0138052{col 44}{space 1}   -0.63{col 53}{space 3}0.528{col 61}{space 4}-.0363998{col 74}{space 3} .0188684
{txt}{space 7}currency_peg {c |}{col 21}{res}{space 2} .0470457{col 33}{space 2} .0354725{col 44}{space 1}    1.33{col 53}{space 3}0.190{col 61}{space 4}-.0239602{col 74}{space 3} .1180517
{txt}{space 12}devalue {c |}{col 21}{res}{space 2}-.0044779{col 33}{space 2} .0131788{col 44}{space 1}   -0.34{col 53}{space 3}0.735{col 61}{space 4}-.0308583{col 74}{space 3} .0219024
{txt}{space 9}time_trend {c |}{col 21}{res}{space 2}-.0005932{col 33}{space 2} .0060597{col 44}{space 1}   -0.10{col 53}{space 3}0.922{col 61}{space 4}-.0127231{col 74}{space 3} .0115367
{txt}{space 14}_cons {c |}{col 21}{res}{space 2}-5.093964{col 33}{space 2} 3.957041{col 44}{space 1}   -1.29{col 53}{space 3}0.203{col 61}{space 4}-13.01484{col 74}{space 3} 2.826913
{txt}{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
            sigma_u {c |} {res} .52349143
            {txt}sigma_e {c |} {res} .29341059
                {txt}rho {c |} {res} .76095009{txt}   (fraction of variance due to u_i)
{hline 20}{c BT}{hline 64}

{com}. 
. est store tab4
{txt}
{com}. 
. * Table 45:
. **esttab tab1 tab2 tab3 tab4 using estim_deprec.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. * H2: multiple currency crises
. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo sum_polit11_binary##c.crises_reg_yr1_nor    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg   devalue  time_trend if devalue < 10 & cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1433
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6787                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6812                                        {txt}avg = {res}     24.3
{txt}       overall = {res}0.6209                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}58{txt})           = {res}   108.29
{txt}corr(u_i, Xb)  = {res}-0.6175                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 105:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}{col 53}    Robust
{col 1}                     log_fi_res_totl_mo{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      t{col 73}   P>|t|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}lag_log_fi_res_totl_mo {c |}{col 41}{res}{space 2} .8180225{col 53}{space 2} .0400303{col 64}{space 1}   20.44{col 73}{space 3}0.000{col 81}{space 4} .7378931{col 94}{space 3} .8981519
{txt}{space 19}1.sum_polit11_binary {c |}{col 41}{res}{space 2} .0223234{col 53}{space 2} .0442758{col 64}{space 1}    0.50{col 73}{space 3}0.616{col 81}{space 4}-.0663044{col 94}{space 3} .1109511
{txt}{space 21}crises_reg_yr1_nor {c |}{col 41}{res}{space 2}-.0179826{col 53}{space 2} .0135822{col 64}{space 1}   -1.32{col 73}{space 3}0.191{col 81}{space 4}-.0451704{col 94}{space 3} .0092052
{txt}{space 39} {c |}
sum_polit11_binary#c.crises_reg_yr1_nor {c |}
{space 37}1  {c |}{col 41}{res}{space 2} .0154127{col 53}{space 2} .0125944{col 64}{space 1}    1.22{col 73}{space 3}0.226{col 81}{space 4}-.0097977{col 94}{space 3} .0406231
{txt}{space 39} {c |}
{space 32}polity2 {c |}{col 41}{res}{space 2} .0064207{col 53}{space 2} .0026988{col 64}{space 1}    2.38{col 73}{space 3}0.021{col 81}{space 4} .0010185{col 94}{space 3} .0118229
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2}-.0035061{col 53}{space 2}  .028916{col 64}{space 1}   -0.12{col 73}{space 3}0.904{col 81}{space 4}-.0613878{col 94}{space 3} .0543756
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2}-.0030658{col 53}{space 2} .0020811{col 64}{space 1}   -1.47{col 73}{space 3}0.146{col 81}{space 4}-.0072314{col 94}{space 3} .0010999
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} .0150808{col 53}{space 2} .0042166{col 64}{space 1}    3.58{col 73}{space 3}0.001{col 81}{space 4} .0066403{col 94}{space 3} .0235212
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2} .0240876{col 53}{space 2} .0162959{col 64}{space 1}    1.48{col 73}{space 3}0.145{col 81}{space 4}-.0085322{col 94}{space 3} .0567074
{txt}{space 27}presidential {c |}{col 41}{res}{space 2} .0733923{col 53}{space 2} .0661481{col 64}{space 1}    1.11{col 73}{space 3}0.272{col 81}{space 4}-.0590176{col 94}{space 3} .2058021
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2}-.1067059{col 53}{space 2} .0627339{col 64}{space 1}   -1.70{col 73}{space 3}0.094{col 81}{space 4}-.2322815{col 94}{space 3} .0188696
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0051327{col 53}{space 2} .0038668{col 64}{space 1}   -1.33{col 73}{space 3}0.190{col 81}{space 4} -.012873{col 94}{space 3} .0026075
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2} .2925624{col 53}{space 2} .2300707{col 64}{space 1}    1.27{col 73}{space 3}0.209{col 81}{space 4}-.1679742{col 94}{space 3}  .753099
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0117072{col 53}{space 2} .0143431{col 64}{space 1}   -0.82{col 73}{space 3}0.418{col 81}{space 4}-.0404181{col 94}{space 3} .0170037
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2} .0452004{col 53}{space 2} .0362598{col 64}{space 1}    1.25{col 73}{space 3}0.218{col 81}{space 4}-.0273814{col 94}{space 3} .1177822
{txt}{space 32}devalue {c |}{col 41}{res}{space 2}-.0065276{col 53}{space 2} .0141665{col 64}{space 1}   -0.46{col 73}{space 3}0.647{col 81}{space 4}-.0348849{col 94}{space 3} .0218297
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2}  .001351{col 53}{space 2} .0062717{col 64}{space 1}    0.22{col 73}{space 3}0.830{col 81}{space 4} -.011203{col 94}{space 3} .0139051
{txt}{space 34}_cons {c |}{col 41}{res}{space 2}-3.904701{col 53}{space 2} 4.042572{col 64}{space 1}   -0.97{col 73}{space 3}0.338{col 81}{space 4}-11.99679{col 94}{space 3} 4.187386
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                sigma_u {c |} {res} .45463602
                                {txt}sigma_e {c |} {res} .29315527
                                    {txt}rho {c |} {res} .70632245{txt}   (fraction of variance due to u_i)
{hline 40}{c BT}{hline 64}

{com}. 
. est store tab5
{txt}
{com}. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo c.polity_frac_polit11##c.crises_reg_yr1_nor    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg   devalue  time_trend if devalue < 10 & cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1431
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6768                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6355                                        {txt}avg = {res}     24.3
{txt}       overall = {res}0.5769                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}58{txt})           = {res}    94.78
{txt}corr(u_i, Xb)  = {res}-0.6692                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 108:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 43}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 44}{c |}{col 56}    Robust
{col 1}                        log_fi_res_totl_mo{col 44}{c |}      Coef.{col 56}   Std. Err.{col 68}      t{col 76}   P>|t|{col 84}     [95% Con{col 97}f. Interval]
{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 20}lag_log_fi_res_totl_mo {c |}{col 44}{res}{space 2} .8183299{col 56}{space 2} .0416088{col 67}{space 1}   19.67{col 76}{space 3}0.000{col 84}{space 4} .7350409{col 97}{space 3} .9016188
{txt}{space 23}polity_frac_polit11 {c |}{col 44}{res}{space 2}  .024728{col 56}{space 2} .0372582{col 67}{space 1}    0.66{col 76}{space 3}0.510{col 84}{space 4}-.0498523{col 97}{space 3} .0993083
{txt}{space 24}crises_reg_yr1_nor {c |}{col 44}{res}{space 2}-.0146059{col 56}{space 2} .0120315{col 67}{space 1}   -1.21{col 76}{space 3}0.230{col 84}{space 4}-.0386895{col 97}{space 3} .0094778
{txt}{space 42} {c |}
c.polity_frac_polit11#c.crises_reg_yr1_nor {c |}{col 44}{res}{space 2} .0117833{col 56}{space 2}  .009848{col 67}{space 1}    1.20{col 76}{space 3}0.236{col 84}{space 4}-.0079296{col 97}{space 3} .0314963
{txt}{space 42} {c |}
{space 35}polity2 {c |}{col 44}{res}{space 2} .0063345{col 56}{space 2} .0028464{col 67}{space 1}    2.23{col 76}{space 3}0.030{col 84}{space 4} .0006367{col 97}{space 3} .0120323
{txt}{space 29}sum_imftotal5 {c |}{col 44}{res}{space 2} .0015678{col 56}{space 2} .0286999{col 67}{space 1}    0.05{col 76}{space 3}0.957{col 84}{space 4}-.0558813{col 97}{space 3} .0590169
{txt}{space 28}ne_imp_gnfs_zs {c |}{col 44}{res}{space 2} -.003188{col 56}{space 2} .0020378{col 67}{space 1}   -1.56{col 76}{space 3}0.123{col 84}{space 4}-.0072671{col 97}{space 3} .0008911
{txt}{space 29}trade_balance {c |}{col 44}{res}{space 2} .0151371{col 56}{space 2} .0042178{col 67}{space 1}    3.59{col 76}{space 3}0.001{col 84}{space 4} .0066942{col 97}{space 3}   .02358
{txt}{space 33}cbi_irreg {c |}{col 44}{res}{space 2} .0232811{col 56}{space 2} .0159104{col 67}{space 1}    1.46{col 76}{space 3}0.149{col 84}{space 4} -.008567{col 97}{space 3} .0551291
{txt}{space 30}presidential {c |}{col 44}{res}{space 2} .0758158{col 56}{space 2} .0665943{col 67}{space 1}    1.14{col 76}{space 3}0.260{col 84}{space 4}-.0574872{col 97}{space 3} .2091189
{txt}{space 33}log_gdppc {c |}{col 44}{res}{space 2}-.0944163{col 56}{space 2}  .063555{col 67}{space 1}   -1.49{col 76}{space 3}0.143{col 84}{space 4}-.2216354{col 97}{space 3} .0328028
{txt}{space 32}gdp_growth {c |}{col 44}{res}{space 2}-.0054037{col 56}{space 2} .0038962{col 67}{space 1}   -1.39{col 76}{space 3}0.171{col 84}{space 4}-.0132027{col 97}{space 3} .0023953
{txt}{space 35}log_pop {c |}{col 44}{res}{space 2} .3495986{col 56}{space 2} .2302275{col 67}{space 1}    1.52{col 76}{space 3}0.134{col 84}{space 4}-.1112517{col 97}{space 3}  .810449
{txt}{space 36}kaopen {c |}{col 44}{res}{space 2}-.0087067{col 56}{space 2} .0140418{col 67}{space 1}   -0.62{col 76}{space 3}0.538{col 84}{space 4}-.0368145{col 97}{space 3} .0194011
{txt}{space 30}currency_peg {c |}{col 44}{res}{space 2}  .043117{col 56}{space 2} .0352075{col 67}{space 1}    1.22{col 76}{space 3}0.226{col 84}{space 4}-.0273585{col 97}{space 3} .1135926
{txt}{space 35}devalue {c |}{col 44}{res}{space 2}-.0034403{col 56}{space 2} .0131889{col 67}{space 1}   -0.26{col 76}{space 3}0.795{col 84}{space 4}-.0298408{col 97}{space 3} .0229602
{txt}{space 32}time_trend {c |}{col 44}{res}{space 2} 1.49e-06{col 56}{space 2} .0062516{col 67}{space 1}    0.00{col 76}{space 3}1.000{col 84}{space 4}-.0125124{col 97}{space 3} .0125154
{txt}{space 37}_cons {c |}{col 44}{res}{space 2}-4.908423{col 56}{space 2} 4.043294{col 67}{space 1}   -1.21{col 76}{space 3}0.230{col 84}{space 4}-13.00195{col 97}{space 3} 3.185109
{txt}{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                   sigma_u {c |} {res} .52130053
                                   {txt}sigma_e {c |} {res} .29337214
                                       {txt}rho {c |} {res} .75946883{txt}   (fraction of variance due to u_i)
{hline 43}{c BT}{hline 64}

{com}. 
. est store tab6
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo sum_polit12_binary##c.crises_reg_yr1_nor    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg   devalue  time_trend if devalue < 10 & cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1433
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6786                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6842                                        {txt}avg = {res}     24.3
{txt}       overall = {res}0.6226                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}58{txt})           = {res}    90.22
{txt}corr(u_i, Xb)  = {res}-0.6179                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 105:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}{col 53}    Robust
{col 1}                     log_fi_res_totl_mo{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      t{col 73}   P>|t|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}lag_log_fi_res_totl_mo {c |}{col 41}{res}{space 2} .8199722{col 53}{space 2} .0414491{col 64}{space 1}   19.78{col 73}{space 3}0.000{col 81}{space 4} .7370028{col 94}{space 3} .9029415
{txt}{space 19}1.sum_polit12_binary {c |}{col 41}{res}{space 2} .0322984{col 53}{space 2} .0419587{col 64}{space 1}    0.77{col 73}{space 3}0.445{col 81}{space 4}-.0516912{col 94}{space 3} .1162879
{txt}{space 21}crises_reg_yr1_nor {c |}{col 41}{res}{space 2}-.0139171{col 53}{space 2} .0111513{col 64}{space 1}   -1.25{col 73}{space 3}0.217{col 81}{space 4}-.0362389{col 94}{space 3} .0084048
{txt}{space 39} {c |}
sum_polit12_binary#c.crises_reg_yr1_nor {c |}
{space 37}1  {c |}{col 41}{res}{space 2} .0120804{col 53}{space 2}  .011087{col 64}{space 1}    1.09{col 73}{space 3}0.280{col 81}{space 4}-.0101125{col 94}{space 3} .0342734
{txt}{space 39} {c |}
{space 32}polity2 {c |}{col 41}{res}{space 2} .0069924{col 53}{space 2} .0026625{col 64}{space 1}    2.63{col 73}{space 3}0.011{col 81}{space 4} .0016629{col 94}{space 3} .0123219
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2}-.0142434{col 53}{space 2} .0323226{col 64}{space 1}   -0.44{col 73}{space 3}0.661{col 81}{space 4} -.078944{col 94}{space 3} .0504573
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2} -.002915{col 53}{space 2} .0020044{col 64}{space 1}   -1.45{col 73}{space 3}0.151{col 81}{space 4}-.0069272{col 94}{space 3} .0010972
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} .0154389{col 53}{space 2} .0041585{col 64}{space 1}    3.71{col 73}{space 3}0.000{col 81}{space 4} .0071147{col 94}{space 3} .0237631
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2} .0248833{col 53}{space 2} .0159912{col 64}{space 1}    1.56{col 73}{space 3}0.125{col 81}{space 4}-.0071265{col 94}{space 3} .0568931
{txt}{space 27}presidential {c |}{col 41}{res}{space 2}   .08394{col 53}{space 2} .0660084{col 64}{space 1}    1.27{col 73}{space 3}0.209{col 81}{space 4}-.0481902{col 94}{space 3} .2160702
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2}-.1033921{col 53}{space 2} .0633423{col 64}{space 1}   -1.63{col 73}{space 3}0.108{col 81}{space 4}-.2301855{col 94}{space 3} .0234013
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0053869{col 53}{space 2} .0039119{col 64}{space 1}   -1.38{col 73}{space 3}0.174{col 81}{space 4}-.0132174{col 94}{space 3} .0024436
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2} .2941852{col 53}{space 2}  .224976{col 64}{space 1}    1.31{col 73}{space 3}0.196{col 81}{space 4}-.1561531{col 94}{space 3} .7445235
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0118766{col 53}{space 2} .0138081{col 64}{space 1}   -0.86{col 73}{space 3}0.393{col 81}{space 4}-.0395166{col 94}{space 3} .0157633
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2}  .043467{col 53}{space 2} .0352796{col 64}{space 1}    1.23{col 73}{space 3}0.223{col 81}{space 4}-.0271528{col 94}{space 3} .1140867
{txt}{space 32}devalue {c |}{col 41}{res}{space 2}-.0078199{col 53}{space 2} .0139398{col 64}{space 1}   -0.56{col 73}{space 3}0.577{col 81}{space 4}-.0357234{col 94}{space 3} .0200836
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2} .0012507{col 53}{space 2} .0061631{col 64}{space 1}    0.20{col 73}{space 3}0.840{col 81}{space 4}-.0110862{col 94}{space 3} .0135875
{txt}{space 34}_cons {c |}{col 41}{res}{space 2}-3.960487{col 53}{space 2} 3.960344{col 64}{space 1}   -1.00{col 73}{space 3}0.321{col 81}{space 4}-11.88798{col 94}{space 3} 3.967003
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                sigma_u {c |} {res} .45068166
                                {txt}sigma_e {c |} {res} .29322278
                                    {txt}rho {c |} {res} .70258901{txt}   (fraction of variance due to u_i)
{hline 40}{c BT}{hline 64}

{com}. 
. est store tab7
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo c.polity_frac_polit12##c.crises_reg_yr1_nor    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg   devalue  time_trend if devalue < 10 & cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1431
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6768                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6497                                        {txt}avg = {res}     24.3
{txt}       overall = {res}0.5893                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}58{txt})           = {res}    91.96
{txt}corr(u_i, Xb)  = {res}-0.6554                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 108:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 43}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 44}{c |}{col 56}    Robust
{col 1}                        log_fi_res_totl_mo{col 44}{c |}      Coef.{col 56}   Std. Err.{col 68}      t{col 76}   P>|t|{col 84}     [95% Con{col 97}f. Interval]
{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 20}lag_log_fi_res_totl_mo {c |}{col 44}{res}{space 2} .8175764{col 56}{space 2} .0422313{col 67}{space 1}   19.36{col 76}{space 3}0.000{col 84}{space 4} .7330412{col 97}{space 3} .9021116
{txt}{space 23}polity_frac_polit12 {c |}{col 44}{res}{space 2} .0476033{col 56}{space 2} .0411829{col 67}{space 1}    1.16{col 76}{space 3}0.252{col 84}{space 4}-.0348332{col 97}{space 3} .1300398
{txt}{space 24}crises_reg_yr1_nor {c |}{col 44}{res}{space 2} -.012188{col 56}{space 2} .0106986{col 67}{space 1}   -1.14{col 76}{space 3}0.259{col 84}{space 4}-.0336036{col 97}{space 3} .0092277
{txt}{space 42} {c |}
c.polity_frac_polit12#c.crises_reg_yr1_nor {c |}{col 44}{res}{space 2} .0077998{col 56}{space 2} .0104818{col 67}{space 1}    0.74{col 76}{space 3}0.460{col 84}{space 4}-.0131818{col 97}{space 3} .0287815
{txt}{space 42} {c |}
{space 35}polity2 {c |}{col 44}{res}{space 2} .0064315{col 56}{space 2} .0027284{col 67}{space 1}    2.36{col 76}{space 3}0.022{col 84}{space 4} .0009701{col 97}{space 3}  .011893
{txt}{space 29}sum_imftotal5 {c |}{col 44}{res}{space 2}-.0053934{col 56}{space 2} .0307529{col 67}{space 1}   -0.18{col 76}{space 3}0.861{col 84}{space 4}-.0669519{col 97}{space 3} .0561652
{txt}{space 28}ne_imp_gnfs_zs {c |}{col 44}{res}{space 2}-.0029969{col 56}{space 2} .0020359{col 67}{space 1}   -1.47{col 76}{space 3}0.146{col 84}{space 4}-.0070721{col 97}{space 3} .0010784
{txt}{space 29}trade_balance {c |}{col 44}{res}{space 2} .0152217{col 56}{space 2} .0041899{col 67}{space 1}    3.63{col 76}{space 3}0.001{col 84}{space 4} .0068346{col 97}{space 3} .0236088
{txt}{space 33}cbi_irreg {c |}{col 44}{res}{space 2} .0230406{col 56}{space 2} .0157968{col 67}{space 1}    1.46{col 76}{space 3}0.150{col 84}{space 4}-.0085801{col 97}{space 3} .0546613
{txt}{space 30}presidential {c |}{col 44}{res}{space 2} .0864226{col 56}{space 2} .0651598{col 67}{space 1}    1.33{col 76}{space 3}0.190{col 84}{space 4}-.0440089{col 97}{space 3} .2168542
{txt}{space 33}log_gdppc {c |}{col 44}{res}{space 2}-.0943053{col 56}{space 2} .0642396{col 67}{space 1}   -1.47{col 76}{space 3}0.148{col 84}{space 4}-.2228949{col 97}{space 3} .0342843
{txt}{space 32}gdp_growth {c |}{col 44}{res}{space 2}-.0054348{col 56}{space 2} .0039081{col 67}{space 1}   -1.39{col 76}{space 3}0.170{col 84}{space 4}-.0132577{col 97}{space 3}  .002388
{txt}{space 35}log_pop {c |}{col 44}{res}{space 2} .3364632{col 56}{space 2} .2287876{col 67}{space 1}    1.47{col 76}{space 3}0.147{col 84}{space 4}-.1215049{col 97}{space 3} .7944314
{txt}{space 36}kaopen {c |}{col 44}{res}{space 2}-.0098934{col 56}{space 2} .0140716{col 67}{space 1}   -0.70{col 76}{space 3}0.485{col 84}{space 4}-.0380608{col 97}{space 3}  .018274
{txt}{space 30}currency_peg {c |}{col 44}{res}{space 2} .0469412{col 56}{space 2} .0350073{col 67}{space 1}    1.34{col 76}{space 3}0.185{col 84}{space 4}-.0231335{col 97}{space 3}  .117016
{txt}{space 35}devalue {c |}{col 44}{res}{space 2} -.004515{col 56}{space 2} .0130387{col 67}{space 1}   -0.35{col 76}{space 3}0.730{col 84}{space 4}-.0306149{col 97}{space 3} .0215848
{txt}{space 32}time_trend {c |}{col 44}{res}{space 2} .0002189{col 56}{space 2} .0062569{col 67}{space 1}    0.03{col 76}{space 3}0.972{col 84}{space 4}-.0123057{col 97}{space 3} .0127434
{txt}{space 37}_cons {c |}{col 44}{res}{space 2}-4.702849{col 56}{space 2} 4.025005{col 67}{space 1}   -1.17{col 76}{space 3}0.247{col 84}{space 4}-12.75977{col 97}{space 3} 3.354075
{txt}{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                   sigma_u {c |} {res}  .5004059
                                   {txt}sigma_e {c |} {res}   .293369
                                       {txt}rho {c |} {res} .74421196{txt}   (fraction of variance due to u_i)
{hline 43}{c BT}{hline 64}

{com}. 
. est store tab8
{txt}
{com}. 
. * Table 46:
. *esttab tab5 tab6 tab7 tab8 using estim_deprec2.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H3: econ severity
. 
. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo sum_polit11_binary##c.gdp_ch1_polit11     polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg   devalue  time_trend if devalue < 10 & cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1384
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       58

{txt}R-sq:  within  = {res}0.6721                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5308                                        {txt}avg = {res}     23.9
{txt}       overall = {res}0.4945                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}57{txt})           = {res}    83.15
{txt}corr(u_i, Xb)  = {res}-0.7493                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 102:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 37}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 38}{c |}{col 50}    Robust
{col 1}                  log_fi_res_totl_mo{col 38}{c |}      Coef.{col 50}   Std. Err.{col 62}      t{col 70}   P>|t|{col 78}     [95% Con{col 91}f. Interval]
{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 14}lag_log_fi_res_totl_mo {c |}{col 38}{res}{space 2} .8048347{col 50}{space 2} .0431979{col 61}{space 1}   18.63{col 70}{space 3}0.000{col 78}{space 4} .7183324{col 91}{space 3}  .891337
{txt}{space 16}1.sum_polit11_binary {c |}{col 38}{res}{space 2} .0491283{col 50}{space 2} .0289078{col 61}{space 1}    1.70{col 70}{space 3}0.095{col 78}{space 4}-.0087585{col 91}{space 3} .1070151
{txt}{space 21}gdp_ch1_polit11 {c |}{col 38}{res}{space 2} -.093389{col 50}{space 2} .1513992{col 61}{space 1}   -0.62{col 70}{space 3}0.540{col 78}{space 4}-.3965606{col 91}{space 3} .2097826
{txt}{space 36} {c |}
sum_polit11_binary#c.gdp_ch1_polit11 {c |}
{space 34}1  {c |}{col 38}{res}{space 2} .1965723{col 50}{space 2} .1561668{col 61}{space 1}    1.26{col 70}{space 3}0.213{col 78}{space 4}-.1161463{col 91}{space 3} .5092908
{txt}{space 36} {c |}
{space 29}polity2 {c |}{col 38}{res}{space 2} .0048777{col 50}{space 2} .0025431{col 61}{space 1}    1.92{col 70}{space 3}0.060{col 78}{space 4}-.0002147{col 91}{space 3} .0099701
{txt}{space 23}sum_imftotal5 {c |}{col 38}{res}{space 2} .0135079{col 50}{space 2} .0270054{col 61}{space 1}    0.50{col 70}{space 3}0.619{col 78}{space 4}-.0405694{col 91}{space 3} .0675853
{txt}{space 22}ne_imp_gnfs_zs {c |}{col 38}{res}{space 2}-.0035341{col 50}{space 2} .0021926{col 61}{space 1}   -1.61{col 70}{space 3}0.113{col 78}{space 4}-.0079246{col 91}{space 3} .0008565
{txt}{space 23}trade_balance {c |}{col 38}{res}{space 2} .0147995{col 50}{space 2} .0039196{col 61}{space 1}    3.78{col 70}{space 3}0.000{col 78}{space 4} .0069506{col 91}{space 3} .0226484
{txt}{space 27}cbi_irreg {c |}{col 38}{res}{space 2} .0060208{col 50}{space 2} .0157103{col 61}{space 1}    0.38{col 70}{space 3}0.703{col 78}{space 4}-.0254385{col 91}{space 3} .0374801
{txt}{space 24}presidential {c |}{col 38}{res}{space 2} .0440725{col 50}{space 2} .0558705{col 61}{space 1}    0.79{col 70}{space 3}0.433{col 78}{space 4}-.0678063{col 91}{space 3} .1559513
{txt}{space 27}log_gdppc {c |}{col 38}{res}{space 2}-.1161092{col 50}{space 2} .0687664{col 61}{space 1}   -1.69{col 70}{space 3}0.097{col 78}{space 4}-.2538116{col 91}{space 3} .0215932
{txt}{space 26}gdp_growth {c |}{col 38}{res}{space 2}-.0050891{col 50}{space 2} .0039693{col 61}{space 1}   -1.28{col 70}{space 3}0.205{col 78}{space 4}-.0130376{col 91}{space 3} .0028593
{txt}{space 29}log_pop {c |}{col 38}{res}{space 2} .4470162{col 50}{space 2} .2537819{col 61}{space 1}    1.76{col 70}{space 3}0.084{col 78}{space 4}-.0611734{col 91}{space 3} .9552058
{txt}{space 30}kaopen {c |}{col 38}{res}{space 2}-.0137531{col 50}{space 2} .0137268{col 61}{space 1}   -1.00{col 70}{space 3}0.321{col 78}{space 4}-.0412407{col 91}{space 3} .0137344
{txt}{space 24}currency_peg {c |}{col 38}{res}{space 2} .0656585{col 50}{space 2} .0371478{col 61}{space 1}    1.77{col 70}{space 3}0.082{col 78}{space 4}-.0087288{col 91}{space 3} .1400458
{txt}{space 29}devalue {c |}{col 38}{res}{space 2} -.009874{col 50}{space 2} .0145372{col 61}{space 1}   -0.68{col 70}{space 3}0.500{col 78}{space 4}-.0389841{col 91}{space 3} .0192362
{txt}{space 26}time_trend {c |}{col 38}{res}{space 2}-.0004882{col 50}{space 2} .0067076{col 61}{space 1}   -0.07{col 70}{space 3}0.942{col 78}{space 4}-.0139199{col 91}{space 3} .0129436
{txt}{space 31}_cons {c |}{col 38}{res}{space 2}-6.355813{col 50}{space 2} 4.443364{col 61}{space 1}   -1.43{col 70}{space 3}0.158{col 78}{space 4} -15.2535{col 91}{space 3} 2.541871
{txt}{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                             sigma_u {c |} {res} .66318123
                             {txt}sigma_e {c |} {res} .29092409
                                 {txt}rho {c |} {res} .83861676{txt}   (fraction of variance due to u_i)
{hline 37}{c BT}{hline 64}

{com}. 
. est store tab9
{txt}
{com}. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo c.polity_frac_polit11##c.gdp_ch1_polit11     polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg   devalue  time_trend if devalue < 10 & cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1384
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       58

{txt}R-sq:  within  = {res}0.6728                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5248                                        {txt}avg = {res}     23.9
{txt}       overall = {res}0.4893                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}57{txt})           = {res}    78.33
{txt}corr(u_i, Xb)  = {res}-0.7555                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 105:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}{col 53}    Robust
{col 1}                     log_fi_res_totl_mo{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      t{col 73}   P>|t|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}lag_log_fi_res_totl_mo {c |}{col 41}{res}{space 2} .8053728{col 53}{space 2} .0435872{col 64}{space 1}   18.48{col 73}{space 3}0.000{col 81}{space 4} .7180911{col 94}{space 3} .8926546
{txt}{space 20}polity_frac_polit11 {c |}{col 41}{res}{space 2} .0508587{col 53}{space 2} .0259672{col 64}{space 1}    1.96{col 73}{space 3}0.055{col 81}{space 4}-.0011398{col 94}{space 3} .1028572
{txt}{space 24}gdp_ch1_polit11 {c |}{col 41}{res}{space 2}-.0642103{col 53}{space 2} .1012615{col 64}{space 1}   -0.63{col 73}{space 3}0.529{col 81}{space 4}-.2669831{col 94}{space 3} .1385624
{txt}{space 39} {c |}
c.polity_frac_polit11#c.gdp_ch1_polit11 {c |}{col 41}{res}{space 2} .2883845{col 53}{space 2} .1220128{col 64}{space 1}    2.36{col 73}{space 3}0.022{col 81}{space 4} .0440581{col 94}{space 3} .5327109
{txt}{space 39} {c |}
{space 32}polity2 {c |}{col 41}{res}{space 2} .0046162{col 53}{space 2} .0027947{col 64}{space 1}    1.65{col 73}{space 3}0.104{col 81}{space 4}-.0009802{col 94}{space 3} .0102125
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2} .0177815{col 53}{space 2} .0261601{col 64}{space 1}    0.68{col 73}{space 3}0.499{col 81}{space 4}-.0346033{col 94}{space 3} .0701663
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2}-.0037777{col 53}{space 2} .0021314{col 64}{space 1}   -1.77{col 73}{space 3}0.082{col 81}{space 4}-.0080457{col 94}{space 3} .0004904
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} .0150892{col 53}{space 2} .0039155{col 64}{space 1}    3.85{col 73}{space 3}0.000{col 81}{space 4} .0072485{col 94}{space 3}   .02293
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2} .0051757{col 53}{space 2} .0152826{col 64}{space 1}    0.34{col 73}{space 3}0.736{col 81}{space 4}-.0254271{col 94}{space 3} .0357785
{txt}{space 27}presidential {c |}{col 41}{res}{space 2} .0584859{col 53}{space 2} .0558801{col 64}{space 1}    1.05{col 73}{space 3}0.300{col 81}{space 4} -.053412{col 94}{space 3} .1703838
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2}-.1120492{col 53}{space 2} .0680353{col 64}{space 1}   -1.65{col 73}{space 3}0.105{col 81}{space 4}-.2482876{col 94}{space 3} .0241893
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0049227{col 53}{space 2} .0039298{col 64}{space 1}   -1.25{col 73}{space 3}0.215{col 81}{space 4}-.0127919{col 94}{space 3} .0029466
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2}  .456864{col 53}{space 2} .2484122{col 64}{space 1}    1.84{col 73}{space 3}0.071{col 81}{space 4} -.040573{col 94}{space 3} .9543009
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0137059{col 53}{space 2} .0135395{col 64}{space 1}   -1.01{col 73}{space 3}0.316{col 81}{space 4}-.0408183{col 94}{space 3} .0134066
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2} .0676736{col 53}{space 2} .0367211{col 64}{space 1}    1.84{col 73}{space 3}0.071{col 81}{space 4}-.0058592{col 94}{space 3} .1412064
{txt}{space 32}devalue {c |}{col 41}{res}{space 2}-.0063439{col 53}{space 2} .0118239{col 64}{space 1}   -0.54{col 73}{space 3}0.594{col 81}{space 4}-.0300208{col 94}{space 3}  .017333
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2}-.0003322{col 53}{space 2} .0065512{col 64}{space 1}   -0.05{col 73}{space 3}0.960{col 81}{space 4}-.0134508{col 94}{space 3} .0127864
{txt}{space 34}_cons {c |}{col 41}{res}{space 2}-6.549798{col 53}{space 2} 4.351528{col 64}{space 1}   -1.51{col 73}{space 3}0.138{col 81}{space 4}-15.26358{col 94}{space 3} 2.163987
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                sigma_u {c |} {res} .67531238
                                {txt}sigma_e {c |} {res} .29059397
                                    {txt}rho {c |} {res} .84376289{txt}   (fraction of variance due to u_i)
{hline 40}{c BT}{hline 64}

{com}. 
. est store tab10
{txt}
{com}. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo sum_polit12_binary##c.gdp_ch1_polit12     polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg   devalue  time_trend if devalue < 10 & cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1408
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6808                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5749                                        {txt}avg = {res}     23.9
{txt}       overall = {res}0.5214                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}58{txt})           = {res}    91.02
{txt}corr(u_i, Xb)  = {res}-0.7401                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 102:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 37}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 38}{c |}{col 50}    Robust
{col 1}                  log_fi_res_totl_mo{col 38}{c |}      Coef.{col 50}   Std. Err.{col 62}      t{col 70}   P>|t|{col 78}     [95% Con{col 91}f. Interval]
{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 14}lag_log_fi_res_totl_mo {c |}{col 38}{res}{space 2} .8179904{col 50}{space 2} .0428137{col 61}{space 1}   19.11{col 70}{space 3}0.000{col 78}{space 4} .7322895{col 91}{space 3} .9036912
{txt}{space 16}1.sum_polit12_binary {c |}{col 38}{res}{space 2} .0425021{col 50}{space 2} .0244435{col 61}{space 1}    1.74{col 70}{space 3}0.087{col 78}{space 4}-.0064269{col 91}{space 3} .0914311
{txt}{space 21}gdp_ch1_polit12 {c |}{col 38}{res}{space 2}-.0192839{col 50}{space 2} .1107433{col 61}{space 1}   -0.17{col 70}{space 3}0.862{col 78}{space 4}-.2409607{col 91}{space 3} .2023929
{txt}{space 36} {c |}
sum_polit12_binary#c.gdp_ch1_polit12 {c |}
{space 34}1  {c |}{col 38}{res}{space 2} .0415637{col 50}{space 2} .1274342{col 61}{space 1}    0.33{col 70}{space 3}0.745{col 78}{space 4}-.2135237{col 91}{space 3}  .296651
{txt}{space 36} {c |}
{space 29}polity2 {c |}{col 38}{res}{space 2} .0057951{col 50}{space 2} .0028202{col 61}{space 1}    2.05{col 70}{space 3}0.044{col 78}{space 4} .0001498{col 91}{space 3} .0114404
{txt}{space 23}sum_imftotal5 {c |}{col 38}{res}{space 2}-.0066449{col 50}{space 2}  .032772{col 61}{space 1}   -0.20{col 70}{space 3}0.840{col 78}{space 4}-.0722451{col 91}{space 3} .0589554
{txt}{space 22}ne_imp_gnfs_zs {c |}{col 38}{res}{space 2}-.0032443{col 50}{space 2} .0019716{col 61}{space 1}   -1.65{col 70}{space 3}0.105{col 78}{space 4} -.007191{col 91}{space 3} .0007023
{txt}{space 23}trade_balance {c |}{col 38}{res}{space 2} .0152398{col 50}{space 2} .0039931{col 61}{space 1}    3.82{col 70}{space 3}0.000{col 78}{space 4} .0072467{col 91}{space 3} .0232328
{txt}{space 27}cbi_irreg {c |}{col 38}{res}{space 2} .0146552{col 50}{space 2} .0156362{col 61}{space 1}    0.94{col 70}{space 3}0.353{col 78}{space 4}-.0166441{col 91}{space 3} .0459545
{txt}{space 24}presidential {c |}{col 38}{res}{space 2} .0773377{col 50}{space 2} .0652073{col 61}{space 1}    1.19{col 70}{space 3}0.240{col 78}{space 4}-.0531888{col 91}{space 3} .2078642
{txt}{space 27}log_gdppc {c |}{col 38}{res}{space 2}-.0986597{col 50}{space 2} .0680564{col 61}{space 1}   -1.45{col 70}{space 3}0.153{col 78}{space 4}-.2348893{col 91}{space 3} .0375699
{txt}{space 26}gdp_growth {c |}{col 38}{res}{space 2}-.0068879{col 50}{space 2}     .004{col 61}{space 1}   -1.72{col 70}{space 3}0.090{col 78}{space 4}-.0148948{col 91}{space 3} .0011191
{txt}{space 29}log_pop {c |}{col 38}{res}{space 2}   .43296{col 50}{space 2} .2396835{col 61}{space 1}    1.81{col 70}{space 3}0.076{col 78}{space 4}-.0468185{col 91}{space 3} .9127386
{txt}{space 30}kaopen {c |}{col 38}{res}{space 2}-.0143742{col 50}{space 2} .0133137{col 61}{space 1}   -1.08{col 70}{space 3}0.285{col 78}{space 4}-.0410245{col 91}{space 3} .0122762
{txt}{space 24}currency_peg {c |}{col 38}{res}{space 2} .0469106{col 50}{space 2} .0368468{col 61}{space 1}    1.27{col 70}{space 3}0.208{col 78}{space 4}-.0268463{col 91}{space 3} .1206674
{txt}{space 29}devalue {c |}{col 38}{res}{space 2} -.010589{col 50}{space 2} .0137239{col 61}{space 1}   -0.77{col 70}{space 3}0.443{col 78}{space 4}-.0380603{col 91}{space 3} .0168823
{txt}{space 26}time_trend {c |}{col 38}{res}{space 2}-.0007456{col 50}{space 2}  .006429{col 61}{space 1}   -0.12{col 70}{space 3}0.908{col 78}{space 4}-.0136147{col 91}{space 3} .0121235
{txt}{space 31}_cons {c |}{col 38}{res}{space 2}-6.262908{col 50}{space 2} 4.214792{col 61}{space 1}   -1.49{col 70}{space 3}0.143{col 78}{space 4}-14.69973{col 91}{space 3} 2.173916
{txt}{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                             sigma_u {c |} {res} .63138065
                             {txt}sigma_e {c |} {res} .29170353
                                 {txt}rho {c |} {res} .82409502{txt}   (fraction of variance due to u_i)
{hline 37}{c BT}{hline 64}

{com}. 
. 
. est store tab11
{txt}
{com}. 
. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo c.polity_frac_polit12##c.gdp_ch1_polit12     polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg   devalue  time_trend if devalue < 10 & cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1408
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6814                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5667                                        {txt}avg = {res}     23.9
{txt}       overall = {res}0.5145                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}58{txt})           = {res}    92.50
{txt}corr(u_i, Xb)  = {res}-0.7440                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 105:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}{col 53}    Robust
{col 1}                     log_fi_res_totl_mo{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      t{col 73}   P>|t|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}lag_log_fi_res_totl_mo {c |}{col 41}{res}{space 2} .8154571{col 53}{space 2} .0427943{col 64}{space 1}   19.06{col 73}{space 3}0.000{col 81}{space 4} .7297951{col 94}{space 3} .9011191
{txt}{space 20}polity_frac_polit12 {c |}{col 41}{res}{space 2} .0461351{col 53}{space 2} .0265925{col 64}{space 1}    1.73{col 73}{space 3}0.088{col 81}{space 4}-.0070955{col 94}{space 3} .0993658
{txt}{space 24}gdp_ch1_polit12 {c |}{col 41}{res}{space 2}-.0492698{col 53}{space 2} .0956224{col 64}{space 1}   -0.52{col 73}{space 3}0.608{col 81}{space 4}-.2406789{col 94}{space 3} .1421393
{txt}{space 39} {c |}
c.polity_frac_polit12#c.gdp_ch1_polit12 {c |}{col 41}{res}{space 2} .2077504{col 53}{space 2} .1570632{col 64}{space 1}    1.32{col 73}{space 3}0.191{col 81}{space 4}-.1066459{col 94}{space 3} .5221466
{txt}{space 39} {c |}
{space 32}polity2 {c |}{col 41}{res}{space 2} .0056231{col 53}{space 2} .0029039{col 64}{space 1}    1.94{col 73}{space 3}0.058{col 81}{space 4}-.0001897{col 94}{space 3} .0114359
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2}-.0032133{col 53}{space 2} .0308898{col 64}{space 1}   -0.10{col 73}{space 3}0.918{col 81}{space 4}-.0650459{col 94}{space 3} .0586193
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2}-.0032217{col 53}{space 2} .0019895{col 64}{space 1}   -1.62{col 73}{space 3}0.111{col 81}{space 4}-.0072041{col 94}{space 3} .0007606
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} .0155868{col 53}{space 2} .0040163{col 64}{space 1}    3.88{col 73}{space 3}0.000{col 81}{space 4} .0075472{col 94}{space 3} .0236264
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2}  .013344{col 53}{space 2}  .015656{col 64}{space 1}    0.85{col 73}{space 3}0.398{col 81}{space 4}-.0179949{col 94}{space 3}  .044683
{txt}{space 27}presidential {c |}{col 41}{res}{space 2} .0894653{col 53}{space 2} .0635019{col 64}{space 1}    1.41{col 73}{space 3}0.164{col 81}{space 4}-.0376475{col 94}{space 3} .2165782
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2}-.0961108{col 53}{space 2} .0678322{col 64}{space 1}   -1.42{col 73}{space 3}0.162{col 81}{space 4}-.2318917{col 94}{space 3} .0396702
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0066766{col 53}{space 2}   .00389{col 64}{space 1}   -1.72{col 73}{space 3}0.091{col 81}{space 4}-.0144633{col 94}{space 3}   .00111
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2} .4431174{col 53}{space 2} .2404264{col 64}{space 1}    1.84{col 73}{space 3}0.070{col 81}{space 4}-.0381483{col 94}{space 3} .9243831
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0146819{col 53}{space 2} .0134682{col 64}{space 1}   -1.09{col 73}{space 3}0.280{col 81}{space 4}-.0416414{col 94}{space 3} .0122777
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2} .0519447{col 53}{space 2} .0364427{col 64}{space 1}    1.43{col 73}{space 3}0.159{col 81}{space 4}-.0210033{col 94}{space 3} .1248928
{txt}{space 32}devalue {c |}{col 41}{res}{space 2} -.009055{col 53}{space 2} .0125519{col 64}{space 1}   -0.72{col 73}{space 3}0.474{col 81}{space 4}-.0341803{col 94}{space 3} .0160702
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2}-.0009245{col 53}{space 2} .0064153{col 64}{space 1}   -0.14{col 73}{space 3}0.886{col 81}{space 4} -.013766{col 94}{space 3} .0119171
{txt}{space 34}_cons {c |}{col 41}{res}{space 2}-6.452084{col 53}{space 2} 4.224631{col 64}{space 1}   -1.53{col 73}{space 3}0.132{col 81}{space 4} -14.9086{col 94}{space 3} 2.004434
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                sigma_u {c |} {res} .64205637
                                {txt}sigma_e {c |} {res} .29144567
                                    {txt}rho {c |} {res} .82915424{txt}   (fraction of variance due to u_i)
{hline 40}{c BT}{hline 64}

{com}. 
. est store tab12
{txt}
{com}. 
. 
. * Table 47:
. *esttab tab9 tab10 tab11 tab12 using estim_deprec3.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H4: reserve sales
. 
. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo c.sum_polit11_binary##c.res_ch2_polit11##c.log_pre_l1_reserves   polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg   devalue  time_trend i.cowcode if devalue < 10 & cowcode != 2 & res_ch2_polit11 <= 2.168937 , vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1311
                                                       {help j_robustsingular:F( 20,    58) =}       .
                                                       {txt}Prob > F      = {res}      .
                                                       {txt}R-squared     = {res} 0.8611
                                                       {txt}Root MSE      = {res} .28202

{txt}{ralign 126:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 61}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 62}{c |}{col 74}    Robust
{col 1}                                          log_fi_res_totl_mo{col 62}{c |}      Coef.{col 74}   Std. Err.{col 86}      t{col 94}   P>|t|{col 102}     [95% Con{col 115}f. Interval]
{hline 61}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 42}log_fi_res_totl_mo {c |}
{space 57}L1. {c |}{col 62}{res}{space 2} .8088414{col 74}{space 2} .0324983{col 85}{space 1}   24.89{col 94}{space 3}0.000{col 102}{space 4} .7437889{col 115}{space 3} .8738938
{txt}{space 60} {c |}
{space 42}sum_polit11_binary {c |}{col 62}{res}{space 2} .0351692{col 74}{space 2} .0692148{col 85}{space 1}    0.51{col 94}{space 3}0.613{col 102}{space 4}-.1033794{col 115}{space 3} .1737177
{txt}{space 45}res_ch2_polit11 {c |}{col 62}{res}{space 2} .3280354{col 74}{space 2} .1057266{col 85}{space 1}    3.10{col 94}{space 3}0.003{col 102}{space 4} .1164006{col 115}{space 3} .5396703
{txt}{space 60} {c |}
{space 22}c.sum_polit11_binary#c.res_ch2_polit11 {c |}{col 62}{res}{space 2}-.2403439{col 74}{space 2} .1188211{col 85}{space 1}   -2.02{col 94}{space 3}0.048{col 102}{space 4}-.4781901{col 115}{space 3}-.0024977
{txt}{space 60} {c |}
{space 41}log_pre_l1_reserves {c |}{col 62}{res}{space 2}-.0268875{col 74}{space 2} .0426196{col 85}{space 1}   -0.63{col 94}{space 3}0.531{col 102}{space 4}-.1121999{col 115}{space 3} .0584249
{txt}{space 60} {c |}
{space 18}c.sum_polit11_binary#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .0582042{col 74}{space 2} .0529824{col 85}{space 1}    1.10{col 94}{space 3}0.277{col 102}{space 4}-.0478516{col 115}{space 3}   .16426
{txt}{space 60} {c |}
{space 21}c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2}-.2365187{col 74}{space 2}  .099368{col 85}{space 1}   -2.38{col 94}{space 3}0.021{col 102}{space 4}-.4354253{col 115}{space 3}-.0376122
{txt}{space 60} {c |}
c.sum_polit11_binary#c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .1785733{col 74}{space 2} .1045122{col 85}{space 1}    1.71{col 94}{space 3}0.093{col 102}{space 4}-.0306306{col 115}{space 3} .3877773
{txt}{space 60} {c |}
{space 53}polity2 {c |}{col 62}{res}{space 2} .0067083{col 74}{space 2} .0040683{col 85}{space 1}    1.65{col 94}{space 3}0.105{col 102}{space 4}-.0014354{col 115}{space 3}  .014852
{txt}{space 47}sum_imftotal5 {c |}{col 62}{res}{space 2}-.0218236{col 74}{space 2} .0264512{col 85}{space 1}   -0.83{col 94}{space 3}0.413{col 102}{space 4}-.0747715{col 115}{space 3} .0311243
{txt}{space 46}ne_imp_gnfs_zs {c |}{col 62}{res}{space 2}-.0033544{col 74}{space 2} .0023484{col 85}{space 1}   -1.43{col 94}{space 3}0.159{col 102}{space 4}-.0080552{col 115}{space 3} .0013464
{txt}{space 47}trade_balance {c |}{col 62}{res}{space 2} .0153104{col 74}{space 2}  .004662{col 85}{space 1}    3.28{col 94}{space 3}0.002{col 102}{space 4} .0059784{col 115}{space 3} .0246424
{txt}{space 51}cbi_irreg {c |}{col 62}{res}{space 2} .0261113{col 74}{space 2} .0160679{col 85}{space 1}    1.63{col 94}{space 3}0.110{col 102}{space 4}-.0060521{col 115}{space 3} .0582747
{txt}{space 48}presidential {c |}{col 62}{res}{space 2} .0807708{col 74}{space 2} .0652385{col 85}{space 1}    1.24{col 94}{space 3}0.221{col 102}{space 4}-.0498183{col 115}{space 3} .2113599
{txt}{space 51}log_gdppc {c |}{col 62}{res}{space 2}-.1387392{col 74}{space 2} .0689753{col 85}{space 1}   -2.01{col 94}{space 3}0.049{col 102}{space 4}-.2768082{col 115}{space 3}-.0006702
{txt}{space 50}gdp_growth {c |}{col 62}{res}{space 2}-.0063565{col 74}{space 2} .0037306{col 85}{space 1}   -1.70{col 94}{space 3}0.094{col 102}{space 4}-.0138241{col 115}{space 3} .0011111
{txt}{space 53}log_pop {c |}{col 62}{res}{space 2} .2985652{col 74}{space 2}  .280767{col 85}{space 1}    1.06{col 94}{space 3}0.292{col 102}{space 4} -.263451{col 115}{space 3} .8605813
{txt}{space 54}kaopen {c |}{col 62}{res}{space 2}-.0105386{col 74}{space 2} .0161688{col 85}{space 1}   -0.65{col 94}{space 3}0.517{col 102}{space 4}-.0429039{col 115}{space 3} .0218267
{txt}{space 48}currency_peg {c |}{col 62}{res}{space 2}  .016737{col 74}{space 2} .0435854{col 85}{space 1}    0.38{col 94}{space 3}0.702{col 102}{space 4}-.0705087{col 115}{space 3} .1039827
{txt}{space 53}devalue {c |}{col 62}{res}{space 2}-.0159515{col 74}{space 2} .0137018{col 85}{space 1}   -1.16{col 94}{space 3}0.249{col 102}{space 4}-.0433786{col 115}{space 3} .0114757
{txt}{space 50}time_trend {c |}{col 62}{res}{space 2} .0043312{col 74}{space 2} .0074016{col 85}{space 1}    0.59{col 94}{space 3}0.561{col 102}{space 4}-.0104846{col 115}{space 3} .0191471
{txt}{space 60} {c |}
{space 53}cowcode {c |}
{space 57}70  {c |}{col 62}{res}{space 2}-.6397353{col 74}{space 2} .7254075{col 85}{space 1}   -0.88{col 94}{space 3}0.381{col 102}{space 4}-2.091796{col 115}{space 3} .8123256
{txt}{space 57}90  {c |}{col 62}{res}{space 2} .0121577{col 74}{space 2} .1081481{col 85}{space 1}    0.11{col 94}{space 3}0.911{col 102}{space 4}-.2043241{col 115}{space 3} .2286396
{txt}{space 57}91  {c |}{col 62}{res}{space 2} .2892198{col 74}{space 2}  .149194{col 85}{space 1}    1.94{col 94}{space 3}0.057{col 102}{space 4}-.0094244{col 115}{space 3} .5878641
{txt}{space 57}92  {c |}{col 62}{res}{space 2} .2737606{col 74}{space 2} .1822178{col 85}{space 1}    1.50{col 94}{space 3}0.138{col 102}{space 4}-.0909879{col 115}{space 3}  .638509
{txt}{space 57}93  {c |}{col 62}{res}{space 2}  .425675{col 74}{space 2} .2611234{col 85}{space 1}    1.63{col 94}{space 3}0.108{col 102}{space 4}-.0970203{col 115}{space 3} .9483703
{txt}{space 57}94  {c |}{col 62}{res}{space 2} .4101211{col 74}{space 2} .2268637{col 85}{space 1}    1.81{col 94}{space 3}0.076{col 102}{space 4} -.043996{col 115}{space 3} .8642382
{txt}{space 56}100  {c |}{col 62}{res}{space 2} -.385691{col 74}{space 2} .4167929{col 85}{space 1}   -0.93{col 94}{space 3}0.359{col 102}{space 4}-1.219993{col 115}{space 3} .4486106
{txt}{space 56}101  {c |}{col 62}{res}{space 2}-.1683511{col 74}{space 2} .3076684{col 85}{space 1}   -0.55{col 94}{space 3}0.586{col 102}{space 4}-.7842164{col 115}{space 3} .4475141
{txt}{space 56}130  {c |}{col 62}{res}{space 2}-.1203797{col 74}{space 2} .1128593{col 85}{space 1}   -1.07{col 94}{space 3}0.291{col 102}{space 4} -.346292{col 115}{space 3} .1055327
{txt}{space 56}135  {c |}{col 62}{res}{space 2}-.1327041{col 74}{space 2} .3059588{col 85}{space 1}   -0.43{col 94}{space 3}0.666{col 102}{space 4}-.7451472{col 115}{space 3}  .479739
{txt}{space 56}140  {c |}{col 62}{res}{space 2}-.8182252{col 74}{space 2} .8535719{col 85}{space 1}   -0.96{col 94}{space 3}0.342{col 102}{space 4}-2.526835{col 115}{space 3} .8903845
{txt}{space 56}145  {c |}{col 62}{res}{space 2} .0951694{col 74}{space 2} .1337868{col 85}{space 1}    0.71{col 94}{space 3}0.480{col 102}{space 4}-.1726341{col 115}{space 3} .3629729
{txt}{space 56}150  {c |}{col 62}{res}{space 2} .2337409{col 74}{space 2} .1916974{col 85}{space 1}    1.22{col 94}{space 3}0.228{col 102}{space 4}-.1499832{col 115}{space 3} .6174649
{txt}{space 56}155  {c |}{col 62}{res}{space 2}-.0335326{col 74}{space 2} .1967312{col 85}{space 1}   -0.17{col 94}{space 3}0.865{col 102}{space 4}-.4273328{col 115}{space 3} .3602676
{txt}{space 56}160  {c |}{col 62}{res}{space 2}-.3567238{col 74}{space 2} .4072209{col 85}{space 1}   -0.88{col 94}{space 3}0.385{col 102}{space 4}-1.171865{col 115}{space 3} .4584174
{txt}{space 56}165  {c |}{col 62}{res}{space 2} .3990133{col 74}{space 2} .2931018{col 85}{space 1}    1.36{col 94}{space 3}0.179{col 102}{space 4}-.1876937{col 115}{space 3} .9857203
{txt}{space 56}200  {c |}{col 62}{res}{space 2}-.4249852{col 74}{space 2} .7136507{col 85}{space 1}   -0.60{col 94}{space 3}0.554{col 102}{space 4}-1.853512{col 115}{space 3} 1.003542
{txt}{space 56}205  {c |}{col 62}{res}{space 2} .2738322{col 74}{space 2} .2048499{col 85}{space 1}    1.34{col 94}{space 3}0.187{col 102}{space 4}-.1362195{col 115}{space 3} .6838839
{txt}{space 56}210  {c |}{col 62}{res}{space 2}-.1142935{col 74}{space 2} .4238955{col 85}{space 1}   -0.27{col 94}{space 3}0.788{col 102}{space 4}-.9628125{col 115}{space 3} .7342255
{txt}{space 56}211  {c |}{col 62}{res}{space 2} .1174804{col 74}{space 2} .2925461{col 85}{space 1}    0.40{col 94}{space 3}0.689{col 102}{space 4}-.4681143{col 115}{space 3} .7030751
{txt}{space 56}220  {c |}{col 62}{res}{space 2} -.350391{col 74}{space 2} .6709004{col 85}{space 1}   -0.52{col 94}{space 3}0.603{col 102}{space 4}-1.693344{col 115}{space 3}  .992562
{txt}{space 56}225  {c |}{col 62}{res}{space 2} .5290446{col 74}{space 2} .1910098{col 85}{space 1}    2.77{col 94}{space 3}0.008{col 102}{space 4}  .146697{col 115}{space 3} .9113923
{txt}{space 56}230  {c |}{col 62}{res}{space 2}-.2808092{col 74}{space 2}  .535263{col 85}{space 1}   -0.52{col 94}{space 3}0.602{col 102}{space 4}-1.352254{col 115}{space 3} .7906361
{txt}{space 56}235  {c |}{col 62}{res}{space 2} .2581489{col 74}{space 2} .1581793{col 85}{space 1}    1.63{col 94}{space 3}0.108{col 102}{space 4}-.0584813{col 115}{space 3} .5747791
{txt}{space 56}290  {c |}{col 62}{res}{space 2}-.2137328{col 74}{space 2} .4431743{col 85}{space 1}   -0.48{col 94}{space 3}0.631{col 102}{space 4}-1.100843{col 115}{space 3} .6733769
{txt}{space 56}305  {c |}{col 62}{res}{space 2} .2191483{col 74}{space 2} .2385633{col 85}{space 1}    0.92{col 94}{space 3}0.362{col 102}{space 4}-.2583881{col 115}{space 3} .6966847
{txt}{space 56}310  {c |}{col 62}{res}{space 2} .1854331{col 74}{space 2} .1359363{col 85}{space 1}    1.36{col 94}{space 3}0.178{col 102}{space 4} -.086673{col 115}{space 3} .4575392
{txt}{space 56}325  {c |}{col 62}{res}{space 2}-.3624736{col 74}{space 2} .6616047{col 85}{space 1}   -0.55{col 94}{space 3}0.586{col 102}{space 4}-1.686819{col 115}{space 3}  .961872
{txt}{space 56}350  {c |}{col 62}{res}{space 2} .3491668{col 74}{space 2} .1732172{col 85}{space 1}    2.02{col 94}{space 3}0.048{col 102}{space 4} .0024349{col 115}{space 3} .6958987
{txt}{space 56}360  {c |}{col 62}{res}{space 2}-.0244804{col 74}{space 2} .2895877{col 85}{space 1}   -0.08{col 94}{space 3}0.933{col 102}{space 4}-.6041531{col 115}{space 3} .5551924
{txt}{space 56}365  {c |}{col 62}{res}{space 2}-.6659985{col 74}{space 2} .7830105{col 85}{space 1}   -0.85{col 94}{space 3}0.399{col 102}{space 4}-2.233364{col 115}{space 3} .9013673
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{txt}{space 56}380  {c |}{col 62}{res}{space 2} .2646677{col 74}{space 2} .2328804{col 85}{space 1}    1.14{col 94}{space 3}0.260{col 102}{space 4}-.2014931{col 115}{space 3} .7308285
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{txt}{space 56}475  {c |}{col 62}{res}{space 2}-1.001786{col 74}{space 2} .6900246{col 85}{space 1}   -1.45{col 94}{space 3}0.152{col 102}{space 4} -2.38302{col 115}{space 3} .3794484
{txt}{space 56}501  {c |}{col 62}{res}{space 2}-.4738151{col 74}{space 2} .2824629{col 85}{space 1}   -1.68{col 94}{space 3}0.099{col 102}{space 4}-1.039226{col 115}{space 3} .0915959
{txt}{space 56}551  {c |}{col 62}{res}{space 2}-.3472186{col 74}{space 2} .1021098{col 85}{space 1}   -3.40{col 94}{space 3}0.001{col 102}{space 4}-.5516136{col 115}{space 3}-.1428235
{txt}{space 56}552  {c |}{col 62}{res}{space 2} -.192335{col 74}{space 2} .1184878{col 85}{space 1}   -1.62{col 94}{space 3}0.110{col 102}{space 4} -.429514{col 115}{space 3} .0448441
{txt}{space 56}560  {c |}{col 62}{res}{space 2}-.4593162{col 74}{space 2} .5009113{col 85}{space 1}   -0.92{col 94}{space 3}0.363{col 102}{space 4}-1.461999{col 115}{space 3} .5433668
{txt}{space 56}590  {c |}{col 62}{res}{space 2} .8811901{col 74}{space 2} .5405135{col 85}{space 1}    1.63{col 94}{space 3}0.108{col 102}{space 4}-.2007652{col 115}{space 3} 1.963145
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{txt}{space 60} {c |}
{space 55}_cons {c |}{col 62}{res}{space 2}-3.712022{col 74}{space 2} 4.509774{col 85}{space 1}   -0.82{col 94}{space 3}0.414{col 102}{space 4}-12.73932{col 115}{space 3} 5.315272
{txt}{hline 61}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab13
{txt}
{com}. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo c.sum_polit12_binary##c.res_ch2_polit12##c.log_pre_l1_reserves   polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg   devalue  time_trend i.cowcode if devalue < 10 & cowcode != 2 & res_ch2_polit12 <= 2.168937, vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1311
                                                       {help j_robustsingular:F( 20,    58) =}       .
                                                       {txt}Prob > F      = {res}      .
                                                       {txt}R-squared     = {res} 0.8598
                                                       {txt}Root MSE      = {res} .28333

{txt}{ralign 126:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 61}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 62}{c |}{col 74}    Robust
{col 1}                                          log_fi_res_totl_mo{col 62}{c |}      Coef.{col 74}   Std. Err.{col 86}      t{col 94}   P>|t|{col 102}     [95% Con{col 115}f. Interval]
{hline 61}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 42}log_fi_res_totl_mo {c |}
{space 57}L1. {c |}{col 62}{res}{space 2} .8152394{col 74}{space 2} .0349233{col 85}{space 1}   23.34{col 94}{space 3}0.000{col 102}{space 4} .7453328{col 115}{space 3}  .885146
{txt}{space 60} {c |}
{space 42}sum_polit12_binary {c |}{col 62}{res}{space 2}-.0424203{col 74}{space 2} .0517459{col 85}{space 1}   -0.82{col 94}{space 3}0.416{col 102}{space 4}-.1460009{col 115}{space 3} .0611604
{txt}{space 45}res_ch2_polit12 {c |}{col 62}{res}{space 2} .2150003{col 74}{space 2} .0857682{col 85}{space 1}    2.51{col 94}{space 3}0.015{col 102}{space 4} .0433166{col 115}{space 3} .3866839
{txt}{space 60} {c |}
{space 22}c.sum_polit12_binary#c.res_ch2_polit12 {c |}{col 62}{res}{space 2}-.1031914{col 74}{space 2} .0903593{col 85}{space 1}   -1.14{col 94}{space 3}0.258{col 102}{space 4}-.2840651{col 115}{space 3} .0776823
{txt}{space 60} {c |}
{space 41}log_pre_l1_reserves {c |}{col 62}{res}{space 2}-.0122787{col 74}{space 2} .0322032{col 85}{space 1}   -0.38{col 94}{space 3}0.704{col 102}{space 4}-.0767405{col 115}{space 3}  .052183
{txt}{space 60} {c |}
{space 18}c.sum_polit12_binary#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .0813537{col 74}{space 2} .0347496{col 85}{space 1}    2.34{col 94}{space 3}0.023{col 102}{space 4} .0117948{col 115}{space 3} .1509126
{txt}{space 60} {c |}
{space 21}c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2}-.1023273{col 74}{space 2} .0430738{col 85}{space 1}   -2.38{col 94}{space 3}0.021{col 102}{space 4} -.188549{col 115}{space 3}-.0161057
{txt}{space 60} {c |}
c.sum_polit12_binary#c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .0149598{col 74}{space 2} .0572269{col 85}{space 1}    0.26{col 94}{space 3}0.795{col 102}{space 4}-.0995923{col 115}{space 3}  .129512
{txt}{space 60} {c |}
{space 53}polity2 {c |}{col 62}{res}{space 2} .0073644{col 74}{space 2} .0041321{col 85}{space 1}    1.78{col 94}{space 3}0.080{col 102}{space 4} -.000907{col 115}{space 3} .0156357
{txt}{space 47}sum_imftotal5 {c |}{col 62}{res}{space 2} -.015972{col 74}{space 2}  .027494{col 85}{space 1}   -0.58{col 94}{space 3}0.564{col 102}{space 4}-.0710071{col 115}{space 3} .0390632
{txt}{space 46}ne_imp_gnfs_zs {c |}{col 62}{res}{space 2} -.003238{col 74}{space 2} .0022098{col 85}{space 1}   -1.47{col 94}{space 3}0.148{col 102}{space 4}-.0076613{col 115}{space 3} .0011854
{txt}{space 47}trade_balance {c |}{col 62}{res}{space 2} .0161025{col 74}{space 2} .0044551{col 85}{space 1}    3.61{col 94}{space 3}0.001{col 102}{space 4} .0071846{col 115}{space 3} .0250204
{txt}{space 51}cbi_irreg {c |}{col 62}{res}{space 2} .0250086{col 74}{space 2} .0165972{col 85}{space 1}    1.51{col 94}{space 3}0.137{col 102}{space 4}-.0082143{col 115}{space 3} .0582315
{txt}{space 48}presidential {c |}{col 62}{res}{space 2} .0810942{col 74}{space 2} .0668648{col 85}{space 1}    1.21{col 94}{space 3}0.230{col 102}{space 4}-.0527502{col 115}{space 3} .2149386
{txt}{space 51}log_gdppc {c |}{col 62}{res}{space 2}-.1358362{col 74}{space 2}  .072875{col 85}{space 1}   -1.86{col 94}{space 3}0.067{col 102}{space 4}-.2817114{col 115}{space 3}  .010039
{txt}{space 50}gdp_growth {c |}{col 62}{res}{space 2}-.0072757{col 74}{space 2} .0037645{col 85}{space 1}   -1.93{col 94}{space 3}0.058{col 102}{space 4}-.0148112{col 115}{space 3} .0002597
{txt}{space 53}log_pop {c |}{col 62}{res}{space 2} .3163485{col 74}{space 2} .2655931{col 85}{space 1}    1.19{col 94}{space 3}0.238{col 102}{space 4}-.2152938{col 115}{space 3} .8479909
{txt}{space 54}kaopen {c |}{col 62}{res}{space 2}-.0110482{col 74}{space 2} .0155082{col 85}{space 1}   -0.71{col 94}{space 3}0.479{col 102}{space 4}-.0420913{col 115}{space 3} .0199949
{txt}{space 48}currency_peg {c |}{col 62}{res}{space 2} .0186981{col 74}{space 2} .0440305{col 85}{space 1}    0.42{col 94}{space 3}0.673{col 102}{space 4}-.0694384{col 115}{space 3} .1068347
{txt}{space 53}devalue {c |}{col 62}{res}{space 2}-.0181063{col 74}{space 2} .0119599{col 85}{space 1}   -1.51{col 94}{space 3}0.135{col 102}{space 4}-.0420467{col 115}{space 3} .0058341
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{txt}{space 60} {c |}
{space 53}cowcode {c |}
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{txt}{space 57}90  {c |}{col 62}{res}{space 2}-.0007699{col 74}{space 2}  .127602{col 85}{space 1}   -0.01{col 94}{space 3}0.995{col 102}{space 4} -.256193{col 115}{space 3} .2546531
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{txt}{space 56}830  {c |}{col 62}{res}{space 2} .9132381{col 74}{space 2} .4418491{col 85}{space 1}    2.07{col 94}{space 3}0.043{col 102}{space 4}  .028781{col 115}{space 3} 1.797695
{txt}{space 56}840  {c |}{col 62}{res}{space 2}-.6860883{col 74}{space 2} .5316403{col 85}{space 1}   -1.29{col 94}{space 3}0.202{col 102}{space 4}-1.750282{col 115}{space 3} .3781053
{txt}{space 56}850  {c |}{col 62}{res}{space 2}-.9829202{col 74}{space 2} .8281665{col 85}{space 1}   -1.19{col 94}{space 3}0.240{col 102}{space 4}-2.640676{col 115}{space 3} .6748352
{txt}{space 56}900  {c |}{col 62}{res}{space 2}-.0062546{col 74}{space 2} .3484423{col 85}{space 1}   -0.02{col 94}{space 3}0.986{col 102}{space 4}-.7037377{col 115}{space 3} .6912285
{txt}{space 56}920  {c |}{col 62}{res}{space 2}  .415357{col 74}{space 2} .1733257{col 85}{space 1}    2.40{col 94}{space 3}0.020{col 102}{space 4}  .068408{col 115}{space 3}  .762306
{txt}{space 60} {c |}
{space 55}_cons {c |}{col 62}{res}{space 2}-3.939804{col 74}{space 2} 4.317892{col 85}{space 1}   -0.91{col 94}{space 3}0.365{col 102}{space 4}  -12.583{col 115}{space 3} 4.703396
{txt}{hline 61}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab14
{txt}
{com}. 
. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit11##c.res_ch2_polit11##c.log_pre_l1_reserves   polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg   devalue  time_trend i.cowcode if devalue < 10 & cowcode != 2 & res_ch2_polit11 <= 2.168937, vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1311
                                                       {help j_robustsingular:F( 20,    58) =}       .
                                                       {txt}Prob > F      = {res}      .
                                                       {txt}R-squared     = {res} 0.8611
                                                       {txt}Root MSE      = {res}   .282

{txt}{ralign 127:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 62}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 63}{c |}{col 75}    Robust
{col 1}                                           log_fi_res_totl_mo{col 63}{c |}      Coef.{col 75}   Std. Err.{col 87}      t{col 95}   P>|t|{col 103}     [95% Con{col 116}f. Interval]
{hline 62}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 43}log_fi_res_totl_mo {c |}
{space 58}L1. {c |}{col 63}{res}{space 2} .8067745{col 75}{space 2} .0355952{col 86}{space 1}   22.67{col 95}{space 3}0.000{col 103}{space 4}  .735523{col 116}{space 3}  .878026
{txt}{space 61} {c |}
{space 42}polity_frac_polit11 {c |}{col 63}{res}{space 2}  .059076{col 75}{space 2} .0571521{col 86}{space 1}    1.03{col 95}{space 3}0.306{col 103}{space 4}-.0553264{col 116}{space 3} .1734784
{txt}{space 46}res_ch2_polit11 {c |}{col 63}{res}{space 2} .2574596{col 75}{space 2} .0664742{col 86}{space 1}    3.87{col 95}{space 3}0.000{col 103}{space 4}  .124397{col 116}{space 3} .3905222
{txt}{space 61} {c |}
{space 22}c.polity_frac_polit11#c.res_ch2_polit11 {c |}{col 63}{res}{space 2}-.1660504{col 75}{space 2} .0789413{col 86}{space 1}   -2.10{col 95}{space 3}0.040{col 103}{space 4}-.3240686{col 116}{space 3}-.0080323
{txt}{space 61} {c |}
{space 42}log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.0118336{col 75}{space 2} .0354379{col 86}{space 1}   -0.33{col 95}{space 3}0.740{col 103}{space 4}-.0827702{col 116}{space 3}  .059103
{txt}{space 61} {c |}
{space 18}c.polity_frac_polit11#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2} .0312045{col 75}{space 2}  .044079{col 86}{space 1}    0.71{col 95}{space 3}0.482{col 103}{space 4}-.0570291{col 116}{space 3} .1194381
{txt}{space 61} {c |}
{space 22}c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.2470714{col 75}{space 2} .0716723{col 86}{space 1}   -3.45{col 95}{space 3}0.001{col 103}{space 4}-.3905391{col 116}{space 3}-.1036038
{txt}{space 61} {c |}
c.polity_frac_polit11#c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2} .2003811{col 75}{space 2} .0768791{col 86}{space 1}    2.61{col 95}{space 3}0.012{col 103}{space 4} .0464908{col 116}{space 3} .3542713
{txt}{space 61} {c |}
{space 54}polity2 {c |}{col 63}{res}{space 2}  .006794{col 75}{space 2} .0044017{col 86}{space 1}    1.54{col 95}{space 3}0.128{col 103}{space 4} -.002017{col 116}{space 3}  .015605
{txt}{space 48}sum_imftotal5 {c |}{col 63}{res}{space 2}-.0015615{col 75}{space 2} .0271078{col 86}{space 1}   -0.06{col 95}{space 3}0.954{col 103}{space 4}-.0558236{col 116}{space 3} .0527007
{txt}{space 47}ne_imp_gnfs_zs {c |}{col 63}{res}{space 2}-.0030912{col 75}{space 2}  .002363{col 86}{space 1}   -1.31{col 95}{space 3}0.196{col 103}{space 4}-.0078212{col 116}{space 3} .0016388
{txt}{space 48}trade_balance {c |}{col 63}{res}{space 2} .0160482{col 75}{space 2}  .004773{col 86}{space 1}    3.36{col 95}{space 3}0.001{col 103}{space 4} .0064939{col 116}{space 3} .0256024
{txt}{space 52}cbi_irreg {c |}{col 63}{res}{space 2} .0286179{col 75}{space 2} .0170564{col 86}{space 1}    1.68{col 95}{space 3}0.099{col 103}{space 4}-.0055243{col 116}{space 3} .0627601
{txt}{space 49}presidential {c |}{col 63}{res}{space 2} .0986169{col 75}{space 2} .0670749{col 86}{space 1}    1.47{col 95}{space 3}0.147{col 103}{space 4}-.0356481{col 116}{space 3} .2328819
{txt}{space 52}log_gdppc {c |}{col 63}{res}{space 2}-.1295901{col 75}{space 2} .0729724{col 86}{space 1}   -1.78{col 95}{space 3}0.081{col 103}{space 4}-.2756603{col 116}{space 3} .0164801
{txt}{space 51}gdp_growth {c |}{col 63}{res}{space 2}-.0065477{col 75}{space 2} .0038948{col 86}{space 1}   -1.68{col 95}{space 3}0.098{col 103}{space 4}-.0143441{col 116}{space 3} .0012487
{txt}{space 54}log_pop {c |}{col 63}{res}{space 2} .3508147{col 75}{space 2} .2768413{col 86}{space 1}    1.27{col 95}{space 3}0.210{col 103}{space 4}-.2033434{col 116}{space 3} .9049727
{txt}{space 55}kaopen {c |}{col 63}{res}{space 2}-.0084689{col 75}{space 2} .0161787{col 86}{space 1}   -0.52{col 95}{space 3}0.603{col 103}{space 4}-.0408541{col 116}{space 3} .0239163
{txt}{space 49}currency_peg {c |}{col 63}{res}{space 2} .0383121{col 75}{space 2} .0425455{col 86}{space 1}    0.90{col 95}{space 3}0.372{col 103}{space 4} -.046852{col 116}{space 3} .1234761
{txt}{space 54}devalue {c |}{col 63}{res}{space 2}-.0073088{col 75}{space 2} .0123122{col 86}{space 1}   -0.59{col 95}{space 3}0.555{col 103}{space 4}-.0319543{col 116}{space 3} .0173367
{txt}{space 51}time_trend {c |}{col 63}{res}{space 2} .0033413{col 75}{space 2} .0074707{col 86}{space 1}    0.45{col 95}{space 3}0.656{col 103}{space 4}-.0116129{col 116}{space 3} .0182955
{txt}{space 61} {c |}
{space 54}cowcode {c |}
{space 58}70  {c |}{col 63}{res}{space 2}-.7900574{col 75}{space 2} .7037705{col 86}{space 1}   -1.12{col 95}{space 3}0.266{col 103}{space 4}-2.198807{col 116}{space 3} .6186923
{txt}{space 58}90  {c |}{col 63}{res}{space 2}  .003114{col 75}{space 2} .1087917{col 86}{space 1}    0.03{col 95}{space 3}0.977{col 103}{space 4}-.2146563{col 116}{space 3} .2208843
{txt}{space 58}91  {c |}{col 63}{res}{space 2} .2665286{col 75}{space 2} .1614596{col 86}{space 1}    1.65{col 95}{space 3}0.104{col 103}{space 4}-.0566678{col 116}{space 3} .5897251
{txt}{space 58}92  {c |}{col 63}{res}{space 2} .3133196{col 75}{space 2} .1882915{col 86}{space 1}    1.66{col 95}{space 3}0.102{col 103}{space 4}-.0635867{col 116}{space 3}  .690226
{txt}{space 58}93  {c |}{col 63}{res}{space 2} .3656432{col 75}{space 2} .2788168{col 86}{space 1}    1.31{col 95}{space 3}0.195{col 103}{space 4}-.1924693{col 116}{space 3} .9237557
{txt}{space 58}94  {c |}{col 63}{res}{space 2} .4272433{col 75}{space 2} .2369681{col 86}{space 1}    1.80{col 95}{space 3}0.077{col 103}{space 4}-.0470999{col 116}{space 3} .9015865
{txt}{space 57}100  {c |}{col 63}{res}{space 2}-.4711943{col 75}{space 2} .3975556{col 86}{space 1}   -1.19{col 95}{space 3}0.241{col 103}{space 4}-1.266988{col 116}{space 3} .3245997
{txt}{space 57}101  {c |}{col 63}{res}{space 2}-.2495142{col 75}{space 2} .2897422{col 86}{space 1}   -0.86{col 95}{space 3}0.393{col 103}{space 4}-.8294963{col 116}{space 3} .3304679
{txt}{space 57}130  {c |}{col 63}{res}{space 2}-.1566726{col 75}{space 2}  .101161{col 86}{space 1}   -1.55{col 95}{space 3}0.127{col 103}{space 4}-.3591683{col 116}{space 3} .0458231
{txt}{space 57}135  {c |}{col 63}{res}{space 2}-.2414737{col 75}{space 2} .2931974{col 86}{space 1}   -0.82{col 95}{space 3}0.414{col 103}{space 4}-.8283722{col 116}{space 3} .3454247
{txt}{space 57}140  {c |}{col 63}{res}{space 2}-.9590061{col 75}{space 2} .8279015{col 86}{space 1}   -1.16{col 95}{space 3}0.251{col 103}{space 4}-2.616231{col 116}{space 3} .6982187
{txt}{space 57}145  {c |}{col 63}{res}{space 2} .0819262{col 75}{space 2} .1433783{col 86}{space 1}    0.57{col 95}{space 3}0.570{col 103}{space 4}-.2050766{col 116}{space 3} .3689291
{txt}{space 57}150  {c |}{col 63}{res}{space 2} .2517123{col 75}{space 2}  .196344{col 86}{space 1}    1.28{col 95}{space 3}0.205{col 103}{space 4} -.141313{col 116}{space 3} .6447375
{txt}{space 57}155  {c |}{col 63}{res}{space 2}-.0702307{col 75}{space 2} .1812098{col 86}{space 1}   -0.39{col 95}{space 3}0.700{col 103}{space 4}-.4329616{col 116}{space 3} .2925001
{txt}{space 57}160  {c |}{col 63}{res}{space 2}-.4776732{col 75}{space 2} .3829294{col 86}{space 1}   -1.25{col 95}{space 3}0.217{col 103}{space 4} -1.24419{col 116}{space 3} .2888433
{txt}{space 57}165  {c |}{col 63}{res}{space 2} .4230806{col 75}{space 2} .3084627{col 86}{space 1}    1.37{col 95}{space 3}0.175{col 103}{space 4}-.1943747{col 116}{space 3} 1.040536
{txt}{space 57}200  {c |}{col 63}{res}{space 2}-.5505327{col 75}{space 2} .6903679{col 86}{space 1}   -0.80{col 95}{space 3}0.428{col 103}{space 4}-1.932454{col 116}{space 3} .8313887
{txt}{space 57}205  {c |}{col 63}{res}{space 2} .2688211{col 75}{space 2} .2221635{col 86}{space 1}    1.21{col 95}{space 3}0.231{col 103}{space 4}-.1758874{col 116}{space 3} .7135297
{txt}{space 57}210  {c |}{col 63}{res}{space 2} -.202091{col 75}{space 2} .4089265{col 86}{space 1}   -0.49{col 95}{space 3}0.623{col 103}{space 4}-1.020646{col 116}{space 3} .6164644
{txt}{space 57}211  {c |}{col 63}{res}{space 2} .0486551{col 75}{space 2} .2962141{col 86}{space 1}    0.16{col 95}{space 3}0.870{col 103}{space 4}-.5442819{col 116}{space 3} .6415921
{txt}{space 57}220  {c |}{col 63}{res}{space 2}-.4668081{col 75}{space 2} .6505339{col 86}{space 1}   -0.72{col 95}{space 3}0.476{col 103}{space 4}-1.768993{col 116}{space 3} .8353769
{txt}{space 57}225  {c |}{col 63}{res}{space 2} .4764348{col 75}{space 2} .1892427{col 86}{space 1}    2.52{col 95}{space 3}0.015{col 103}{space 4} .0976243{col 116}{space 3} .8552452
{txt}{space 57}230  {c |}{col 63}{res}{space 2}-.3764689{col 75}{space 2}  .510865{col 86}{space 1}   -0.74{col 95}{space 3}0.464{col 103}{space 4}-1.399076{col 116}{space 3} .6461385
{txt}{space 57}235  {c |}{col 63}{res}{space 2} .2523607{col 75}{space 2} .1413122{col 86}{space 1}    1.79{col 95}{space 3}0.079{col 103}{space 4}-.0305064{col 116}{space 3} .5352277
{txt}{space 57}290  {c |}{col 63}{res}{space 2}-.3317883{col 75}{space 2} .4285803{col 86}{space 1}   -0.77{col 95}{space 3}0.442{col 103}{space 4}-1.189685{col 116}{space 3} .5261084
{txt}{space 57}305  {c |}{col 63}{res}{space 2} .1716108{col 75}{space 2} .2339378{col 86}{space 1}    0.73{col 95}{space 3}0.466{col 103}{space 4}-.2966667{col 116}{space 3} .6398883
{txt}{space 57}310  {c |}{col 63}{res}{space 2} .1475465{col 75}{space 2} .1287315{col 86}{space 1}    1.15{col 95}{space 3}0.256{col 103}{space 4}-.1101376{col 116}{space 3} .4052305
{txt}{space 57}325  {c |}{col 63}{res}{space 2}-.5072538{col 75}{space 2} .6374189{col 86}{space 1}   -0.80{col 95}{space 3}0.429{col 103}{space 4}-1.783186{col 116}{space 3} .7686787
{txt}{space 57}350  {c |}{col 63}{res}{space 2} .3088973{col 75}{space 2} .1632306{col 86}{space 1}    1.89{col 95}{space 3}0.063{col 103}{space 4}-.0178443{col 116}{space 3} .6356389
{txt}{space 57}360  {c |}{col 63}{res}{space 2}-.0714361{col 75}{space 2} .2732526{col 86}{space 1}   -0.26{col 95}{space 3}0.795{col 103}{space 4}-.6184106{col 116}{space 3} .4755385
{txt}{space 57}365  {c |}{col 63}{res}{space 2}-.8139088{col 75}{space 2} .7716603{col 86}{space 1}   -1.05{col 95}{space 3}0.296{col 103}{space 4}-2.358555{col 116}{space 3} .7307371
{txt}{space 57}375  {c |}{col 63}{res}{space 2}  .327462{col 75}{space 2} .1613791{col 86}{space 1}    2.03{col 95}{space 3}0.047{col 103}{space 4} .0044267{col 116}{space 3} .6504973
{txt}{space 57}380  {c |}{col 63}{res}{space 2}   .23177{col 75}{space 2} .2287581{col 86}{space 1}    1.01{col 95}{space 3}0.315{col 103}{space 4} -.226139{col 116}{space 3} .6896791
{txt}{space 57}385  {c |}{col 63}{res}{space 2} .6066819{col 75}{space 2} .1810813{col 86}{space 1}    3.35{col 95}{space 3}0.001{col 103}{space 4} .2442084{col 116}{space 3} .9691555
{txt}{space 57}452  {c |}{col 63}{res}{space 2}-.2815875{col 75}{space 2} .1952566{col 86}{space 1}   -1.44{col 95}{space 3}0.155{col 103}{space 4}-.6724361{col 116}{space 3}  .109261
{txt}{space 57}475  {c |}{col 63}{res}{space 2}-1.146343{col 75}{space 2} .6716984{col 86}{space 1}   -1.71{col 95}{space 3}0.093{col 103}{space 4}-2.490893{col 116}{space 3} .1982074
{txt}{space 57}501  {c |}{col 63}{res}{space 2}-.5262988{col 75}{space 2} .2826059{col 86}{space 1}   -1.86{col 95}{space 3}0.068{col 103}{space 4}-1.091996{col 116}{space 3} .0393984
{txt}{space 57}551  {c |}{col 63}{res}{space 2}-.3881697{col 75}{space 2} .1087797{col 86}{space 1}   -3.57{col 95}{space 3}0.001{col 103}{space 4} -.605916{col 116}{space 3}-.1704234
{txt}{space 57}552  {c |}{col 63}{res}{space 2} -.185951{col 75}{space 2} .1180342{col 86}{space 1}   -1.58{col 95}{space 3}0.121{col 103}{space 4}-.4222221{col 116}{space 3} .0503201
{txt}{space 57}560  {c |}{col 63}{res}{space 2}-.5432724{col 75}{space 2}  .475637{col 86}{space 1}   -1.14{col 95}{space 3}0.258{col 103}{space 4}-1.495363{col 116}{space 3} .4088185
{txt}{space 57}590  {c |}{col 63}{res}{space 2} .9484831{col 75}{space 2} .5450197{col 86}{space 1}    1.74{col 95}{space 3}0.087{col 103}{space 4}-.1424923{col 116}{space 3} 2.039458
{txt}{space 57}600  {c |}{col 63}{res}{space 2}-.5151525{col 75}{space 2} .3081306{col 86}{space 1}   -1.67{col 95}{space 3}0.100{col 103}{space 4}-1.131943{col 116}{space 3} .1016379
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{txt}{space 57}616  {c |}{col 63}{res}{space 2} .0313403{col 75}{space 2} .0684025{col 86}{space 1}    0.46{col 95}{space 3}0.649{col 103}{space 4}-.1055821{col 116}{space 3} .1682627
{txt}{space 57}640  {c |}{col 63}{res}{space 2}-.5276396{col 75}{space 2} .5710625{col 86}{space 1}   -0.92{col 95}{space 3}0.359{col 103}{space 4}-1.670745{col 116}{space 3} .6154662
{txt}{space 57}651  {c |}{col 63}{res}{space 2}-.3590178{col 75}{space 2} .5461131{col 86}{space 1}   -0.66{col 95}{space 3}0.514{col 103}{space 4}-1.452182{col 116}{space 3} .7341464
{txt}{space 57}710  {c |}{col 63}{res}{space 2}-1.498949{col 75}{space 2} 1.331315{col 86}{space 1}   -1.13{col 95}{space 3}0.265{col 103}{space 4}-4.163866{col 116}{space 3} 1.165968
{txt}{space 57}732  {c |}{col 63}{res}{space 2}-.3744372{col 75}{space 2} .5339074{col 86}{space 1}   -0.70{col 95}{space 3}0.486{col 103}{space 4}-1.443169{col 116}{space 3} .6942947
{txt}{space 57}740  {c |}{col 63}{res}{space 2}-.5803577{col 75}{space 2}  .872947{col 86}{space 1}   -0.66{col 95}{space 3}0.509{col 103}{space 4}-2.327751{col 116}{space 3} 1.167035
{txt}{space 57}750  {c |}{col 63}{res}{space 2}-1.739291{col 75}{space 2}  1.21624{col 86}{space 1}   -1.43{col 95}{space 3}0.158{col 103}{space 4} -4.17386{col 116}{space 3} .6952791
{txt}{space 57}780  {c |}{col 63}{res}{space 2}-.2864137{col 75}{space 2} .1794285{col 86}{space 1}   -1.60{col 95}{space 3}0.116{col 103}{space 4}-.6455788{col 116}{space 3} .0727514
{txt}{space 57}800  {c |}{col 63}{res}{space 2}-.4490544{col 75}{space 2}  .548258{col 86}{space 1}   -0.82{col 95}{space 3}0.416{col 103}{space 4}-1.546512{col 116}{space 3} .6484033
{txt}{space 57}820  {c |}{col 63}{res}{space 2}-.1509488{col 75}{space 2} .3920485{col 86}{space 1}   -0.39{col 95}{space 3}0.702{col 103}{space 4}-.9357192{col 116}{space 3} .6338216
{txt}{space 57}830  {c |}{col 63}{res}{space 2} .9423688{col 75}{space 2} .4954901{col 86}{space 1}    1.90{col 95}{space 3}0.062{col 103}{space 4}-.0494624{col 116}{space 3}   1.9342
{txt}{space 57}840  {c |}{col 63}{res}{space 2}-.7723972{col 75}{space 2} .5561268{col 86}{space 1}   -1.39{col 95}{space 3}0.170{col 103}{space 4}-1.885606{col 116}{space 3} .3408115
{txt}{space 57}850  {c |}{col 63}{res}{space 2}-1.102904{col 75}{space 2} .8541856{col 86}{space 1}   -1.29{col 95}{space 3}0.202{col 103}{space 4}-2.812742{col 116}{space 3} .6069341
{txt}{space 57}900  {c |}{col 63}{res}{space 2} .0040043{col 75}{space 2} .3453688{col 86}{space 1}    0.01{col 95}{space 3}0.991{col 103}{space 4}-.6873264{col 116}{space 3} .6953351
{txt}{space 57}920  {c |}{col 63}{res}{space 2} .4387744{col 75}{space 2} .1888741{col 86}{space 1}    2.32{col 95}{space 3}0.024{col 103}{space 4} .0607017{col 116}{space 3}  .816847
{txt}{space 61} {c |}
{space 56}_cons {c |}{col 63}{res}{space 2}-4.597892{col 75}{space 2} 4.471854{col 86}{space 1}   -1.03{col 95}{space 3}0.308{col 103}{space 4}-13.54928{col 116}{space 3} 4.353496
{txt}{hline 62}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab15
{txt}
{com}. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit12##c.res_ch2_polit12##c.log_pre_l1_reserves   polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg   devalue  time_trend i.cowcode if devalue < 10 & cowcode != 2 & res_ch2_polit12 <= 2.168937, vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1311
                                                       {help j_robustsingular:F( 20,    58) =}       .
                                                       {txt}Prob > F      = {res}      .
                                                       {txt}R-squared     = {res} 0.8594
                                                       {txt}Root MSE      = {res} .28367

{txt}{ralign 127:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 62}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 63}{c |}{col 75}    Robust
{col 1}                                           log_fi_res_totl_mo{col 63}{c |}      Coef.{col 75}   Std. Err.{col 87}      t{col 95}   P>|t|{col 103}     [95% Con{col 116}f. Interval]
{hline 62}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 43}log_fi_res_totl_mo {c |}
{space 58}L1. {c |}{col 63}{res}{space 2} .8165113{col 75}{space 2} .0355396{col 86}{space 1}   22.97{col 95}{space 3}0.000{col 103}{space 4} .7453712{col 116}{space 3} .8876515
{txt}{space 61} {c |}
{space 42}polity_frac_polit12 {c |}{col 63}{res}{space 2}-.0031198{col 75}{space 2} .0564781{col 86}{space 1}   -0.06{col 95}{space 3}0.956{col 103}{space 4} -.116173{col 116}{space 3} .1099333
{txt}{space 46}res_ch2_polit12 {c |}{col 63}{res}{space 2} .1875159{col 75}{space 2} .0617073{col 86}{space 1}    3.04{col 95}{space 3}0.004{col 103}{space 4} .0639954{col 116}{space 3} .3110364
{txt}{space 61} {c |}
{space 22}c.polity_frac_polit12#c.res_ch2_polit12 {c |}{col 63}{res}{space 2}-.1125603{col 75}{space 2} .0921278{col 86}{space 1}   -1.22{col 95}{space 3}0.227{col 103}{space 4}-.2969741{col 116}{space 3} .0718535
{txt}{space 61} {c |}
{space 42}log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.0067876{col 75}{space 2} .0308175{col 86}{space 1}   -0.22{col 95}{space 3}0.826{col 103}{space 4}-.0684754{col 116}{space 3} .0549003
{txt}{space 61} {c |}
{space 18}c.polity_frac_polit12#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2}  .053662{col 75}{space 2} .0408926{col 86}{space 1}    1.31{col 95}{space 3}0.195{col 103}{space 4}-.0281934{col 116}{space 3} .1355174
{txt}{space 61} {c |}
{space 22}c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.1234887{col 75}{space 2}  .042354{col 86}{space 1}   -2.92{col 95}{space 3}0.005{col 103}{space 4}-.2082695{col 116}{space 3}-.0387078
{txt}{space 61} {c |}
c.polity_frac_polit12#c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2} .0948527{col 75}{space 2} .0730229{col 86}{space 1}    1.30{col 95}{space 3}0.199{col 103}{space 4}-.0513186{col 116}{space 3}  .241024
{txt}{space 61} {c |}
{space 54}polity2 {c |}{col 63}{res}{space 2} .0073032{col 75}{space 2} .0042197{col 86}{space 1}    1.73{col 95}{space 3}0.089{col 103}{space 4}-.0011434{col 116}{space 3} .0157498
{txt}{space 48}sum_imftotal5 {c |}{col 63}{res}{space 2}-.0112497{col 75}{space 2} .0303661{col 86}{space 1}   -0.37{col 95}{space 3}0.712{col 103}{space 4}-.0720341{col 116}{space 3} .0495347
{txt}{space 47}ne_imp_gnfs_zs {c |}{col 63}{res}{space 2}-.0029099{col 75}{space 2} .0022433{col 86}{space 1}   -1.30{col 95}{space 3}0.200{col 103}{space 4}-.0074003{col 116}{space 3} .0015805
{txt}{space 48}trade_balance {c |}{col 63}{res}{space 2}  .016597{col 75}{space 2} .0045432{col 86}{space 1}    3.65{col 95}{space 3}0.001{col 103}{space 4} .0075027{col 116}{space 3} .0256912
{txt}{space 52}cbi_irreg {c |}{col 63}{res}{space 2} .0247337{col 75}{space 2} .0167054{col 86}{space 1}    1.48{col 95}{space 3}0.144{col 103}{space 4}-.0087058{col 116}{space 3} .0581732
{txt}{space 49}presidential {c |}{col 63}{res}{space 2} .0876243{col 75}{space 2} .0652201{col 86}{space 1}    1.34{col 95}{space 3}0.184{col 103}{space 4}-.0429278{col 116}{space 3} .2181764
{txt}{space 52}log_gdppc {c |}{col 63}{res}{space 2}-.1314291{col 75}{space 2} .0747191{col 86}{space 1}   -1.76{col 95}{space 3}0.084{col 103}{space 4}-.2809956{col 116}{space 3} .0181373
{txt}{space 51}gdp_growth {c |}{col 63}{res}{space 2}-.0070994{col 75}{space 2}  .003935{col 86}{space 1}   -1.80{col 95}{space 3}0.076{col 103}{space 4}-.0149762{col 116}{space 3} .0007774
{txt}{space 54}log_pop {c |}{col 63}{res}{space 2} .3097462{col 75}{space 2} .2680996{col 86}{space 1}    1.16{col 95}{space 3}0.253{col 103}{space 4}-.2269134{col 116}{space 3} .8464059
{txt}{space 55}kaopen {c |}{col 63}{res}{space 2}-.0106072{col 75}{space 2} .0161614{col 86}{space 1}   -0.66{col 95}{space 3}0.514{col 103}{space 4}-.0429577{col 116}{space 3} .0217433
{txt}{space 49}currency_peg {c |}{col 63}{res}{space 2} .0336823{col 75}{space 2} .0423052{col 86}{space 1}    0.80{col 95}{space 3}0.429{col 103}{space 4}-.0510008{col 116}{space 3} .1183654
{txt}{space 54}devalue {c |}{col 63}{res}{space 2} -.011505{col 75}{space 2} .0114483{col 86}{space 1}   -1.00{col 95}{space 3}0.319{col 103}{space 4}-.0344212{col 116}{space 3} .0114112
{txt}{space 51}time_trend {c |}{col 63}{res}{space 2} .0032307{col 75}{space 2}  .007344{col 86}{space 1}    0.44{col 95}{space 3}0.662{col 103}{space 4}-.0114699{col 116}{space 3} .0179312
{txt}{space 61} {c |}
{space 54}cowcode {c |}
{space 58}70  {c |}{col 63}{res}{space 2}-.6992182{col 75}{space 2} .6857051{col 86}{space 1}   -1.02{col 95}{space 3}0.312{col 103}{space 4}-2.071806{col 116}{space 3} .6733696
{txt}{space 58}90  {c |}{col 63}{res}{space 2} .0042025{col 75}{space 2} .1192548{col 86}{space 1}    0.04{col 95}{space 3}0.972{col 103}{space 4}-.2345119{col 116}{space 3} .2429168
{txt}{space 58}91  {c |}{col 63}{res}{space 2} .2690193{col 75}{space 2} .1647837{col 86}{space 1}    1.63{col 95}{space 3}0.108{col 103}{space 4}-.0608311{col 116}{space 3} .5988698
{txt}{space 58}92  {c |}{col 63}{res}{space 2} .3314186{col 75}{space 2} .1897041{col 86}{space 1}    1.75{col 95}{space 3}0.086{col 103}{space 4}-.0483154{col 116}{space 3} .7111525
{txt}{space 58}93  {c |}{col 63}{res}{space 2} .3722175{col 75}{space 2} .2823397{col 86}{space 1}    1.32{col 95}{space 3}0.193{col 103}{space 4}-.1929468{col 116}{space 3} .9373818
{txt}{space 58}94  {c |}{col 63}{res}{space 2} .3503018{col 75}{space 2} .2295756{col 86}{space 1}    1.53{col 95}{space 3}0.132{col 103}{space 4}-.1092437{col 116}{space 3} .8098472
{txt}{space 57}100  {c |}{col 63}{res}{space 2}-.3377724{col 75}{space 2} .3832975{col 86}{space 1}   -0.88{col 95}{space 3}0.382{col 103}{space 4}-1.105026{col 116}{space 3}  .429481
{txt}{space 57}101  {c |}{col 63}{res}{space 2}-.2379141{col 75}{space 2} .2787038{col 86}{space 1}   -0.85{col 95}{space 3}0.397{col 103}{space 4}-.7958004{col 116}{space 3} .3199721
{txt}{space 57}130  {c |}{col 63}{res}{space 2}-.1533924{col 75}{space 2} .1035285{col 86}{space 1}   -1.48{col 95}{space 3}0.144{col 103}{space 4}-.3606272{col 116}{space 3} .0538424
{txt}{space 57}135  {c |}{col 63}{res}{space 2}-.1868502{col 75}{space 2} .2839482{col 86}{space 1}   -0.66{col 95}{space 3}0.513{col 103}{space 4}-.7552342{col 116}{space 3} .3815338
{txt}{space 57}140  {c |}{col 63}{res}{space 2}-.8561153{col 75}{space 2} .8040511{col 86}{space 1}   -1.06{col 95}{space 3}0.291{col 103}{space 4}-2.465598{col 116}{space 3} .7533679
{txt}{space 57}145  {c |}{col 63}{res}{space 2} .0461961{col 75}{space 2} .1549117{col 86}{space 1}    0.30{col 95}{space 3}0.767{col 103}{space 4}-.2638934{col 116}{space 3} .3562855
{txt}{space 57}150  {c |}{col 63}{res}{space 2} .2382156{col 75}{space 2} .1980792{col 86}{space 1}    1.20{col 95}{space 3}0.234{col 103}{space 4}-.1582829{col 116}{space 3} .6347142
{txt}{space 57}155  {c |}{col 63}{res}{space 2}-.0189384{col 75}{space 2} .1808762{col 86}{space 1}   -0.10{col 95}{space 3}0.917{col 103}{space 4}-.3810015{col 116}{space 3} .3431247
{txt}{space 57}160  {c |}{col 63}{res}{space 2} -.417592{col 75}{space 2} .3749214{col 86}{space 1}   -1.11{col 95}{space 3}0.270{col 103}{space 4}-1.168079{col 116}{space 3} .3328948
{txt}{space 57}165  {c |}{col 63}{res}{space 2} .4288386{col 75}{space 2} .2991219{col 86}{space 1}    1.43{col 95}{space 3}0.157{col 103}{space 4}-.1699189{col 116}{space 3} 1.027596
{txt}{space 57}200  {c |}{col 63}{res}{space 2}-.4540471{col 75}{space 2} .6880245{col 86}{space 1}   -0.66{col 95}{space 3}0.512{col 103}{space 4}-1.831278{col 116}{space 3} .9231836
{txt}{space 57}205  {c |}{col 63}{res}{space 2} .2156712{col 75}{space 2} .1980346{col 86}{space 1}    1.09{col 95}{space 3}0.281{col 103}{space 4}-.1807381{col 116}{space 3} .6120804
{txt}{space 57}210  {c |}{col 63}{res}{space 2}-.2132621{col 75}{space 2} .4046425{col 86}{space 1}   -0.53{col 95}{space 3}0.600{col 103}{space 4}-1.023242{col 116}{space 3}  .596718
{txt}{space 57}211  {c |}{col 63}{res}{space 2} .1002473{col 75}{space 2} .2934925{col 86}{space 1}    0.34{col 95}{space 3}0.734{col 103}{space 4}-.4872419{col 116}{space 3} .6877364
{txt}{space 57}220  {c |}{col 63}{res}{space 2}-.3467547{col 75}{space 2} .6501864{col 86}{space 1}   -0.53{col 95}{space 3}0.596{col 103}{space 4}-1.648244{col 116}{space 3} .9547349
{txt}{space 57}225  {c |}{col 63}{res}{space 2} .4280802{col 75}{space 2} .1842815{col 86}{space 1}    2.32{col 95}{space 3}0.024{col 103}{space 4} .0592008{col 116}{space 3} .7969596
{txt}{space 57}230  {c |}{col 63}{res}{space 2}-.3024463{col 75}{space 2} .5096534{col 86}{space 1}   -0.59{col 95}{space 3}0.555{col 103}{space 4}-1.322628{col 116}{space 3} .7177359
{txt}{space 57}235  {c |}{col 63}{res}{space 2} .2549961{col 75}{space 2} .1501543{col 86}{space 1}    1.70{col 95}{space 3}0.095{col 103}{space 4}-.0455704{col 116}{space 3} .5555625
{txt}{space 57}290  {c |}{col 63}{res}{space 2}-.2833838{col 75}{space 2} .4163393{col 86}{space 1}   -0.68{col 95}{space 3}0.499{col 103}{space 4}-1.116777{col 116}{space 3} .5500098
{txt}{space 57}305  {c |}{col 63}{res}{space 2} .1361213{col 75}{space 2} .2290787{col 86}{space 1}    0.59{col 95}{space 3}0.555{col 103}{space 4}-.3224296{col 116}{space 3} .5946722
{txt}{space 57}310  {c |}{col 63}{res}{space 2} .1107728{col 75}{space 2}  .127241{col 86}{space 1}    0.87{col 95}{space 3}0.388{col 103}{space 4}-.1439277{col 116}{space 3} .3654734
{txt}{space 57}325  {c |}{col 63}{res}{space 2}-.4415821{col 75}{space 2} .6298224{col 86}{space 1}   -0.70{col 95}{space 3}0.486{col 103}{space 4}-1.702309{col 116}{space 3} .8191445
{txt}{space 57}350  {c |}{col 63}{res}{space 2} .2841412{col 75}{space 2} .1693672{col 86}{space 1}    1.68{col 95}{space 3}0.099{col 103}{space 4} -.054884{col 116}{space 3} .6231664
{txt}{space 57}360  {c |}{col 63}{res}{space 2}-.0557344{col 75}{space 2} .2766827{col 86}{space 1}   -0.20{col 95}{space 3}0.841{col 103}{space 4} -.609575{col 116}{space 3} .4981062
{txt}{space 57}365  {c |}{col 63}{res}{space 2}-.7065246{col 75}{space 2} .7440362{col 86}{space 1}   -0.95{col 95}{space 3}0.346{col 103}{space 4}-2.195875{col 116}{space 3} .7828256
{txt}{space 57}375  {c |}{col 63}{res}{space 2} .2880323{col 75}{space 2} .1499793{col 86}{space 1}    1.92{col 95}{space 3}0.060{col 103}{space 4}-.0121839{col 116}{space 3} .5882484
{txt}{space 57}380  {c |}{col 63}{res}{space 2} .2049515{col 75}{space 2} .2294632{col 86}{space 1}    0.89{col 95}{space 3}0.375{col 103}{space 4}-.2543689{col 116}{space 3} .6642719
{txt}{space 57}385  {c |}{col 63}{res}{space 2} .5387945{col 75}{space 2} .1607848{col 86}{space 1}    3.35{col 95}{space 3}0.001{col 103}{space 4} .2169487{col 116}{space 3} .8606403
{txt}{space 57}452  {c |}{col 63}{res}{space 2}-.2564717{col 75}{space 2} .1947124{col 86}{space 1}   -1.32{col 95}{space 3}0.193{col 103}{space 4} -.646231{col 116}{space 3} .1332876
{txt}{space 57}475  {c |}{col 63}{res}{space 2}-1.035197{col 75}{space 2} .6351143{col 86}{space 1}   -1.63{col 95}{space 3}0.109{col 103}{space 4}-2.306517{col 116}{space 3} .2361222
{txt}{space 57}501  {c |}{col 63}{res}{space 2}-.4557353{col 75}{space 2} .2734319{col 86}{space 1}   -1.67{col 95}{space 3}0.101{col 103}{space 4}-1.003069{col 116}{space 3} .0915983
{txt}{space 57}551  {c |}{col 63}{res}{space 2} -.349981{col 75}{space 2} .1125623{col 86}{space 1}   -3.11{col 95}{space 3}0.003{col 103}{space 4}-.5752988{col 116}{space 3}-.1246631
{txt}{space 57}552  {c |}{col 63}{res}{space 2} -.115555{col 75}{space 2} .1170979{col 86}{space 1}   -0.99{col 95}{space 3}0.328{col 103}{space 4}-.3499519{col 116}{space 3} .1188419
{txt}{space 57}560  {c |}{col 63}{res}{space 2}-.5132872{col 75}{space 2} .4683026{col 86}{space 1}   -1.10{col 95}{space 3}0.278{col 103}{space 4}-1.450697{col 116}{space 3} .4241224
{txt}{space 57}590  {c |}{col 63}{res}{space 2} .9162796{col 75}{space 2} .5103443{col 86}{space 1}    1.80{col 95}{space 3}0.078{col 103}{space 4}-.1052855{col 116}{space 3} 1.937845
{txt}{space 57}600  {c |}{col 63}{res}{space 2}-.4845164{col 75}{space 2}  .321039{col 86}{space 1}   -1.51{col 95}{space 3}0.137{col 103}{space 4}-1.127146{col 116}{space 3}  .158113
{txt}{space 57}615  {c |}{col 63}{res}{space 2}-.0614113{col 75}{space 2} .3497496{col 86}{space 1}   -0.18{col 95}{space 3}0.861{col 103}{space 4}-.7615112{col 116}{space 3} .6386886
{txt}{space 57}616  {c |}{col 63}{res}{space 2} .0381517{col 75}{space 2} .0667134{col 86}{space 1}    0.57{col 95}{space 3}0.570{col 103}{space 4}-.0953897{col 116}{space 3}  .171693
{txt}{space 57}640  {c |}{col 63}{res}{space 2}-.4921359{col 75}{space 2} .5624491{col 86}{space 1}   -0.87{col 95}{space 3}0.385{col 103}{space 4}   -1.618{col 116}{space 3} .6337282
{txt}{space 57}651  {c |}{col 63}{res}{space 2}-.3129439{col 75}{space 2} .5316361{col 86}{space 1}   -0.59{col 95}{space 3}0.558{col 103}{space 4}-1.377129{col 116}{space 3} .7512413
{txt}{space 57}710  {c |}{col 63}{res}{space 2}-1.423216{col 75}{space 2} 1.288228{col 86}{space 1}   -1.10{col 95}{space 3}0.274{col 103}{space 4}-4.001884{col 116}{space 3} 1.155453
{txt}{space 57}732  {c |}{col 63}{res}{space 2}-.3113394{col 75}{space 2}    .5238{col 86}{space 1}   -0.59{col 95}{space 3}0.555{col 103}{space 4}-1.359839{col 116}{space 3} .7371603
{txt}{space 57}740  {c |}{col 63}{res}{space 2}-.4158174{col 75}{space 2} .8662673{col 86}{space 1}   -0.48{col 95}{space 3}0.633{col 103}{space 4} -2.14984{col 116}{space 3} 1.318205
{txt}{space 57}750  {c |}{col 63}{res}{space 2}-1.563657{col 75}{space 2} 1.181493{col 86}{space 1}   -1.32{col 95}{space 3}0.191{col 103}{space 4}-3.928673{col 116}{space 3} .8013592
{txt}{space 57}780  {c |}{col 63}{res}{space 2}-.2390077{col 75}{space 2} .1841407{col 86}{space 1}   -1.30{col 95}{space 3}0.199{col 103}{space 4}-.6076054{col 116}{space 3} .1295899
{txt}{space 57}800  {c |}{col 63}{res}{space 2} -.416976{col 75}{space 2} .5343823{col 86}{space 1}   -0.78{col 95}{space 3}0.438{col 103}{space 4}-1.486658{col 116}{space 3} .6527064
{txt}{space 57}820  {c |}{col 63}{res}{space 2}-.1555264{col 75}{space 2} .3742745{col 86}{space 1}   -0.42{col 95}{space 3}0.679{col 103}{space 4}-.9047183{col 116}{space 3} .5936655
{txt}{space 57}830  {c |}{col 63}{res}{space 2} .8425021{col 75}{space 2}  .463555{col 86}{space 1}    1.82{col 95}{space 3}0.074{col 103}{space 4}-.0854041{col 116}{space 3} 1.770408
{txt}{space 57}840  {c |}{col 63}{res}{space 2}-.6782122{col 75}{space 2}  .536977{col 86}{space 1}   -1.26{col 95}{space 3}0.212{col 103}{space 4}-1.753088{col 116}{space 3}  .396664
{txt}{space 57}850  {c |}{col 63}{res}{space 2}-.9416478{col 75}{space 2} .8322987{col 86}{space 1}   -1.13{col 95}{space 3}0.263{col 103}{space 4}-2.607675{col 116}{space 3}  .724379
{txt}{space 57}900  {c |}{col 63}{res}{space 2} .0059382{col 75}{space 2} .3459236{col 86}{space 1}    0.02{col 95}{space 3}0.986{col 103}{space 4}-.6865032{col 116}{space 3} .6983796
{txt}{space 57}920  {c |}{col 63}{res}{space 2} .4252335{col 75}{space 2} .1722741{col 86}{space 1}    2.47{col 95}{space 3}0.017{col 103}{space 4} .0803894{col 116}{space 3} .7700776
{txt}{space 61} {c |}
{space 56}_cons {c |}{col 63}{res}{space 2}-3.906858{col 75}{space 2} 4.366872{col 86}{space 1}   -0.89{col 95}{space 3}0.375{col 103}{space 4} -12.6481{col 116}{space 3} 4.834386
{txt}{hline 62}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab16
{txt}
{com}. 
. * Table 48:
. *esttab tab13 tab14 tab15 tab16 using estim_deprec4.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H5: interest rates
. 
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit11_binary##c.ir_diff    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg   devalue  time_trend if devalue < 10 & cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1238
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       57

{txt}R-sq:  within  = {res}0.6350                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5828                                        {txt}avg = {res}     21.7
{txt}       overall = {res}0.5319                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}56{txt})           = {res}    86.47
{txt}corr(u_i, Xb)  = {res}-0.6448                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 94:(Std. Err. adjusted for {res:57} clusters in cowcode)}
{hline 29}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 30}{c |}{col 42}    Robust
{col 1}          log_fi_res_totl_mo{col 30}{c |}      Coef.{col 42}   Std. Err.{col 54}      t{col 62}   P>|t|{col 70}     [95% Con{col 83}f. Interval]
{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}log_fi_res_totl_mo {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .7957687{col 42}{space 2} .0505677{col 53}{space 1}   15.74{col 62}{space 3}0.000{col 70}{space 4} .6944694{col 83}{space 3}  .897068
{txt}{space 28} {c |}
{space 8}1.sum_polit11_binary {c |}{col 30}{res}{space 2} .0229617{col 42}{space 2} .0403641{col 53}{space 1}    0.57{col 62}{space 3}0.572{col 70}{space 4}-.0578974{col 83}{space 3} .1038207
{txt}{space 21}ir_diff {c |}{col 30}{res}{space 2}-.0407367{col 42}{space 2}  .245535{col 53}{space 1}   -0.17{col 62}{space 3}0.869{col 70}{space 4}-.5326025{col 83}{space 3}  .451129
{txt}{space 28} {c |}
sum_polit11_binary#c.ir_diff {c |}
{space 26}1  {c |}{col 30}{res}{space 2}-.0198433{col 42}{space 2} .2584678{col 53}{space 1}   -0.08{col 62}{space 3}0.939{col 70}{space 4}-.5376166{col 83}{space 3}   .49793
{txt}{space 28} {c |}
{space 21}polity2 {c |}{col 30}{res}{space 2} .0068424{col 42}{space 2} .0032589{col 53}{space 1}    2.10{col 62}{space 3}0.040{col 70}{space 4} .0003141{col 83}{space 3} .0133708
{txt}{space 15}sum_imftotal5 {c |}{col 30}{res}{space 2} .0029272{col 42}{space 2} .0316613{col 53}{space 1}    0.09{col 62}{space 3}0.927{col 70}{space 4} -.060498{col 83}{space 3} .0663524
{txt}{space 14}ne_imp_gnfs_zs {c |}{col 30}{res}{space 2}-.0036406{col 42}{space 2} .0021803{col 53}{space 1}   -1.67{col 62}{space 3}0.101{col 70}{space 4}-.0080083{col 83}{space 3}  .000727
{txt}{space 15}trade_balance {c |}{col 30}{res}{space 2} .0130067{col 42}{space 2} .0046806{col 53}{space 1}    2.78{col 62}{space 3}0.007{col 70}{space 4} .0036304{col 83}{space 3}  .022383
{txt}{space 19}cbi_irreg {c |}{col 30}{res}{space 2} .0089529{col 42}{space 2} .0170452{col 53}{space 1}    0.53{col 62}{space 3}0.601{col 70}{space 4}-.0251928{col 83}{space 3} .0430986
{txt}{space 16}presidential {c |}{col 30}{res}{space 2} .0908395{col 42}{space 2} .0615851{col 53}{space 1}    1.48{col 62}{space 3}0.146{col 70}{space 4}-.0325303{col 83}{space 3} .2142093
{txt}{space 19}log_gdppc {c |}{col 30}{res}{space 2}-.0891186{col 42}{space 2} .0715199{col 53}{space 1}   -1.25{col 62}{space 3}0.218{col 70}{space 4}  -.23239{col 83}{space 3} .0541529
{txt}{space 18}gdp_growth {c |}{col 30}{res}{space 2}-.0062678{col 42}{space 2} .0043415{col 53}{space 1}   -1.44{col 62}{space 3}0.154{col 70}{space 4}-.0149649{col 83}{space 3} .0024293
{txt}{space 21}log_pop {c |}{col 30}{res}{space 2} .3547867{col 42}{space 2} .2569498{col 53}{space 1}    1.38{col 62}{space 3}0.173{col 70}{space 4}-.1599456{col 83}{space 3}  .869519
{txt}{space 22}kaopen {c |}{col 30}{res}{space 2}-.0161421{col 42}{space 2} .0154295{col 53}{space 1}   -1.05{col 62}{space 3}0.300{col 70}{space 4}-.0470512{col 83}{space 3} .0147669
{txt}{space 16}currency_peg {c |}{col 30}{res}{space 2} .0377422{col 42}{space 2} .0411113{col 53}{space 1}    0.92{col 62}{space 3}0.363{col 70}{space 4}-.0446136{col 83}{space 3}  .120098
{txt}{space 21}devalue {c |}{col 30}{res}{space 2}-.0099279{col 42}{space 2} .0156499{col 53}{space 1}   -0.63{col 62}{space 3}0.528{col 70}{space 4}-.0412783{col 83}{space 3} .0214225
{txt}{space 18}time_trend {c |}{col 30}{res}{space 2} .0009622{col 42}{space 2} .0063981{col 53}{space 1}    0.15{col 62}{space 3}0.881{col 70}{space 4}-.0118548{col 83}{space 3} .0137792
{txt}{space 23}_cons {c |}{col 30}{res}{space 2}-5.064674{col 42}{space 2} 4.467543{col 53}{space 1}   -1.13{col 62}{space 3}0.262{col 70}{space 4}-14.01424{col 83}{space 3} 3.884891
{txt}{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                     sigma_u {c |} {res} .50173165
                     {txt}sigma_e {c |} {res} .28777181
                         {txt}rho {c |} {res} .75246364{txt}   (fraction of variance due to u_i)
{hline 29}{c BT}{hline 64}

{com}. 
. est store tab17
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit11##c.ir_diff    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg   devalue  time_trend if devalue < 10 & cowcode != 2  , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1236
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       57

{txt}R-sq:  within  = {res}0.6337                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5642                                        {txt}avg = {res}     21.7
{txt}       overall = {res}0.5105                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}56{txt})           = {res}    70.73
{txt}corr(u_i, Xb)  = {res}-0.6674                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 97:(Std. Err. adjusted for {res:57} clusters in cowcode)}
{hline 32}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 33}{c |}{col 45}    Robust
{col 1}             log_fi_res_totl_mo{col 33}{c |}      Coef.{col 45}   Std. Err.{col 57}      t{col 65}   P>|t|{col 73}     [95% Con{col 86}f. Interval]
{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}log_fi_res_totl_mo {c |}
{space 28}L1. {c |}{col 33}{res}{space 2} .7938646{col 45}{space 2} .0503995{col 56}{space 1}   15.75{col 65}{space 3}0.000{col 73}{space 4} .6929022{col 86}{space 3} .8948271
{txt}{space 31} {c |}
{space 12}polity_frac_polit11 {c |}{col 33}{res}{space 2} .0170773{col 45}{space 2} .0307927{col 56}{space 1}    0.55{col 65}{space 3}0.581{col 73}{space 4}-.0446078{col 86}{space 3} .0787625
{txt}{space 24}ir_diff {c |}{col 33}{res}{space 2} .0203395{col 45}{space 2} .0885625{col 56}{space 1}    0.23{col 65}{space 3}0.819{col 73}{space 4}-.1570726{col 86}{space 3} .1977516
{txt}{space 31} {c |}
c.polity_frac_polit11#c.ir_diff {c |}{col 33}{res}{space 2}-.2174567{col 45}{space 2} .2630874{col 56}{space 1}   -0.83{col 65}{space 3}0.412{col 73}{space 4}-.7444842{col 86}{space 3} .3095708
{txt}{space 31} {c |}
{space 24}polity2 {c |}{col 33}{res}{space 2}  .006547{col 45}{space 2} .0033699{col 56}{space 1}    1.94{col 65}{space 3}0.057{col 73}{space 4}-.0002038{col 86}{space 3} .0132977
{txt}{space 18}sum_imftotal5 {c |}{col 33}{res}{space 2} .0050742{col 45}{space 2} .0304448{col 56}{space 1}    0.17{col 65}{space 3}0.868{col 73}{space 4}-.0559142{col 86}{space 3} .0660625
{txt}{space 17}ne_imp_gnfs_zs {c |}{col 33}{res}{space 2} -.003658{col 45}{space 2}  .002153{col 56}{space 1}   -1.70{col 65}{space 3}0.095{col 73}{space 4}-.0079709{col 86}{space 3}  .000655
{txt}{space 18}trade_balance {c |}{col 33}{res}{space 2} .0126213{col 45}{space 2} .0046929{col 56}{space 1}    2.69{col 65}{space 3}0.009{col 73}{space 4} .0032204{col 86}{space 3} .0220223
{txt}{space 22}cbi_irreg {c |}{col 33}{res}{space 2} .0073413{col 45}{space 2} .0168663{col 56}{space 1}    0.44{col 65}{space 3}0.665{col 73}{space 4} -.026446{col 86}{space 3} .0411286
{txt}{space 19}presidential {c |}{col 33}{res}{space 2} .0862749{col 45}{space 2} .0638233{col 56}{space 1}    1.35{col 65}{space 3}0.182{col 73}{space 4}-.0415786{col 86}{space 3} .2141283
{txt}{space 22}log_gdppc {c |}{col 33}{res}{space 2}-.0846504{col 45}{space 2} .0721652{col 56}{space 1}   -1.17{col 65}{space 3}0.246{col 73}{space 4}-.2292147{col 86}{space 3} .0599138
{txt}{space 21}gdp_growth {c |}{col 33}{res}{space 2}-.0068467{col 45}{space 2} .0043955{col 56}{space 1}   -1.56{col 65}{space 3}0.125{col 73}{space 4}-.0156519{col 86}{space 3} .0019585
{txt}{space 24}log_pop {c |}{col 33}{res}{space 2} .3831638{col 45}{space 2} .2621857{col 56}{space 1}    1.46{col 65}{space 3}0.149{col 73}{space 4}-.1420571{col 86}{space 3} .9083848
{txt}{space 25}kaopen {c |}{col 33}{res}{space 2}-.0132949{col 45}{space 2} .0159392{col 56}{space 1}   -0.83{col 65}{space 3}0.408{col 73}{space 4} -.045225{col 86}{space 3} .0186352
{txt}{space 19}currency_peg {c |}{col 33}{res}{space 2} .0334318{col 45}{space 2} .0409548{col 56}{space 1}    0.82{col 65}{space 3}0.418{col 73}{space 4}-.0486105{col 86}{space 3} .1154741
{txt}{space 24}devalue {c |}{col 33}{res}{space 2}-.0185449{col 45}{space 2} .0203977{col 56}{space 1}   -0.91{col 65}{space 3}0.367{col 73}{space 4}-.0594064{col 86}{space 3} .0223166
{txt}{space 21}time_trend {c |}{col 33}{res}{space 2} .0003216{col 45}{space 2} .0064996{col 56}{space 1}    0.05{col 65}{space 3}0.961{col 73}{space 4}-.0126986{col 86}{space 3} .0133418
{txt}{space 26}_cons {c |}{col 33}{res}{space 2}-5.537781{col 45}{space 2}   4.5599{col 56}{space 1}   -1.21{col 65}{space 3}0.230{col 73}{space 4}-14.67236{col 86}{space 3} 3.596798
{txt}{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                        sigma_u {c |} {res} .53160149
                        {txt}sigma_e {c |} {res} .28741674
                            {txt}rho {c |} {res} .77380489{txt}   (fraction of variance due to u_i)
{hline 32}{c BT}{hline 64}

{com}. 
. est store tab18
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit12_binary##c.ir_diff   polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg   devalue  time_trend if devalue < 10 & cowcode != 2  , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1238
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       57

{txt}R-sq:  within  = {res}0.6358                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5829                                        {txt}avg = {res}     21.7
{txt}       overall = {res}0.5305                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}56{txt})           = {res}    71.19
{txt}corr(u_i, Xb)  = {res}-0.6493                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 94:(Std. Err. adjusted for {res:57} clusters in cowcode)}
{hline 29}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 30}{c |}{col 42}    Robust
{col 1}          log_fi_res_totl_mo{col 30}{c |}      Coef.{col 42}   Std. Err.{col 54}      t{col 62}   P>|t|{col 70}     [95% Con{col 83}f. Interval]
{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}log_fi_res_totl_mo {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .7963186{col 42}{space 2} .0510252{col 53}{space 1}   15.61{col 62}{space 3}0.000{col 70}{space 4} .6941028{col 83}{space 3} .8985344
{txt}{space 28} {c |}
{space 8}1.sum_polit12_binary {c |}{col 30}{res}{space 2}  .053352{col 42}{space 2}  .035127{col 53}{space 1}    1.52{col 62}{space 3}0.134{col 70}{space 4}-.0170158{col 83}{space 3} .1237197
{txt}{space 21}ir_diff {c |}{col 30}{res}{space 2}-.1561646{col 42}{space 2} .2891636{col 53}{space 1}   -0.54{col 62}{space 3}0.591{col 70}{space 4}-.7354289{col 83}{space 3} .4230998
{txt}{space 28} {c |}
sum_polit12_binary#c.ir_diff {c |}
{space 26}1  {c |}{col 30}{res}{space 2} .1234522{col 42}{space 2} .2949519{col 53}{space 1}    0.42{col 62}{space 3}0.677{col 70}{space 4}-.4674075{col 83}{space 3}  .714312
{txt}{space 28} {c |}
{space 21}polity2 {c |}{col 30}{res}{space 2} .0068071{col 42}{space 2} .0032707{col 53}{space 1}    2.08{col 62}{space 3}0.042{col 70}{space 4} .0002551{col 83}{space 3} .0133591
{txt}{space 15}sum_imftotal5 {c |}{col 30}{res}{space 2}-.0072404{col 42}{space 2} .0331666{col 53}{space 1}   -0.22{col 62}{space 3}0.828{col 70}{space 4}-.0736811{col 83}{space 3} .0592002
{txt}{space 14}ne_imp_gnfs_zs {c |}{col 30}{res}{space 2}-.0035407{col 42}{space 2} .0021597{col 53}{space 1}   -1.64{col 62}{space 3}0.107{col 70}{space 4}-.0078671{col 83}{space 3} .0007857
{txt}{space 15}trade_balance {c |}{col 30}{res}{space 2} .0129512{col 42}{space 2} .0046624{col 53}{space 1}    2.78{col 62}{space 3}0.007{col 70}{space 4} .0036113{col 83}{space 3}  .022291
{txt}{space 19}cbi_irreg {c |}{col 30}{res}{space 2} .0092767{col 42}{space 2} .0168577{col 53}{space 1}    0.55{col 62}{space 3}0.584{col 70}{space 4}-.0244933{col 83}{space 3} .0430467
{txt}{space 16}presidential {c |}{col 30}{res}{space 2} .0970315{col 42}{space 2} .0617541{col 53}{space 1}    1.57{col 62}{space 3}0.122{col 70}{space 4}-.0266769{col 83}{space 3} .2207399
{txt}{space 19}log_gdppc {c |}{col 30}{res}{space 2}-.0904615{col 42}{space 2} .0716063{col 53}{space 1}   -1.26{col 62}{space 3}0.212{col 70}{space 4}-.2339062{col 83}{space 3} .0529832
{txt}{space 18}gdp_growth {c |}{col 30}{res}{space 2}-.0063698{col 42}{space 2} .0043778{col 53}{space 1}   -1.46{col 62}{space 3}0.151{col 70}{space 4}-.0151397{col 83}{space 3}    .0024
{txt}{space 21}log_pop {c |}{col 30}{res}{space 2} .3579744{col 42}{space 2} .2556841{col 53}{space 1}    1.40{col 62}{space 3}0.167{col 70}{space 4}-.1542224{col 83}{space 3} .8701712
{txt}{space 22}kaopen {c |}{col 30}{res}{space 2}-.0155973{col 42}{space 2} .0163432{col 53}{space 1}   -0.95{col 62}{space 3}0.344{col 70}{space 4}-.0483367{col 83}{space 3} .0171421
{txt}{space 16}currency_peg {c |}{col 30}{res}{space 2} .0341272{col 42}{space 2} .0408217{col 53}{space 1}    0.84{col 62}{space 3}0.407{col 70}{space 4}-.0476484{col 83}{space 3} .1159028
{txt}{space 21}devalue {c |}{col 30}{res}{space 2} -.013132{col 42}{space 2} .0161735{col 53}{space 1}   -0.81{col 62}{space 3}0.420{col 70}{space 4}-.0455315{col 83}{space 3} .0192674
{txt}{space 18}time_trend {c |}{col 30}{res}{space 2} .0013044{col 42}{space 2}  .006334{col 53}{space 1}    0.21{col 62}{space 3}0.838{col 70}{space 4}-.0113841{col 83}{space 3} .0139928
{txt}{space 23}_cons {c |}{col 30}{res}{space 2}-5.126762{col 42}{space 2} 4.447902{col 53}{space 1}   -1.15{col 62}{space 3}0.254{col 70}{space 4}-14.03698{col 83}{space 3} 3.783456
{txt}{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                     sigma_u {c |} {res} .50489567
                     {txt}sigma_e {c |} {res} .28747839
                         {txt}rho {c |} {res} .75517544{txt}   (fraction of variance due to u_i)
{hline 29}{c BT}{hline 64}

{com}. 
. est store tab19
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit12##c.ir_diff   polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg   devalue  time_trend if devalue < 10 & cowcode != 2  , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1236
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       57

{txt}R-sq:  within  = {res}0.6337                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5705                                        {txt}avg = {res}     21.7
{txt}       overall = {res}0.5150                                        {txt}max = {res}       33

                                                {txt}F({res}17{txt},{res}56{txt})           = {res}    83.01
{txt}corr(u_i, Xb)  = {res}-0.6636                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 97:(Std. Err. adjusted for {res:57} clusters in cowcode)}
{hline 32}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 33}{c |}{col 45}    Robust
{col 1}             log_fi_res_totl_mo{col 33}{c |}      Coef.{col 45}   Std. Err.{col 57}      t{col 65}   P>|t|{col 73}     [95% Con{col 86}f. Interval]
{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}log_fi_res_totl_mo {c |}
{space 28}L1. {c |}{col 33}{res}{space 2} .7907632{col 45}{space 2} .0514005{col 56}{space 1}   15.38{col 65}{space 3}0.000{col 73}{space 4} .6877955{col 86}{space 3} .8937309
{txt}{space 31} {c |}
{space 12}polity_frac_polit12 {c |}{col 33}{res}{space 2} .0401248{col 45}{space 2} .0359271{col 56}{space 1}    1.12{col 65}{space 3}0.269{col 73}{space 4} -.031846{col 86}{space 3} .1120955
{txt}{space 24}ir_diff {c |}{col 33}{res}{space 2}-.0145788{col 45}{space 2}  .112062{col 56}{space 1}   -0.13{col 65}{space 3}0.897{col 73}{space 4}-.2390661{col 86}{space 3} .2099084
{txt}{space 31} {c |}
c.polity_frac_polit12#c.ir_diff {c |}{col 33}{res}{space 2}-.1316194{col 45}{space 2}  .241925{col 56}{space 1}   -0.54{col 65}{space 3}0.589{col 73}{space 4}-.6162534{col 86}{space 3} .3530145
{txt}{space 31} {c |}
{space 24}polity2 {c |}{col 33}{res}{space 2} .0062052{col 45}{space 2}  .003259{col 56}{space 1}    1.90{col 65}{space 3}0.062{col 73}{space 4}-.0003233{col 86}{space 3} .0127337
{txt}{space 18}sum_imftotal5 {c |}{col 33}{res}{space 2} .0000696{col 45}{space 2} .0318048{col 56}{space 1}    0.00{col 65}{space 3}0.998{col 73}{space 4}-.0636431{col 86}{space 3} .0637824
{txt}{space 17}ne_imp_gnfs_zs {c |}{col 33}{res}{space 2}-.0034249{col 45}{space 2} .0021528{col 56}{space 1}   -1.59{col 65}{space 3}0.117{col 73}{space 4}-.0077374{col 86}{space 3} .0008877
{txt}{space 18}trade_balance {c |}{col 33}{res}{space 2} .0127076{col 45}{space 2} .0046427{col 56}{space 1}    2.74{col 65}{space 3}0.008{col 73}{space 4} .0034072{col 86}{space 3}  .022008
{txt}{space 22}cbi_irreg {c |}{col 33}{res}{space 2} .0080421{col 45}{space 2} .0167429{col 56}{space 1}    0.48{col 65}{space 3}0.633{col 73}{space 4} -.025498{col 86}{space 3} .0415822
{txt}{space 19}presidential {c |}{col 33}{res}{space 2} .0962102{col 45}{space 2} .0626276{col 56}{space 1}    1.54{col 65}{space 3}0.130{col 73}{space 4}-.0292479{col 86}{space 3} .2216683
{txt}{space 22}log_gdppc {c |}{col 33}{res}{space 2} -.080514{col 45}{space 2}  .073101{col 56}{space 1}   -1.10{col 65}{space 3}0.275{col 73}{space 4}-.2269528{col 86}{space 3} .0659249
{txt}{space 21}gdp_growth {c |}{col 33}{res}{space 2} -.006605{col 45}{space 2} .0043375{col 56}{space 1}   -1.52{col 65}{space 3}0.133{col 73}{space 4}-.0152941{col 86}{space 3} .0020841
{txt}{space 24}log_pop {c |}{col 33}{res}{space 2} .3808976{col 45}{space 2} .2581667{col 56}{space 1}    1.48{col 65}{space 3}0.146{col 73}{space 4}-.1362724{col 86}{space 3} .8980675
{txt}{space 25}kaopen {c |}{col 33}{res}{space 2} -.014547{col 45}{space 2}  .015513{col 56}{space 1}   -0.94{col 65}{space 3}0.352{col 73}{space 4}-.0456233{col 86}{space 3} .0165293
{txt}{space 19}currency_peg {c |}{col 33}{res}{space 2} .0347305{col 45}{space 2} .0407892{col 56}{space 1}    0.85{col 65}{space 3}0.398{col 73}{space 4}-.0469802{col 86}{space 3} .1164411
{txt}{space 24}devalue {c |}{col 33}{res}{space 2}-.0154855{col 45}{space 2} .0193185{col 56}{space 1}   -0.80{col 65}{space 3}0.426{col 73}{space 4}-.0541851{col 86}{space 3} .0232141
{txt}{space 21}time_trend {c |}{col 33}{res}{space 2} .0002564{col 45}{space 2} .0065425{col 56}{space 1}    0.04{col 65}{space 3}0.969{col 73}{space 4}-.0128499{col 86}{space 3} .0133626
{txt}{space 26}_cons {c |}{col 33}{res}{space 2}-5.533747{col 45}{space 2} 4.507459{col 56}{space 1}   -1.23{col 65}{space 3}0.225{col 73}{space 4}-14.56327{col 86}{space 3} 3.495779
{txt}{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                        sigma_u {c |} {res} .52490153
                        {txt}sigma_e {c |} {res} .28738224
                            {txt}rho {c |} {res} .76937669{txt}   (fraction of variance due to u_i)
{hline 32}{c BT}{hline 64}

{com}. 
. est store tab20
{txt}
{com}. 
. * Table 49:
. *esttab tab17 tab18 tab19 tab20 using estim_deprec5.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H6: central bank independence
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit11_binary##c.cbi_irreg   polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg   devalue  time_trend if devalue < 10 & cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1433
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6779                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6577                                        {txt}avg = {res}     24.3
{txt}       overall = {res}0.6010                                        {txt}max = {res}       33

                                                {txt}F({res}16{txt},{res}58{txt})           = {res}    97.51
{txt}corr(u_i, Xb)  = {res}-0.6459                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 96:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}            log_fi_res_totl_mo{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      t{col 64}   P>|t|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}log_fi_res_totl_mo {c |}
{space 27}L1. {c |}{col 32}{res}{space 2} .8214332{col 44}{space 2} .0422198{col 55}{space 1}   19.46{col 64}{space 3}0.000{col 72}{space 4}  .736921{col 85}{space 3} .9059453
{txt}{space 30} {c |}
{space 10}1.sum_polit11_binary {c |}{col 32}{res}{space 2}  .051733{col 44}{space 2} .0296688{col 55}{space 1}    1.74{col 64}{space 3}0.087{col 72}{space 4}-.0076557{col 85}{space 3} .1111216
{txt}{space 21}cbi_irreg {c |}{col 32}{res}{space 2}  .029796{col 44}{space 2} .0195537{col 55}{space 1}    1.52{col 64}{space 3}0.133{col 72}{space 4}-.0093449{col 85}{space 3}  .068937
{txt}{space 30} {c |}
sum_polit11_binary#c.cbi_irreg {c |}
{space 28}1  {c |}{col 32}{res}{space 2} -.009137{col 44}{space 2} .0262298{col 55}{space 1}   -0.35{col 64}{space 3}0.729{col 72}{space 4}-.0616416{col 85}{space 3} .0433676
{txt}{space 30} {c |}
{space 23}polity2 {c |}{col 32}{res}{space 2} .0067608{col 44}{space 2}  .002774{col 55}{space 1}    2.44{col 64}{space 3}0.018{col 72}{space 4} .0012082{col 85}{space 3} .0123135
{txt}{space 17}sum_imftotal5 {c |}{col 32}{res}{space 2} .0014641{col 44}{space 2} .0290792{col 55}{space 1}    0.05{col 64}{space 3}0.960{col 72}{space 4}-.0567442{col 85}{space 3} .0596724
{txt}{space 16}ne_imp_gnfs_zs {c |}{col 32}{res}{space 2}-.0028197{col 44}{space 2}  .001994{col 55}{space 1}   -1.41{col 64}{space 3}0.163{col 72}{space 4}-.0068111{col 85}{space 3} .0011716
{txt}{space 17}trade_balance {c |}{col 32}{res}{space 2} .0154633{col 44}{space 2} .0040767{col 55}{space 1}    3.79{col 64}{space 3}0.000{col 72}{space 4} .0073028{col 85}{space 3} .0236238
{txt}{space 18}presidential {c |}{col 32}{res}{space 2}  .070258{col 44}{space 2} .0652658{col 55}{space 1}    1.08{col 64}{space 3}0.286{col 72}{space 4}-.0603857{col 85}{space 3} .2009018
{txt}{space 21}log_gdppc {c |}{col 32}{res}{space 2}-.1028057{col 44}{space 2} .0629206{col 55}{space 1}   -1.63{col 64}{space 3}0.108{col 72}{space 4} -.228755{col 85}{space 3} .0231437
{txt}{space 20}gdp_growth {c |}{col 32}{res}{space 2}-.0053645{col 44}{space 2}  .003841{col 55}{space 1}   -1.40{col 64}{space 3}0.168{col 72}{space 4} -.013053{col 85}{space 3}  .002324
{txt}{space 23}log_pop {c |}{col 32}{res}{space 2} .3215385{col 44}{space 2} .2278866{col 55}{space 1}    1.41{col 64}{space 3}0.164{col 72}{space 4}-.1346261{col 85}{space 3}  .777703
{txt}{space 24}kaopen {c |}{col 32}{res}{space 2}-.0104683{col 44}{space 2} .0138578{col 55}{space 1}   -0.76{col 64}{space 3}0.453{col 72}{space 4}-.0382077{col 85}{space 3} .0172711
{txt}{space 18}currency_peg {c |}{col 32}{res}{space 2} .0467713{col 44}{space 2} .0362489{col 55}{space 1}    1.29{col 64}{space 3}0.202{col 72}{space 4}-.0257888{col 85}{space 3} .1193314
{txt}{space 23}devalue {c |}{col 32}{res}{space 2}-.0067412{col 44}{space 2} .0143376{col 55}{space 1}   -0.47{col 64}{space 3}0.640{col 72}{space 4} -.035441{col 85}{space 3} .0219586
{txt}{space 20}time_trend {c |}{col 32}{res}{space 2} .0002333{col 44}{space 2} .0059706{col 55}{space 1}    0.04{col 64}{space 3}0.969{col 72}{space 4}-.0117181{col 85}{space 3} .0121847
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-4.439315{col 44}{space 2} 3.990618{col 55}{space 1}   -1.11{col 64}{space 3}0.271{col 72}{space 4}-12.42741{col 85}{space 3} 3.548776
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                       sigma_u {c |} {res} .48329932
                       {txt}sigma_e {c |} {res} .29342441
                           {txt}rho {c |} {res} .73067152{txt}   (fraction of variance due to u_i)
{hline 31}{c BT}{hline 64}

{com}. 
. est store tab21
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit11##c.cbi_irreg    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg   devalue  time_trend if devalue < 10 & cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1431
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6762                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6130                                        {txt}avg = {res}     24.3
{txt}       overall = {res}0.5571                                        {txt}max = {res}       33

                                                {txt}F({res}16{txt},{res}58{txt})           = {res}    88.43
{txt}corr(u_i, Xb)  = {res}-0.6956                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 99:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 34}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 35}{c |}{col 47}    Robust
{col 1}               log_fi_res_totl_mo{col 35}{c |}      Coef.{col 47}   Std. Err.{col 59}      t{col 67}   P>|t|{col 75}     [95% Con{col 88}f. Interval]
{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 15}log_fi_res_totl_mo {c |}
{space 30}L1. {c |}{col 35}{res}{space 2} .8211547{col 47}{space 2} .0429868{col 58}{space 1}   19.10{col 67}{space 3}0.000{col 75}{space 4} .7351071{col 88}{space 3} .9072022
{txt}{space 33} {c |}
{space 14}polity_frac_polit11 {c |}{col 35}{res}{space 2} .0332985{col 47}{space 2} .0337447{col 58}{space 1}    0.99{col 67}{space 3}0.328{col 75}{space 4}-.0342488{col 88}{space 3} .1008457
{txt}{space 24}cbi_irreg {c |}{col 35}{res}{space 2} .0324482{col 47}{space 2} .0175352{col 58}{space 1}    1.85{col 67}{space 3}0.069{col 75}{space 4}-.0026523{col 88}{space 3} .0675487
{txt}{space 33} {c |}
c.polity_frac_polit11#c.cbi_irreg {c |}{col 35}{res}{space 2}-.0232612{col 47}{space 2} .0300607{col 58}{space 1}   -0.77{col 67}{space 3}0.442{col 75}{space 4}-.0834343{col 88}{space 3} .0369118
{txt}{space 33} {c |}
{space 26}polity2 {c |}{col 35}{res}{space 2} .0063972{col 47}{space 2} .0029234{col 58}{space 1}    2.19{col 67}{space 3}0.033{col 75}{space 4} .0005453{col 88}{space 3} .0122491
{txt}{space 20}sum_imftotal5 {c |}{col 35}{res}{space 2} .0058201{col 47}{space 2} .0290833{col 58}{space 1}    0.20{col 67}{space 3}0.842{col 75}{space 4}-.0523964{col 88}{space 3} .0640367
{txt}{space 19}ne_imp_gnfs_zs {c |}{col 35}{res}{space 2}-.0030061{col 47}{space 2} .0019679{col 58}{space 1}   -1.53{col 67}{space 3}0.132{col 75}{space 4}-.0069453{col 88}{space 3}  .000933
{txt}{space 20}trade_balance {c |}{col 35}{res}{space 2} .0154116{col 47}{space 2} .0041168{col 58}{space 1}    3.74{col 67}{space 3}0.000{col 75}{space 4} .0071709{col 88}{space 3} .0236522
{txt}{space 21}presidential {c |}{col 35}{res}{space 2} .0713748{col 47}{space 2} .0653257{col 58}{space 1}    1.09{col 67}{space 3}0.279{col 75}{space 4}-.0593888{col 88}{space 3} .2021383
{txt}{space 24}log_gdppc {c |}{col 35}{res}{space 2}-.0895473{col 47}{space 2} .0633272{col 58}{space 1}   -1.41{col 67}{space 3}0.163{col 75}{space 4}-.2163104{col 88}{space 3} .0372158
{txt}{space 23}gdp_growth {c |}{col 35}{res}{space 2}-.0054528{col 47}{space 2} .0038056{col 58}{space 1}   -1.43{col 67}{space 3}0.157{col 75}{space 4}-.0130705{col 88}{space 3} .0021649
{txt}{space 26}log_pop {c |}{col 35}{res}{space 2} .3805688{col 47}{space 2} .2274617{col 58}{space 1}    1.67{col 67}{space 3}0.100{col 75}{space 4}-.0747453{col 88}{space 3} .8358828
{txt}{space 27}kaopen {c |}{col 35}{res}{space 2}-.0082793{col 47}{space 2} .0137463{col 58}{space 1}   -0.60{col 67}{space 3}0.549{col 75}{space 4}-.0357955{col 88}{space 3} .0192369
{txt}{space 21}currency_peg {c |}{col 35}{res}{space 2} .0439569{col 47}{space 2} .0361147{col 58}{space 1}    1.22{col 67}{space 3}0.228{col 75}{space 4}-.0283346{col 88}{space 3} .1162483
{txt}{space 26}devalue {c |}{col 35}{res}{space 2}-.0033074{col 47}{space 2} .0133367{col 58}{space 1}   -0.25{col 67}{space 3}0.805{col 75}{space 4}-.0300037{col 88}{space 3} .0233889
{txt}{space 23}time_trend {c |}{col 35}{res}{space 2}-.0011899{col 47}{space 2} .0060062{col 58}{space 1}   -0.20{col 67}{space 3}0.844{col 75}{space 4}-.0132126{col 88}{space 3} .0108328
{txt}{space 28}_cons {c |}{col 35}{res}{space 2}-5.462505{col 47}{space 2} 3.985355{col 58}{space 1}   -1.37{col 67}{space 3}0.176{col 75}{space 4}-13.44006{col 88}{space 3} 2.515051
{txt}{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                          sigma_u {c |} {res} .55453271
                          {txt}sigma_e {c |} {res} .29352951
                              {txt}rho {c |} {res}  .7811354{txt}   (fraction of variance due to u_i)
{hline 34}{c BT}{hline 64}

{com}. 
. est store tab22
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit12_binary##c.cbi_irreg   polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg   devalue  time_trend if devalue < 10 & cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1433
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6779                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6566                                        {txt}avg = {res}     24.3
{txt}       overall = {res}0.5992                                        {txt}max = {res}       33

                                                {txt}F({res}16{txt},{res}58{txt})           = {res}    88.17
{txt}corr(u_i, Xb)  = {res}-0.6515                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 96:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}            log_fi_res_totl_mo{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      t{col 64}   P>|t|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}log_fi_res_totl_mo {c |}
{space 27}L1. {c |}{col 32}{res}{space 2} .8219167{col 44}{space 2} .0427849{col 55}{space 1}   19.21{col 64}{space 3}0.000{col 72}{space 4} .7362735{col 85}{space 3} .9075598
{txt}{space 30} {c |}
{space 10}1.sum_polit12_binary {c |}{col 32}{res}{space 2} .0582483{col 44}{space 2} .0299097{col 55}{space 1}    1.95{col 64}{space 3}0.056{col 72}{space 4}-.0016225{col 85}{space 3} .1181192
{txt}{space 21}cbi_irreg {c |}{col 32}{res}{space 2} .0246765{col 44}{space 2} .0151849{col 55}{space 1}    1.63{col 64}{space 3}0.110{col 72}{space 4}-.0057194{col 85}{space 3} .0550724
{txt}{space 30} {c |}
sum_polit12_binary#c.cbi_irreg {c |}
{space 28}1  {c |}{col 32}{res}{space 2}-.0034934{col 44}{space 2} .0288282{col 55}{space 1}   -0.12{col 64}{space 3}0.904{col 72}{space 4}-.0611993{col 85}{space 3} .0542126
{txt}{space 30} {c |}
{space 23}polity2 {c |}{col 32}{res}{space 2} .0066081{col 44}{space 2} .0027406{col 55}{space 1}    2.41{col 64}{space 3}0.019{col 72}{space 4} .0011222{col 85}{space 3} .0120939
{txt}{space 17}sum_imftotal5 {c |}{col 32}{res}{space 2}-.0071484{col 44}{space 2} .0321663{col 55}{space 1}   -0.22{col 64}{space 3}0.825{col 72}{space 4}-.0715363{col 85}{space 3} .0572396
{txt}{space 16}ne_imp_gnfs_zs {c |}{col 32}{res}{space 2}-.0027566{col 44}{space 2} .0019519{col 55}{space 1}   -1.41{col 64}{space 3}0.163{col 72}{space 4}-.0066638{col 85}{space 3} .0011505
{txt}{space 17}trade_balance {c |}{col 32}{res}{space 2} .0155269{col 44}{space 2} .0040695{col 55}{space 1}    3.82{col 64}{space 3}0.000{col 72}{space 4} .0073809{col 85}{space 3} .0236729
{txt}{space 18}presidential {c |}{col 32}{res}{space 2} .0814124{col 44}{space 2} .0650136{col 55}{space 1}    1.25{col 64}{space 3}0.216{col 72}{space 4}-.0487263{col 85}{space 3} .2115512
{txt}{space 21}log_gdppc {c |}{col 32}{res}{space 2}-.1005015{col 44}{space 2} .0638833{col 55}{space 1}   -1.57{col 64}{space 3}0.121{col 72}{space 4}-.2283778{col 85}{space 3} .0273748
{txt}{space 20}gdp_growth {c |}{col 32}{res}{space 2}-.0054583{col 44}{space 2}  .003843{col 55}{space 1}   -1.42{col 64}{space 3}0.161{col 72}{space 4} -.013151{col 85}{space 3} .0022344
{txt}{space 23}log_pop {c |}{col 32}{res}{space 2} .3269457{col 44}{space 2} .2216846{col 55}{space 1}    1.47{col 64}{space 3}0.146{col 72}{space 4}-.1168042{col 85}{space 3} .7706955
{txt}{space 24}kaopen {c |}{col 32}{res}{space 2}-.0105283{col 44}{space 2} .0136351{col 55}{space 1}   -0.77{col 64}{space 3}0.443{col 72}{space 4} -.037822{col 85}{space 3} .0167653
{txt}{space 18}currency_peg {c |}{col 32}{res}{space 2} .0450684{col 44}{space 2} .0358429{col 55}{space 1}    1.26{col 64}{space 3}0.214{col 72}{space 4}-.0266789{col 85}{space 3} .1168158
{txt}{space 23}devalue {c |}{col 32}{res}{space 2}-.0077639{col 44}{space 2}  .013974{col 55}{space 1}   -0.56{col 64}{space 3}0.581{col 72}{space 4}-.0357359{col 85}{space 3} .0202081
{txt}{space 20}time_trend {c |}{col 32}{res}{space 2} .0003009{col 44}{space 2} .0059722{col 55}{space 1}    0.05{col 64}{space 3}0.960{col 72}{space 4}-.0116537{col 85}{space 3} .0122555
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-4.538904{col 44}{space 2}  3.89118{col 55}{space 1}   -1.17{col 64}{space 3}0.248{col 72}{space 4}-12.32795{col 85}{space 3}  3.25014
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                       sigma_u {c |} {res} .48693827
                       {txt}sigma_e {c |} {res} .29342022
                           {txt}rho {c |} {res} .73361919{txt}   (fraction of variance due to u_i)
{hline 31}{c BT}{hline 64}

{com}. 
. est store tab23
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit12##c.cbi_irreg   polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg   devalue  time_trend if devalue < 10 & cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1431
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6763                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6302                                        {txt}avg = {res}     24.3
{txt}       overall = {res}0.5723                                        {txt}max = {res}       33

                                                {txt}F({res}16{txt},{res}58{txt})           = {res}    90.62
{txt}corr(u_i, Xb)  = {res}-0.6798                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 99:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 34}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 35}{c |}{col 47}    Robust
{col 1}               log_fi_res_totl_mo{col 35}{c |}      Coef.{col 47}   Std. Err.{col 59}      t{col 67}   P>|t|{col 75}     [95% Con{col 88}f. Interval]
{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 15}log_fi_res_totl_mo {c |}
{space 30}L1. {c |}{col 35}{res}{space 2} .8193849{col 47}{space 2} .0432314{col 58}{space 1}   18.95{col 67}{space 3}0.000{col 75}{space 4} .7328479{col 88}{space 3} .9059218
{txt}{space 33} {c |}
{space 14}polity_frac_polit12 {c |}{col 35}{res}{space 2} .0505188{col 47}{space 2} .0363306{col 58}{space 1}    1.39{col 67}{space 3}0.170{col 75}{space 4}-.0222049{col 88}{space 3} .1232425
{txt}{space 24}cbi_irreg {c |}{col 35}{res}{space 2} .0253874{col 47}{space 2} .0152283{col 58}{space 1}    1.67{col 67}{space 3}0.101{col 75}{space 4}-.0050954{col 88}{space 3} .0558703
{txt}{space 33} {c |}
c.polity_frac_polit12#c.cbi_irreg {c |}{col 35}{res}{space 2}-.0153097{col 47}{space 2} .0350611{col 58}{space 1}   -0.44{col 67}{space 3}0.664{col 75}{space 4}-.0854922{col 88}{space 3} .0548728
{txt}{space 33} {c |}
{space 26}polity2 {c |}{col 35}{res}{space 2} .0060778{col 47}{space 2}  .002818{col 58}{space 1}    2.16{col 67}{space 3}0.035{col 75}{space 4}  .000437{col 88}{space 3} .0117186
{txt}{space 20}sum_imftotal5 {c |}{col 35}{res}{space 2}-.0004366{col 47}{space 2} .0308328{col 58}{space 1}   -0.01{col 67}{space 3}0.989{col 75}{space 4}-.0621552{col 88}{space 3} .0612819
{txt}{space 19}ne_imp_gnfs_zs {c |}{col 35}{res}{space 2}-.0028584{col 47}{space 2} .0019817{col 58}{space 1}   -1.44{col 67}{space 3}0.155{col 75}{space 4}-.0068251{col 88}{space 3} .0011083
{txt}{space 20}trade_balance {c |}{col 35}{res}{space 2} .0154213{col 47}{space 2} .0041131{col 58}{space 1}    3.75{col 67}{space 3}0.000{col 75}{space 4}  .007188{col 88}{space 3} .0236546
{txt}{space 21}presidential {c |}{col 35}{res}{space 2} .0827353{col 47}{space 2} .0641843{col 58}{space 1}    1.29{col 67}{space 3}0.203{col 75}{space 4}-.0457436{col 88}{space 3} .2112142
{txt}{space 24}log_gdppc {c |}{col 35}{res}{space 2}-.0916465{col 47}{space 2} .0642633{col 58}{space 1}   -1.43{col 67}{space 3}0.159{col 75}{space 4}-.2202834{col 88}{space 3} .0369905
{txt}{space 23}gdp_growth {c |}{col 35}{res}{space 2}-.0053965{col 47}{space 2} .0038288{col 58}{space 1}   -1.41{col 67}{space 3}0.164{col 75}{space 4}-.0130607{col 88}{space 3} .0022677
{txt}{space 26}log_pop {c |}{col 35}{res}{space 2} .3627504{col 47}{space 2} .2260096{col 58}{space 1}    1.61{col 67}{space 3}0.114{col 75}{space 4}-.0896569{col 88}{space 3} .8151577
{txt}{space 27}kaopen {c |}{col 35}{res}{space 2}-.0083548{col 47}{space 2} .0138654{col 58}{space 1}   -0.60{col 67}{space 3}0.549{col 75}{space 4}-.0361094{col 88}{space 3} .0193998
{txt}{space 21}currency_peg {c |}{col 35}{res}{space 2} .0467904{col 47}{space 2} .0355828{col 58}{space 1}    1.31{col 67}{space 3}0.194{col 75}{space 4}-.0244363{col 88}{space 3}  .118017
{txt}{space 26}devalue {c |}{col 35}{res}{space 2}-.0045205{col 47}{space 2}  .013293{col 58}{space 1}   -0.34{col 67}{space 3}0.735{col 75}{space 4}-.0311294{col 88}{space 3} .0220884
{txt}{space 23}time_trend {c |}{col 35}{res}{space 2}-.0007087{col 47}{space 2} .0060789{col 58}{space 1}   -0.12{col 67}{space 3}0.908{col 75}{space 4}-.0128769{col 88}{space 3} .0114595
{txt}{space 28}_cons {c |}{col 35}{res}{space 2}-5.162088{col 47}{space 2} 3.965334{col 58}{space 1}   -1.30{col 67}{space 3}0.198{col 75}{space 4}-13.09957{col 88}{space 3} 2.775391
{txt}{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                          sigma_u {c |} {res} .52885979
                          {txt}sigma_e {c |} {res} .29349587
                              {txt}rho {c |} {res} .76453752{txt}   (fraction of variance due to u_i)
{hline 34}{c BT}{hline 64}

{com}. 
. est store tab24
{txt}
{com}. 
. * Table 50:
. *esttab tab21 tab22 tab23 tab24 using estim_deprec6.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. * Table 51: Extending the political change window to include 2 years after the currency crisis
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit11_plus3_binary polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1439
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.6882                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.4909                                        {txt}avg = {res}     24.0
{txt}       overall = {res}0.4762                                        {txt}max = {res}       33

                                                {txt}F({res}15{txt},{res}59{txt})           = {res}   117.16
{txt}corr(u_i, Xb)  = {res}-0.7446                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 90:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 25}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 26}{c |}{col 38}    Robust
{col 1}      log_fi_res_totl_mo{col 26}{c |}      Coef.{col 38}   Std. Err.{col 50}      t{col 58}   P>|t|{col 66}     [95% Con{col 79}f. Interval]
{hline 25}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}log_fi_res_totl_mo {c |}
{space 21}L1. {c |}{col 26}{res}{space 2} .8109481{col 38}{space 2} .0419941{col 49}{space 1}   19.31{col 58}{space 3}0.000{col 66}{space 4} .7269181{col 79}{space 3}  .894978
{txt}{space 24} {c |}
sum_polit11_plus3_binary {c |}{col 26}{res}{space 2} .0292758{col 38}{space 2} .0482094{col 49}{space 1}    0.61{col 58}{space 3}0.546{col 66}{space 4} -.067191{col 79}{space 3} .1257427
{txt}{space 17}polity2 {c |}{col 26}{res}{space 2} .0054099{col 38}{space 2} .0029935{col 49}{space 1}    1.81{col 58}{space 3}0.076{col 66}{space 4}-.0005801{col 79}{space 3} .0113999
{txt}{space 11}sum_imftotal5 {c |}{col 26}{res}{space 2} .0030768{col 38}{space 2} .0314938{col 49}{space 1}    0.10{col 58}{space 3}0.923{col 66}{space 4}-.0599422{col 79}{space 3} .0660958
{txt}{space 10}ne_imp_gnfs_zs {c |}{col 26}{res}{space 2}-.0027217{col 38}{space 2} .0020287{col 49}{space 1}   -1.34{col 58}{space 3}0.185{col 66}{space 4}-.0067812{col 79}{space 3} .0013378
{txt}{space 11}trade_balance {c |}{col 26}{res}{space 2} .0149283{col 38}{space 2} .0039214{col 49}{space 1}    3.81{col 58}{space 3}0.000{col 66}{space 4} .0070816{col 79}{space 3} .0227749
{txt}{space 15}cbi_irreg {c |}{col 26}{res}{space 2} .0142318{col 38}{space 2} .0158895{col 49}{space 1}    0.90{col 58}{space 3}0.374{col 66}{space 4}-.0175631{col 79}{space 3} .0460266
{txt}{space 12}presidential {c |}{col 26}{res}{space 2} .0787371{col 38}{space 2}   .07301{col 49}{space 1}    1.08{col 58}{space 3}0.285{col 66}{space 4}-.0673555{col 79}{space 3} .2248297
{txt}{space 15}log_gdppc {c |}{col 26}{res}{space 2}-.1036997{col 38}{space 2} .0612111{col 49}{space 1}   -1.69{col 58}{space 3}0.096{col 66}{space 4}-.2261829{col 79}{space 3} .0187835
{txt}{space 14}gdp_growth {c |}{col 26}{res}{space 2}-.0083617{col 38}{space 2} .0041031{col 49}{space 1}   -2.04{col 58}{space 3}0.046{col 66}{space 4}-.0165719{col 79}{space 3}-.0001514
{txt}{space 17}log_pop {c |}{col 26}{res}{space 2} .4562843{col 38}{space 2} .2311911{col 49}{space 1}    1.97{col 58}{space 3}0.053{col 66}{space 4} -.006328{col 79}{space 3} .9188966
{txt}{space 18}kaopen {c |}{col 26}{res}{space 2} -.015992{col 38}{space 2} .0129107{col 49}{space 1}   -1.24{col 58}{space 3}0.220{col 66}{space 4}-.0418262{col 79}{space 3} .0098423
{txt}{space 12}currency_peg {c |}{col 26}{res}{space 2} .0210799{col 38}{space 2} .0367967{col 49}{space 1}    0.57{col 58}{space 3}0.569{col 66}{space 4}-.0525501{col 79}{space 3} .0947099
{txt}{space 9}currency_binary {c |}{col 26}{res}{space 2}-.1222435{col 38}{space 2} .0296948{col 49}{space 1}   -4.12{col 58}{space 3}0.000{col 66}{space 4}-.1816626{col 79}{space 3}-.0628245
{txt}{space 14}time_trend {c |}{col 26}{res}{space 2}-.0026786{col 38}{space 2} .0060413{col 49}{space 1}   -0.44{col 58}{space 3}0.659{col 66}{space 4}-.0147673{col 79}{space 3} .0094101
{txt}{space 19}_cons {c |}{col 26}{res}{space 2}-6.565631{col 38}{space 2} 4.044883{col 49}{space 1}   -1.62{col 58}{space 3}0.110{col 66}{space 4}-14.65942{col 79}{space 3} 1.528162
{txt}{hline 25}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 sigma_u {c |} {res} .67774013
                 {txt}sigma_e {c |} {res} .28719125
                     {txt}rho {c |} {res} .84777184{txt}   (fraction of variance due to u_i)
{hline 25}{c BT}{hline 64}

{com}. 
. est store tab1
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo polity_frac_polit11_plus3 polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1430
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.6857                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.4923                                        {txt}avg = {res}     23.8
{txt}       overall = {res}0.4753                                        {txt}max = {res}       33

                                                {txt}F({res}15{txt},{res}59{txt})           = {res}   112.79
{txt}corr(u_i, Xb)  = {res}-0.7462                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 91:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}       log_fi_res_totl_mo{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      t{col 59}   P>|t|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}log_fi_res_totl_mo {c |}
{space 22}L1. {c |}{col 27}{res}{space 2} .8093168{col 39}{space 2} .0421002{col 50}{space 1}   19.22{col 59}{space 3}0.000{col 67}{space 4} .7250745{col 80}{space 3} .8935591
{txt}{space 25} {c |}
polity_frac_polit11_plus3 {c |}{col 27}{res}{space 2} .0047162{col 39}{space 2} .0336112{col 50}{space 1}    0.14{col 59}{space 3}0.889{col 67}{space 4}-.0625397{col 80}{space 3} .0719721
{txt}{space 18}polity2 {c |}{col 27}{res}{space 2} .0052979{col 39}{space 2} .0030075{col 50}{space 1}    1.76{col 59}{space 3}0.083{col 67}{space 4}-.0007201{col 80}{space 3} .0113159
{txt}{space 12}sum_imftotal5 {c |}{col 27}{res}{space 2} .0049362{col 39}{space 2}  .031315{col 50}{space 1}    0.16{col 59}{space 3}0.875{col 67}{space 4}-.0577251{col 80}{space 3} .0675974
{txt}{space 11}ne_imp_gnfs_zs {c |}{col 27}{res}{space 2}-.0026891{col 39}{space 2} .0020192{col 50}{space 1}   -1.33{col 59}{space 3}0.188{col 67}{space 4}-.0067296{col 80}{space 3} .0013514
{txt}{space 12}trade_balance {c |}{col 27}{res}{space 2} .0148145{col 39}{space 2} .0039442{col 50}{space 1}    3.76{col 59}{space 3}0.000{col 67}{space 4} .0069222{col 80}{space 3} .0227069
{txt}{space 16}cbi_irreg {c |}{col 27}{res}{space 2} .0126752{col 39}{space 2} .0153772{col 50}{space 1}    0.82{col 59}{space 3}0.413{col 67}{space 4}-.0180945{col 80}{space 3} .0434449
{txt}{space 13}presidential {c |}{col 27}{res}{space 2} .0805321{col 39}{space 2} .0740697{col 50}{space 1}    1.09{col 59}{space 3}0.281{col 67}{space 4} -.067681{col 80}{space 3} .2287452
{txt}{space 16}log_gdppc {c |}{col 27}{res}{space 2}-.1013484{col 39}{space 2} .0632092{col 50}{space 1}   -1.60{col 59}{space 3}0.114{col 67}{space 4}-.2278297{col 80}{space 3} .0251328
{txt}{space 15}gdp_growth {c |}{col 27}{res}{space 2}-.0085211{col 39}{space 2} .0041171{col 50}{space 1}   -2.07{col 59}{space 3}0.043{col 67}{space 4}-.0167594{col 80}{space 3}-.0002828
{txt}{space 18}log_pop {c |}{col 27}{res}{space 2} .4607141{col 39}{space 2} .2342989{col 50}{space 1}    1.97{col 59}{space 3}0.054{col 67}{space 4} -.008117{col 80}{space 3} .9295452
{txt}{space 19}kaopen {c |}{col 27}{res}{space 2}-.0161895{col 39}{space 2} .0129061{col 50}{space 1}   -1.25{col 59}{space 3}0.215{col 67}{space 4}-.0420144{col 80}{space 3} .0096355
{txt}{space 13}currency_peg {c |}{col 27}{res}{space 2} .0216646{col 39}{space 2} .0369589{col 50}{space 1}    0.59{col 59}{space 3}0.560{col 67}{space 4}  -.05229{col 80}{space 3} .0956193
{txt}{space 10}currency_binary {c |}{col 27}{res}{space 2}-.1218287{col 39}{space 2} .0298567{col 50}{space 1}   -4.08{col 59}{space 3}0.000{col 67}{space 4}-.1815719{col 80}{space 3}-.0620856
{txt}{space 15}time_trend {c |}{col 27}{res}{space 2} -.002846{col 39}{space 2} .0062429{col 50}{space 1}   -0.46{col 59}{space 3}0.650{col 67}{space 4}-.0153381{col 80}{space 3} .0096461
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-6.626311{col 39}{space 2} 4.097136{col 50}{space 1}   -1.62{col 59}{space 3}0.111{col 67}{space 4}-14.82466{col 80}{space 3}  1.57204
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                  sigma_u {c |} {res} .68178623
                  {txt}sigma_e {c |} {res} .28779058
                      {txt}rho {c |} {res} .84876741{txt}   (fraction of variance due to u_i)
{hline 26}{c BT}{hline 64}

{com}. 
. est store tab2
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit12_plus3_binary polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1378
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.6731                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5075                                        {txt}avg = {res}     23.0
{txt}       overall = {res}0.5128                                        {txt}max = {res}       33

                                                {txt}F({res}15{txt},{res}59{txt})           = {res}    95.44
{txt}corr(u_i, Xb)  = {res}-0.7060                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 90:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 25}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 26}{c |}{col 38}    Robust
{col 1}      log_fi_res_totl_mo{col 26}{c |}      Coef.{col 38}   Std. Err.{col 50}      t{col 58}   P>|t|{col 66}     [95% Con{col 79}f. Interval]
{hline 25}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}log_fi_res_totl_mo {c |}
{space 21}L1. {c |}{col 26}{res}{space 2} .8047657{col 38}{space 2} .0444173{col 49}{space 1}   18.12{col 58}{space 3}0.000{col 66}{space 4} .7158869{col 79}{space 3} .8936445
{txt}{space 24} {c |}
sum_polit12_plus3_binary {c |}{col 26}{res}{space 2} .0049251{col 38}{space 2} .0336536{col 49}{space 1}    0.15{col 58}{space 3}0.884{col 66}{space 4}-.0624155{col 79}{space 3} .0722657
{txt}{space 17}polity2 {c |}{col 26}{res}{space 2} .0054287{col 38}{space 2}  .003086{col 49}{space 1}    1.76{col 58}{space 3}0.084{col 66}{space 4}-.0007464{col 79}{space 3} .0116037
{txt}{space 11}sum_imftotal5 {c |}{col 26}{res}{space 2} .0041004{col 38}{space 2} .0320256{col 49}{space 1}    0.13{col 58}{space 3}0.899{col 66}{space 4}-.0599827{col 79}{space 3} .0681835
{txt}{space 10}ne_imp_gnfs_zs {c |}{col 26}{res}{space 2} -.002933{col 38}{space 2}  .002058{col 49}{space 1}   -1.43{col 58}{space 3}0.159{col 66}{space 4}-.0070511{col 79}{space 3} .0011851
{txt}{space 11}trade_balance {c |}{col 26}{res}{space 2}  .014696{col 38}{space 2} .0039687{col 49}{space 1}    3.70{col 58}{space 3}0.000{col 66}{space 4} .0067547{col 79}{space 3} .0226374
{txt}{space 15}cbi_irreg {c |}{col 26}{res}{space 2} .0164852{col 38}{space 2} .0161974{col 49}{space 1}    1.02{col 58}{space 3}0.313{col 66}{space 4}-.0159257{col 79}{space 3} .0488962
{txt}{space 12}presidential {c |}{col 26}{res}{space 2} .0780804{col 38}{space 2} .0762087{col 49}{space 1}    1.02{col 58}{space 3}0.310{col 66}{space 4}-.0744129{col 79}{space 3} .2305736
{txt}{space 15}log_gdppc {c |}{col 26}{res}{space 2}-.1062912{col 38}{space 2} .0647538{col 49}{space 1}   -1.64{col 58}{space 3}0.106{col 66}{space 4}-.2358633{col 79}{space 3} .0232809
{txt}{space 14}gdp_growth {c |}{col 26}{res}{space 2}-.0080572{col 38}{space 2} .0041568{col 49}{space 1}   -1.94{col 58}{space 3}0.057{col 66}{space 4} -.016375{col 79}{space 3} .0002606
{txt}{space 17}log_pop {c |}{col 26}{res}{space 2} .4122856{col 38}{space 2} .2345358{col 49}{space 1}    1.76{col 58}{space 3}0.084{col 66}{space 4}-.0570194{col 79}{space 3} .8815906
{txt}{space 18}kaopen {c |}{col 26}{res}{space 2}-.0181232{col 38}{space 2} .0135023{col 49}{space 1}   -1.34{col 58}{space 3}0.185{col 66}{space 4}-.0451412{col 79}{space 3} .0088949
{txt}{space 12}currency_peg {c |}{col 26}{res}{space 2} .0203753{col 38}{space 2} .0375151{col 49}{space 1}    0.54{col 58}{space 3}0.589{col 66}{space 4}-.0546924{col 79}{space 3} .0954429
{txt}{space 9}currency_binary {c |}{col 26}{res}{space 2}-.1203916{col 38}{space 2} .0308136{col 49}{space 1}   -3.91{col 58}{space 3}0.000{col 66}{space 4}-.1820496{col 79}{space 3}-.0587337
{txt}{space 14}time_trend {c |}{col 26}{res}{space 2}-.0014336{col 38}{space 2} .0061345{col 49}{space 1}   -0.23{col 58}{space 3}0.816{col 66}{space 4}-.0137087{col 79}{space 3} .0108415
{txt}{space 19}_cons {c |}{col 26}{res}{space 2}-5.790504{col 38}{space 2} 4.083709{col 49}{space 1}   -1.42{col 58}{space 3}0.161{col 66}{space 4}-13.96199{col 79}{space 3} 2.380979
{txt}{hline 25}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                 sigma_u {c |} {res} .62298731
                 {txt}sigma_e {c |} {res} .29035202
                     {txt}rho {c |} {res} .82154704{txt}   (fraction of variance due to u_i)
{hline 25}{c BT}{hline 64}

{com}. 
. est store tab3
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo polity_frac_polit12_plus3 polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1369
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       60

{txt}R-sq:  within  = {res}0.6705                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5054                                        {txt}avg = {res}     22.8
{txt}       overall = {res}0.5091                                        {txt}max = {res}       33

                                                {txt}F({res}15{txt},{res}59{txt})           = {res}    98.97
{txt}corr(u_i, Xb)  = {res}-0.7093                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 91:(Std. Err. adjusted for {res:60} clusters in cowcode)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}       log_fi_res_totl_mo{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      t{col 59}   P>|t|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}log_fi_res_totl_mo {c |}
{space 22}L1. {c |}{col 27}{res}{space 2} .8028264{col 39}{space 2} .0446764{col 50}{space 1}   17.97{col 59}{space 3}0.000{col 67}{space 4} .7134291{col 80}{space 3} .8922237
{txt}{space 25} {c |}
polity_frac_polit12_plus3 {c |}{col 27}{res}{space 2} .0123584{col 39}{space 2}  .035749{col 50}{space 1}    0.35{col 59}{space 3}0.731{col 67}{space 4}-.0591751{col 80}{space 3} .0838919
{txt}{space 18}polity2 {c |}{col 27}{res}{space 2} .0052776{col 39}{space 2} .0030677{col 50}{space 1}    1.72{col 59}{space 3}0.091{col 67}{space 4}-.0008609{col 80}{space 3} .0114161
{txt}{space 12}sum_imftotal5 {c |}{col 27}{res}{space 2} .0034529{col 39}{space 2} .0320531{col 50}{space 1}    0.11{col 59}{space 3}0.915{col 67}{space 4}-.0606852{col 80}{space 3}  .067591
{txt}{space 11}ne_imp_gnfs_zs {c |}{col 27}{res}{space 2}-.0028484{col 39}{space 2} .0021029{col 50}{space 1}   -1.35{col 59}{space 3}0.181{col 67}{space 4}-.0070563{col 80}{space 3} .0013596
{txt}{space 12}trade_balance {c |}{col 27}{res}{space 2} .0145648{col 39}{space 2} .0039835{col 50}{space 1}    3.66{col 59}{space 3}0.001{col 67}{space 4} .0065939{col 80}{space 3} .0225357
{txt}{space 16}cbi_irreg {c |}{col 27}{res}{space 2} .0155211{col 39}{space 2} .0159407{col 50}{space 1}    0.97{col 59}{space 3}0.334{col 67}{space 4}-.0163761{col 80}{space 3} .0474183
{txt}{space 13}presidential {c |}{col 27}{res}{space 2} .0797254{col 39}{space 2} .0764457{col 50}{space 1}    1.04{col 59}{space 3}0.301{col 67}{space 4}-.0732421{col 80}{space 3} .2326929
{txt}{space 16}log_gdppc {c |}{col 27}{res}{space 2}-.1041584{col 39}{space 2} .0672825{col 50}{space 1}   -1.55{col 59}{space 3}0.127{col 67}{space 4}-.2387904{col 80}{space 3} .0304736
{txt}{space 15}gdp_growth {c |}{col 27}{res}{space 2}-.0082314{col 39}{space 2} .0041869{col 50}{space 1}   -1.97{col 59}{space 3}0.054{col 67}{space 4}-.0166094{col 80}{space 3} .0001467
{txt}{space 18}log_pop {c |}{col 27}{res}{space 2} .4200366{col 39}{space 2} .2398125{col 50}{space 1}    1.75{col 59}{space 3}0.085{col 67}{space 4}-.0598272{col 80}{space 3} .8999004
{txt}{space 19}kaopen {c |}{col 27}{res}{space 2}-.0174969{col 39}{space 2} .0137858{col 50}{space 1}   -1.27{col 59}{space 3}0.209{col 67}{space 4}-.0450822{col 80}{space 3} .0100883
{txt}{space 13}currency_peg {c |}{col 27}{res}{space 2} .0210413{col 39}{space 2}  .037887{col 50}{space 1}    0.56{col 59}{space 3}0.581{col 67}{space 4}-.0547705{col 80}{space 3}  .096853
{txt}{space 10}currency_binary {c |}{col 27}{res}{space 2}-.1204914{col 39}{space 2}  .031061{col 50}{space 1}   -3.88{col 59}{space 3}0.000{col 67}{space 4}-.1826443{col 80}{space 3}-.0583385
{txt}{space 15}time_trend {c |}{col 27}{res}{space 2}-.0016467{col 39}{space 2}  .006449{col 50}{space 1}   -0.26{col 59}{space 3}0.799{col 67}{space 4}-.0145511{col 80}{space 3} .0112576
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-5.930155{col 39}{space 2} 4.184142{col 50}{space 1}   -1.42{col 59}{space 3}0.162{col 67}{space 4} -14.3026{col 80}{space 3} 2.442293
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                  sigma_u {c |} {res} .63055101
                  {txt}sigma_e {c |} {res} .29092124
                      {txt}rho {c |} {res} .82449202{txt}   (fraction of variance due to u_i)
{hline 26}{c BT}{hline 64}

{com}. 
. est store tab4
{txt}
{com}. 
. * Table 51:
. *esttab tab1 tab2 tab3 tab4 using estim_2yr.tex, b(%8.3f) se(%8.3f) title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. * Tables 52 - 57: Only Including Previous Currency Crises That Lasted Five Years or Less
. 
. 
. * H1
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit11_binary    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if currency_spell <=5, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1190
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       58

{txt}R-sq:  within  = {res}0.6566                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.7215                                        {txt}avg = {res}     20.5
{txt}       overall = {res}0.6759                                        {txt}max = {res}       32

                                                {txt}F({res}15{txt},{res}57{txt})           = {res}    63.09
{txt}corr(u_i, Xb)  = {res}-0.4485                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 84:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 20}{c |}{col 32}    Robust
{col 1}log_fi_res_totl_mo{col 20}{c |}      Coef.{col 32}   Std. Err.{col 44}      t{col 52}   P>|t|{col 60}     [95% Con{col 73}f. Interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
log_fi_res_totl_mo {c |}
{space 15}L1. {c |}{col 20}{res}{space 2} .7891378{col 32}{space 2} .0438385{col 43}{space 1}   18.00{col 52}{space 3}0.000{col 60}{space 4} .7013527{col 73}{space 3} .8769228
{txt}{space 18} {c |}
sum_polit11_binary {c |}{col 20}{res}{space 2} .0304441{col 32}{space 2} .0315164{col 43}{space 1}    0.97{col 52}{space 3}0.338{col 60}{space 4}-.0326665{col 73}{space 3} .0935546
{txt}{space 11}polity2 {c |}{col 20}{res}{space 2}  .007116{col 32}{space 2} .0031626{col 43}{space 1}    2.25{col 52}{space 3}0.028{col 60}{space 4} .0007831{col 73}{space 3} .0134489
{txt}{space 5}sum_imftotal5 {c |}{col 20}{res}{space 2} .0092388{col 32}{space 2}   .03838{col 43}{space 1}    0.24{col 52}{space 3}0.811{col 60}{space 4}-.0676158{col 73}{space 3} .0860933
{txt}{space 4}ne_imp_gnfs_zs {c |}{col 20}{res}{space 2}-.0022042{col 32}{space 2} .0016935{col 43}{space 1}   -1.30{col 52}{space 3}0.198{col 60}{space 4}-.0055954{col 73}{space 3}  .001187
{txt}{space 5}trade_balance {c |}{col 20}{res}{space 2} .0172883{col 32}{space 2} .0033938{col 43}{space 1}    5.09{col 52}{space 3}0.000{col 60}{space 4} .0104923{col 73}{space 3} .0240843
{txt}{space 9}cbi_irreg {c |}{col 20}{res}{space 2} .0193344{col 32}{space 2} .0184799{col 43}{space 1}    1.05{col 52}{space 3}0.300{col 60}{space 4} -.017671{col 73}{space 3} .0563398
{txt}{space 6}presidential {c |}{col 20}{res}{space 2} .0687891{col 32}{space 2} .0791432{col 43}{space 1}    0.87{col 52}{space 3}0.388{col 60}{space 4}-.0896924{col 73}{space 3} .2272706
{txt}{space 9}log_gdppc {c |}{col 20}{res}{space 2} -.091697{col 32}{space 2} .0560042{col 43}{space 1}   -1.64{col 52}{space 3}0.107{col 60}{space 4}-.2038435{col 73}{space 3} .0204496
{txt}{space 8}gdp_growth {c |}{col 20}{res}{space 2}-.0078778{col 32}{space 2} .0045039{col 43}{space 1}   -1.75{col 52}{space 3}0.086{col 60}{space 4}-.0168966{col 73}{space 3} .0011411
{txt}{space 11}log_pop {c |}{col 20}{res}{space 2} .2321077{col 32}{space 2} .2495512{col 43}{space 1}    0.93{col 52}{space 3}0.356{col 60}{space 4}-.2676099{col 73}{space 3} .7318253
{txt}{space 12}kaopen {c |}{col 20}{res}{space 2}-.0195841{col 32}{space 2} .0150286{col 43}{space 1}   -1.30{col 52}{space 3}0.198{col 60}{space 4}-.0496783{col 73}{space 3} .0105101
{txt}{space 6}currency_peg {c |}{col 20}{res}{space 2} .0395054{col 32}{space 2} .0440952{col 43}{space 1}    0.90{col 52}{space 3}0.374{col 60}{space 4}-.0487937{col 73}{space 3} .1278044
{txt}{space 3}currency_binary {c |}{col 20}{res}{space 2}-.1017668{col 32}{space 2} .0325236{col 43}{space 1}   -3.13{col 52}{space 3}0.003{col 60}{space 4}-.1668943{col 73}{space 3}-.0366394
{txt}{space 8}time_trend {c |}{col 20}{res}{space 2} .0013797{col 32}{space 2} .0064019{col 43}{space 1}    0.22{col 52}{space 3}0.830{col 60}{space 4}  -.01144{col 73}{space 3} .0141994
{txt}{space 13}_cons {c |}{col 20}{res}{space 2}-3.021461{col 32}{space 2} 4.278514{col 43}{space 1}   -0.71{col 52}{space 3}0.483{col 60}{space 4}-11.58904{col 73}{space 3} 5.546114
{txt}{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
           sigma_u {c |} {res} .37019789
           {txt}sigma_e {c |} {res} .29369186
               {txt}rho {c |} {res} .61372874{txt}   (fraction of variance due to u_i)
{hline 19}{c BT}{hline 64}

{com}. 
. est store tab1
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo polity_frac_polit11    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if currency_spell <=5, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1188
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       58

{txt}R-sq:  within  = {res}0.6553                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6791                                        {txt}avg = {res}     20.5
{txt}       overall = {res}0.6423                                        {txt}max = {res}       32

                                                {txt}F({res}15{txt},{res}57{txt})           = {res}    63.40
{txt}corr(u_i, Xb)  = {res}-0.5081                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 85:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 20}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 21}{c |}{col 33}    Robust
{col 1} log_fi_res_totl_mo{col 21}{c |}      Coef.{col 33}   Std. Err.{col 45}      t{col 53}   P>|t|{col 61}     [95% Con{col 74}f. Interval]
{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}log_fi_res_totl_mo {c |}
{space 16}L1. {c |}{col 21}{res}{space 2} .7865583{col 33}{space 2} .0445275{col 44}{space 1}   17.66{col 53}{space 3}0.000{col 61}{space 4} .6973935{col 74}{space 3} .8757231
{txt}{space 19} {c |}
polity_frac_polit11 {c |}{col 21}{res}{space 2} .0487852{col 33}{space 2} .0242834{col 44}{space 1}    2.01{col 53}{space 3}0.049{col 61}{space 4} .0001585{col 74}{space 3}  .097412
{txt}{space 12}polity2 {c |}{col 21}{res}{space 2} .0069966{col 33}{space 2} .0032261{col 44}{space 1}    2.17{col 53}{space 3}0.034{col 61}{space 4} .0005364{col 74}{space 3} .0134568
{txt}{space 6}sum_imftotal5 {c |}{col 21}{res}{space 2} .0105012{col 33}{space 2} .0373975{col 44}{space 1}    0.28{col 53}{space 3}0.780{col 61}{space 4}-.0643861{col 74}{space 3} .0853885
{txt}{space 5}ne_imp_gnfs_zs {c |}{col 21}{res}{space 2}-.0022283{col 33}{space 2} .0016948{col 44}{space 1}   -1.31{col 53}{space 3}0.194{col 61}{space 4} -.005622{col 74}{space 3} .0011655
{txt}{space 6}trade_balance {c |}{col 21}{res}{space 2} .0169676{col 33}{space 2} .0033407{col 44}{space 1}    5.08{col 53}{space 3}0.000{col 61}{space 4}  .010278{col 74}{space 3} .0236571
{txt}{space 10}cbi_irreg {c |}{col 21}{res}{space 2} .0175579{col 33}{space 2} .0182801{col 44}{space 1}    0.96{col 53}{space 3}0.341{col 61}{space 4}-.0190472{col 74}{space 3} .0541631
{txt}{space 7}presidential {c |}{col 21}{res}{space 2} .0769516{col 33}{space 2} .0780202{col 44}{space 1}    0.99{col 53}{space 3}0.328{col 61}{space 4}-.0792811{col 74}{space 3} .2331843
{txt}{space 10}log_gdppc {c |}{col 21}{res}{space 2}-.0840778{col 33}{space 2} .0574981{col 44}{space 1}   -1.46{col 53}{space 3}0.149{col 61}{space 4}-.1992158{col 74}{space 3} .0310601
{txt}{space 9}gdp_growth {c |}{col 21}{res}{space 2}-.0080516{col 33}{space 2} .0044597{col 44}{space 1}   -1.81{col 53}{space 3}0.076{col 61}{space 4}-.0169821{col 74}{space 3} .0008789
{txt}{space 12}log_pop {c |}{col 21}{res}{space 2} .2719473{col 33}{space 2} .2507578{col 44}{space 1}    1.08{col 53}{space 3}0.283{col 61}{space 4}-.2301864{col 74}{space 3} .7740811
{txt}{space 13}kaopen {c |}{col 21}{res}{space 2}-.0180168{col 33}{space 2} .0150115{col 44}{space 1}   -1.20{col 53}{space 3}0.235{col 61}{space 4}-.0480767{col 74}{space 3} .0120432
{txt}{space 7}currency_peg {c |}{col 21}{res}{space 2} .0355758{col 33}{space 2} .0441241{col 44}{space 1}    0.81{col 53}{space 3}0.423{col 61}{space 4}-.0527812{col 74}{space 3} .1239328
{txt}{space 4}currency_binary {c |}{col 21}{res}{space 2}-.1054865{col 33}{space 2} .0314126{col 44}{space 1}   -3.36{col 53}{space 3}0.001{col 61}{space 4}-.1683892{col 74}{space 3}-.0425837
{txt}{space 9}time_trend {c |}{col 21}{res}{space 2} .0004646{col 33}{space 2} .0064984{col 44}{space 1}    0.07{col 53}{space 3}0.943{col 61}{space 4}-.0125483{col 74}{space 3} .0134774
{txt}{space 14}_cons {c |}{col 21}{res}{space 2}-3.723233{col 33}{space 2} 4.313924{col 44}{space 1}   -0.86{col 53}{space 3}0.392{col 61}{space 4}-12.36172{col 74}{space 3} 4.915252
{txt}{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
            sigma_u {c |} {res} .41899039
            {txt}sigma_e {c |} {res} .29343249
                {txt}rho {c |} {res} .67093142{txt}   (fraction of variance due to u_i)
{hline 20}{c BT}{hline 64}

{com}. 
. est store tab2
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit12_binary    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if currency_spell <=5, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1190
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       58

{txt}R-sq:  within  = {res}0.6576                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.7355                                        {txt}avg = {res}     20.5
{txt}       overall = {res}0.6850                                        {txt}max = {res}       32

                                                {txt}F({res}15{txt},{res}57{txt})           = {res}    62.81
{txt}corr(u_i, Xb)  = {res}-0.4272                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 84:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 20}{c |}{col 32}    Robust
{col 1}log_fi_res_totl_mo{col 20}{c |}      Coef.{col 32}   Std. Err.{col 44}      t{col 52}   P>|t|{col 60}     [95% Con{col 73}f. Interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
log_fi_res_totl_mo {c |}
{space 15}L1. {c |}{col 20}{res}{space 2} .7880549{col 32}{space 2} .0442336{col 43}{space 1}   17.82{col 52}{space 3}0.000{col 60}{space 4} .6994787{col 73}{space 3} .8766312
{txt}{space 18} {c |}
sum_polit12_binary {c |}{col 20}{res}{space 2} .0577449{col 32}{space 2} .0347318{col 43}{space 1}    1.66{col 52}{space 3}0.102{col 60}{space 4}-.0118044{col 73}{space 3} .1272942
{txt}{space 11}polity2 {c |}{col 20}{res}{space 2} .0070885{col 32}{space 2} .0030824{col 43}{space 1}    2.30{col 52}{space 3}0.025{col 60}{space 4} .0009161{col 73}{space 3}  .013261
{txt}{space 5}sum_imftotal5 {c |}{col 20}{res}{space 2} .0033162{col 32}{space 2}  .039628{col 43}{space 1}    0.08{col 52}{space 3}0.934{col 60}{space 4}-.0760375{col 73}{space 3} .0826698
{txt}{space 4}ne_imp_gnfs_zs {c |}{col 20}{res}{space 2}-.0018243{col 32}{space 2} .0016558{col 43}{space 1}   -1.10{col 52}{space 3}0.275{col 60}{space 4}  -.00514{col 73}{space 3} .0014913
{txt}{space 5}trade_balance {c |}{col 20}{res}{space 2}  .017244{col 32}{space 2}  .003323{col 43}{space 1}    5.19{col 52}{space 3}0.000{col 60}{space 4} .0105898{col 73}{space 3} .0238981
{txt}{space 9}cbi_irreg {c |}{col 20}{res}{space 2} .0204493{col 32}{space 2} .0184743{col 43}{space 1}    1.11{col 52}{space 3}0.273{col 60}{space 4}-.0165449{col 73}{space 3} .0574435
{txt}{space 6}presidential {c |}{col 20}{res}{space 2}  .076243{col 32}{space 2} .0798215{col 43}{space 1}    0.96{col 52}{space 3}0.344{col 60}{space 4}-.0835968{col 73}{space 3} .2360827
{txt}{space 9}log_gdppc {c |}{col 20}{res}{space 2}-.0894218{col 32}{space 2} .0565952{col 43}{space 1}   -1.58{col 52}{space 3}0.120{col 60}{space 4}-.2027517{col 73}{space 3}  .023908
{txt}{space 8}gdp_growth {c |}{col 20}{res}{space 2}-.0079781{col 32}{space 2} .0044809{col 43}{space 1}   -1.78{col 52}{space 3}0.080{col 60}{space 4}-.0169509{col 73}{space 3} .0009946
{txt}{space 11}log_pop {c |}{col 20}{res}{space 2} .2236085{col 32}{space 2} .2444996{col 43}{space 1}    0.91{col 52}{space 3}0.364{col 60}{space 4}-.2659935{col 73}{space 3} .7132105
{txt}{space 12}kaopen {c |}{col 20}{res}{space 2} -.020008{col 32}{space 2} .0148465{col 43}{space 1}   -1.35{col 52}{space 3}0.183{col 60}{space 4}-.0497376{col 73}{space 3} .0097216
{txt}{space 6}currency_peg {c |}{col 20}{res}{space 2}    .0357{col 32}{space 2} .0434448{col 43}{space 1}    0.82{col 52}{space 3}0.415{col 60}{space 4}-.0512967{col 73}{space 3} .1226968
{txt}{space 3}currency_binary {c |}{col 20}{res}{space 2}-.1020648{col 32}{space 2} .0319577{col 43}{space 1}   -3.19{col 52}{space 3}0.002{col 60}{space 4}-.1660591{col 73}{space 3}-.0380705
{txt}{space 8}time_trend {c |}{col 20}{res}{space 2} .0013826{col 32}{space 2} .0063634{col 43}{space 1}    0.22{col 52}{space 3}0.829{col 60}{space 4}-.0113599{col 73}{space 3} .0141251
{txt}{space 13}_cons {c |}{col 20}{res}{space 2}-2.905669{col 32}{space 2} 4.202465{col 43}{space 1}   -0.69{col 52}{space 3}0.492{col 60}{space 4}-11.32096{col 73}{space 3} 5.509621
{txt}{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
           sigma_u {c |} {res} .35515237
           {txt}sigma_e {c |} {res} .29326941
               {txt}rho {c |} {res} .59457487{txt}   (fraction of variance due to u_i)
{hline 19}{c BT}{hline 64}

{com}. 
. est store tab3
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo polity_frac_polit12    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if currency_spell <=5, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1188
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       58

{txt}R-sq:  within  = {res}0.6565                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6967                                        {txt}avg = {res}     20.5
{txt}       overall = {res}0.6550                                        {txt}max = {res}       32

                                                {txt}F({res}15{txt},{res}57{txt})           = {res}    65.53
{txt}corr(u_i, Xb)  = {res}-0.4818                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 85:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 20}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 21}{c |}{col 33}    Robust
{col 1} log_fi_res_totl_mo{col 21}{c |}      Coef.{col 33}   Std. Err.{col 45}      t{col 53}   P>|t|{col 61}     [95% Con{col 74}f. Interval]
{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}log_fi_res_totl_mo {c |}
{space 16}L1. {c |}{col 21}{res}{space 2} .7823954{col 33}{space 2}  .045292{col 44}{space 1}   17.27{col 53}{space 3}0.000{col 61}{space 4} .6916997{col 74}{space 3} .8730911
{txt}{space 19} {c |}
polity_frac_polit12 {c |}{col 21}{res}{space 2} .0825833{col 33}{space 2} .0336622{col 44}{space 1}    2.45{col 53}{space 3}0.017{col 61}{space 4} .0151758{col 74}{space 3} .1499907
{txt}{space 12}polity2 {c |}{col 21}{res}{space 2} .0065334{col 33}{space 2}  .003062{col 44}{space 1}    2.13{col 53}{space 3}0.037{col 61}{space 4} .0004018{col 74}{space 3} .0126649
{txt}{space 6}sum_imftotal5 {c |}{col 21}{res}{space 2} .0073186{col 33}{space 2} .0391023{col 44}{space 1}    0.19{col 53}{space 3}0.852{col 61}{space 4}-.0709824{col 74}{space 3} .0856195
{txt}{space 5}ne_imp_gnfs_zs {c |}{col 21}{res}{space 2}-.0018169{col 33}{space 2} .0017176{col 44}{space 1}   -1.06{col 53}{space 3}0.295{col 61}{space 4}-.0052562{col 74}{space 3} .0016224
{txt}{space 6}trade_balance {c |}{col 21}{res}{space 2} .0169722{col 33}{space 2} .0032943{col 44}{space 1}    5.15{col 53}{space 3}0.000{col 61}{space 4} .0103755{col 74}{space 3} .0235689
{txt}{space 10}cbi_irreg {c |}{col 21}{res}{space 2} .0171157{col 33}{space 2} .0184576{col 44}{space 1}    0.93{col 53}{space 3}0.358{col 61}{space 4}-.0198449{col 74}{space 3} .0540763
{txt}{space 7}presidential {c |}{col 21}{res}{space 2} .0927755{col 33}{space 2} .0792769{col 44}{space 1}    1.17{col 53}{space 3}0.247{col 61}{space 4}-.0659738{col 74}{space 3} .2515249
{txt}{space 10}log_gdppc {c |}{col 21}{res}{space 2}-.0804759{col 33}{space 2}  .058881{col 44}{space 1}   -1.37{col 53}{space 3}0.177{col 61}{space 4}-.1983831{col 74}{space 3} .0374313
{txt}{space 9}gdp_growth {c |}{col 21}{res}{space 2}-.0080544{col 33}{space 2} .0044193{col 44}{space 1}   -1.82{col 53}{space 3}0.074{col 61}{space 4}-.0169038{col 74}{space 3}  .000795
{txt}{space 12}log_pop {c |}{col 21}{res}{space 2} .2606634{col 33}{space 2} .2489197{col 44}{space 1}    1.05{col 53}{space 3}0.299{col 61}{space 4}-.2377897{col 74}{space 3} .7591165
{txt}{space 13}kaopen {c |}{col 21}{res}{space 2}-.0181072{col 33}{space 2} .0150294{col 44}{space 1}   -1.20{col 53}{space 3}0.233{col 61}{space 4} -.048203{col 74}{space 3} .0119887
{txt}{space 7}currency_peg {c |}{col 21}{res}{space 2} .0375243{col 33}{space 2}  .043505{col 44}{space 1}    0.86{col 53}{space 3}0.392{col 61}{space 4}-.0495931{col 74}{space 3} .1246416
{txt}{space 4}currency_binary {c |}{col 21}{res}{space 2}-.1067041{col 33}{space 2} .0315715{col 44}{space 1}   -3.38{col 53}{space 3}0.001{col 61}{space 4} -.169925{col 74}{space 3}-.0434832
{txt}{space 9}time_trend {c |}{col 21}{res}{space 2} .0004601{col 33}{space 2} .0065457{col 44}{space 1}    0.07{col 53}{space 3}0.944{col 61}{space 4}-.0126475{col 74}{space 3} .0135676
{txt}{space 14}_cons {c |}{col 21}{res}{space 2}-3.568766{col 33}{space 2} 4.291955{col 44}{space 1}   -0.83{col 53}{space 3}0.409{col 61}{space 4}-12.16326{col 74}{space 3} 5.025726
{txt}{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
            sigma_u {c |} {res} .39841217
            {txt}sigma_e {c |} {res} .29289923
                {txt}rho {c |} {res}  .6491527{txt}   (fraction of variance due to u_i)
{hline 20}{c BT}{hline 64}

{com}. 
. est store tab4
{txt}
{com}. 
. * Table 52:
. **esttab tab1 tab2 tab3 tab4 using spell_sub.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. * H2: multiple currency crises
. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo sum_polit11_binary##c.crises_reg_yr1_nor     polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if currency_spell <=5 , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1190
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       58

{txt}R-sq:  within  = {res}0.6575                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.7541                                        {txt}avg = {res}     20.5
{txt}       overall = {res}0.7016                                        {txt}max = {res}       32

                                                {txt}F({res}17{txt},{res}57{txt})           = {res}    67.56
{txt}corr(u_i, Xb)  = {res}-0.3840                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 105:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}{col 53}    Robust
{col 1}                     log_fi_res_totl_mo{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      t{col 73}   P>|t|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}lag_log_fi_res_totl_mo {c |}{col 41}{res}{space 2} .7873817{col 53}{space 2} .0424097{col 64}{space 1}   18.57{col 73}{space 3}0.000{col 81}{space 4} .7024577{col 94}{space 3} .8723056
{txt}{space 19}1.sum_polit11_binary {c |}{col 41}{res}{space 2} .0030259{col 53}{space 2} .0521069{col 64}{space 1}    0.06{col 73}{space 3}0.954{col 81}{space 4}-.1013162{col 94}{space 3} .1073681
{txt}{space 21}crises_reg_yr1_nor {c |}{col 41}{res}{space 2}-.0175875{col 53}{space 2} .0145411{col 64}{space 1}   -1.21{col 73}{space 3}0.231{col 81}{space 4}-.0467055{col 94}{space 3} .0115305
{txt}{space 39} {c |}
sum_polit11_binary#c.crises_reg_yr1_nor {c |}
{space 37}1  {c |}{col 41}{res}{space 2} .0106898{col 53}{space 2} .0125459{col 64}{space 1}    0.85{col 73}{space 3}0.398{col 81}{space 4}-.0144329{col 94}{space 3} .0358126
{txt}{space 39} {c |}
{space 32}polity2 {c |}{col 41}{res}{space 2} .0071572{col 53}{space 2} .0029696{col 64}{space 1}    2.41{col 73}{space 3}0.019{col 81}{space 4} .0012107{col 94}{space 3} .0131036
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2} .0101784{col 53}{space 2} .0380007{col 64}{space 1}    0.27{col 73}{space 3}0.790{col 81}{space 4}-.0659166{col 94}{space 3} .0862735
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2}-.0024498{col 53}{space 2} .0017671{col 64}{space 1}   -1.39{col 73}{space 3}0.171{col 81}{space 4}-.0059884{col 94}{space 3} .0010888
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} .0170562{col 53}{space 2} .0034318{col 64}{space 1}    4.97{col 73}{space 3}0.000{col 81}{space 4} .0101842{col 94}{space 3} .0239282
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2} .0215274{col 53}{space 2} .0186377{col 64}{space 1}    1.16{col 73}{space 3}0.253{col 81}{space 4} -.015794{col 94}{space 3} .0588488
{txt}{space 27}presidential {c |}{col 41}{res}{space 2} .0715139{col 53}{space 2} .0823814{col 64}{space 1}    0.87{col 73}{space 3}0.389{col 81}{space 4}-.0934521{col 94}{space 3} .2364798
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2} -.096043{col 53}{space 2}  .055927{col 64}{space 1}   -1.72{col 73}{space 3}0.091{col 81}{space 4}-.2080349{col 94}{space 3} .0159489
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0078367{col 53}{space 2} .0045459{col 64}{space 1}   -1.72{col 73}{space 3}0.090{col 81}{space 4}-.0169396{col 94}{space 3} .0012662
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2} .1973848{col 53}{space 2} .2549324{col 64}{space 1}    0.77{col 73}{space 3}0.442{col 81}{space 4}-.3131085{col 94}{space 3} .7078781
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0214697{col 53}{space 2} .0154473{col 64}{space 1}   -1.39{col 73}{space 3}0.170{col 81}{space 4}-.0524023{col 94}{space 3} .0094629
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2} .0395921{col 53}{space 2} .0448746{col 64}{space 1}    0.88{col 73}{space 3}0.381{col 81}{space 4}-.0502677{col 94}{space 3}  .129452
{txt}{space 24}currency_binary {c |}{col 41}{res}{space 2}-.1003141{col 53}{space 2} .0322105{col 64}{space 1}   -3.11{col 73}{space 3}0.003{col 81}{space 4}-.1648144{col 94}{space 3}-.0358138
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2} .0024822{col 53}{space 2}  .006623{col 64}{space 1}    0.37{col 73}{space 3}0.709{col 81}{space 4}-.0107801{col 94}{space 3} .0157445
{txt}{space 34}_cons {c |}{col 41}{res}{space 2}-2.387663{col 53}{space 2} 4.379811{col 64}{space 1}   -0.55{col 73}{space 3}0.588{col 81}{space 4}-11.15808{col 94}{space 3} 6.382757
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                sigma_u {c |} {res} .33523485
                                {txt}sigma_e {c |} {res}  .2935621
                                    {txt}rho {c |} {res} .56598397{txt}   (fraction of variance due to u_i)
{hline 40}{c BT}{hline 64}

{com}. 
. est store tab5
{txt}
{com}. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo c.polity_frac_polit11##c.crises_reg_yr1_nor     polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if currency_spell <=5 , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1188
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       58

{txt}R-sq:  within  = {res}0.6563                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.7028                                        {txt}avg = {res}     20.5
{txt}       overall = {res}0.6621                                        {txt}max = {res}       32

                                                {txt}F({res}17{txt},{res}57{txt})           = {res}    62.22
{txt}corr(u_i, Xb)  = {res}-0.4629                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 108:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 43}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 44}{c |}{col 56}    Robust
{col 1}                        log_fi_res_totl_mo{col 44}{c |}      Coef.{col 56}   Std. Err.{col 68}      t{col 76}   P>|t|{col 84}     [95% Con{col 97}f. Interval]
{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 20}lag_log_fi_res_totl_mo {c |}{col 44}{res}{space 2} .7847339{col 56}{space 2} .0433234{col 67}{space 1}   18.11{col 76}{space 3}0.000{col 84}{space 4} .6979803{col 97}{space 3} .8714876
{txt}{space 23}polity_frac_polit11 {c |}{col 44}{res}{space 2} .0276273{col 56}{space 2} .0425321{col 67}{space 1}    0.65{col 76}{space 3}0.519{col 84}{space 4}-.0575417{col 97}{space 3} .1127964
{txt}{space 24}crises_reg_yr1_nor {c |}{col 44}{res}{space 2}-.0163637{col 56}{space 2} .0129643{col 67}{space 1}   -1.26{col 76}{space 3}0.212{col 84}{space 4}-.0423242{col 97}{space 3} .0095968
{txt}{space 42} {c |}
c.polity_frac_polit11#c.crises_reg_yr1_nor {c |}{col 44}{res}{space 2}  .009429{col 56}{space 2} .0096452{col 67}{space 1}    0.98{col 76}{space 3}0.332{col 84}{space 4}-.0098852{col 97}{space 3} .0287432
{txt}{space 42} {c |}
{space 35}polity2 {c |}{col 44}{res}{space 2} .0072063{col 56}{space 2} .0030679{col 67}{space 1}    2.35{col 76}{space 3}0.022{col 84}{space 4} .0010629{col 97}{space 3} .0133498
{txt}{space 29}sum_imftotal5 {c |}{col 44}{res}{space 2} .0123346{col 56}{space 2} .0374975{col 67}{space 1}    0.33{col 76}{space 3}0.743{col 84}{space 4} -.062753{col 97}{space 3} .0874221
{txt}{space 28}ne_imp_gnfs_zs {c |}{col 44}{res}{space 2}-.0024138{col 56}{space 2} .0017507{col 67}{space 1}   -1.38{col 76}{space 3}0.173{col 84}{space 4}-.0059194{col 97}{space 3} .0010919
{txt}{space 29}trade_balance {c |}{col 44}{res}{space 2} .0168452{col 56}{space 2} .0033948{col 67}{space 1}    4.96{col 76}{space 3}0.000{col 84}{space 4} .0100471{col 97}{space 3} .0236433
{txt}{space 33}cbi_irreg {c |}{col 44}{res}{space 2} .0206136{col 56}{space 2} .0186242{col 67}{space 1}    1.11{col 76}{space 3}0.273{col 84}{space 4}-.0166807{col 97}{space 3} .0579079
{txt}{space 30}presidential {c |}{col 44}{res}{space 2} .0805333{col 56}{space 2} .0808002{col 67}{space 1}    1.00{col 76}{space 3}0.323{col 84}{space 4}-.0812664{col 97}{space 3} .2423329
{txt}{space 33}log_gdppc {c |}{col 44}{res}{space 2}  -.08757{col 56}{space 2} .0574146{col 67}{space 1}   -1.53{col 76}{space 3}0.133{col 84}{space 4}-.2025407{col 97}{space 3} .0274006
{txt}{space 32}gdp_growth {c |}{col 44}{res}{space 2}-.0081936{col 56}{space 2}  .004533{col 67}{space 1}   -1.81{col 76}{space 3}0.076{col 84}{space 4}-.0172707{col 97}{space 3} .0008836
{txt}{space 35}log_pop {c |}{col 44}{res}{space 2} .2444952{col 56}{space 2} .2556725{col 67}{space 1}    0.96{col 76}{space 3}0.343{col 84}{space 4}-.2674802{col 97}{space 3} .7564706
{txt}{space 36}kaopen {c |}{col 44}{res}{space 2}-.0191769{col 56}{space 2}  .015329{col 67}{space 1}   -1.25{col 76}{space 3}0.216{col 84}{space 4}-.0498727{col 97}{space 3} .0115189
{txt}{space 30}currency_peg {c |}{col 44}{res}{space 2} .0357811{col 56}{space 2} .0442709{col 67}{space 1}    0.81{col 76}{space 3}0.422{col 84}{space 4}-.0528698{col 97}{space 3}  .124432
{txt}{space 27}currency_binary {c |}{col 44}{res}{space 2}-.1035428{col 56}{space 2} .0312237{col 67}{space 1}   -3.32{col 76}{space 3}0.002{col 84}{space 4}-.1660672{col 97}{space 3}-.0410183
{txt}{space 32}time_trend {c |}{col 44}{res}{space 2} .0014663{col 56}{space 2} .0067028{col 67}{space 1}    0.22{col 76}{space 3}0.828{col 84}{space 4}-.0119559{col 97}{space 3} .0148885
{txt}{space 37}_cons {c |}{col 44}{res}{space 2}-3.224999{col 56}{space 2} 4.407172{col 67}{space 1}   -0.73{col 76}{space 3}0.467{col 84}{space 4}-12.05021{col 97}{space 3}  5.60021
{txt}{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                   sigma_u {c |} {res} .39079817
                                   {txt}sigma_e {c |} {res} .29326749
                                       {txt}rho {c |} {res} .63973456{txt}   (fraction of variance due to u_i)
{hline 43}{c BT}{hline 64}

{com}. 
. est store tab6
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo sum_polit12_binary##c.crises_reg_yr1_nor     polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if currency_spell <=5 , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1190
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       58

{txt}R-sq:  within  = {res}0.6585                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.7710                                        {txt}avg = {res}     20.5
{txt}       overall = {res}0.7124                                        {txt}max = {res}       32

                                                {txt}F({res}17{txt},{res}57{txt})           = {res}    60.24
{txt}corr(u_i, Xb)  = {res}-0.3515                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 105:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}{col 53}    Robust
{col 1}                     log_fi_res_totl_mo{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      t{col 73}   P>|t|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}lag_log_fi_res_totl_mo {c |}{col 41}{res}{space 2}  .786821{col 53}{space 2} .0430185{col 64}{space 1}   18.29{col 73}{space 3}0.000{col 81}{space 4} .7006779{col 94}{space 3} .8729641
{txt}{space 19}1.sum_polit12_binary {c |}{col 41}{res}{space 2} .0363029{col 53}{space 2}  .054324{col 64}{space 1}    0.67{col 73}{space 3}0.507{col 81}{space 4}-.0724791{col 94}{space 3} .1450848
{txt}{space 21}crises_reg_yr1_nor {c |}{col 41}{res}{space 2} -.015619{col 53}{space 2} .0129547{col 64}{space 1}   -1.21{col 73}{space 3}0.233{col 81}{space 4}-.0415604{col 94}{space 3} .0103224
{txt}{space 39} {c |}
sum_polit12_binary#c.crises_reg_yr1_nor {c |}
{space 37}1  {c |}{col 41}{res}{space 2} .0089532{col 53}{space 2} .0120381{col 64}{space 1}    0.74{col 73}{space 3}0.460{col 81}{space 4}-.0151526{col 94}{space 3}  .033059
{txt}{space 39} {c |}
{space 32}polity2 {c |}{col 41}{res}{space 2} .0076445{col 53}{space 2} .0028848{col 64}{space 1}    2.65{col 73}{space 3}0.010{col 81}{space 4} .0018679{col 94}{space 3} .0134212
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2} .0022945{col 53}{space 2} .0393887{col 64}{space 1}    0.06{col 73}{space 3}0.954{col 81}{space 4}-.0765799{col 94}{space 3}  .081169
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2}-.0020448{col 53}{space 2} .0017263{col 64}{space 1}   -1.18{col 73}{space 3}0.241{col 81}{space 4}-.0055017{col 94}{space 3} .0014121
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} .0171822{col 53}{space 2} .0033535{col 64}{space 1}    5.12{col 73}{space 3}0.000{col 81}{space 4}  .010467{col 94}{space 3} .0238975
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2} .0239646{col 53}{space 2} .0188363{col 64}{space 1}    1.27{col 73}{space 3}0.208{col 81}{space 4}-.0137546{col 94}{space 3} .0616837
{txt}{space 27}presidential {c |}{col 41}{res}{space 2} .0791053{col 53}{space 2} .0828048{col 64}{space 1}    0.96{col 73}{space 3}0.343{col 81}{space 4}-.0867084{col 94}{space 3}  .244919
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2}  -.09355{col 53}{space 2} .0563591{col 64}{space 1}   -1.66{col 73}{space 3}0.102{col 81}{space 4}-.2064071{col 94}{space 3} .0193071
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0079975{col 53}{space 2} .0045259{col 64}{space 1}   -1.77{col 73}{space 3}0.083{col 81}{space 4}-.0170606{col 94}{space 3} .0010655
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2} .1869763{col 53}{space 2} .2496926{col 64}{space 1}    0.75{col 73}{space 3}0.457{col 81}{space 4}-.3130246{col 94}{space 3} .6869771
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0221509{col 53}{space 2} .0150021{col 64}{space 1}   -1.48{col 73}{space 3}0.145{col 81}{space 4}-.0521921{col 94}{space 3} .0078903
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2} .0360974{col 53}{space 2} .0439244{col 64}{space 1}    0.82{col 73}{space 3}0.415{col 81}{space 4}-.0518596{col 94}{space 3} .1240544
{txt}{space 24}currency_binary {c |}{col 41}{res}{space 2}-.1011121{col 53}{space 2} .0316169{col 64}{space 1}   -3.20{col 73}{space 3}0.002{col 81}{space 4}-.1644239{col 94}{space 3}-.0378003
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2} .0025094{col 53}{space 2} .0065742{col 64}{space 1}    0.38{col 73}{space 3}0.704{col 81}{space 4}-.0106553{col 94}{space 3}  .015674
{txt}{space 34}_cons {c |}{col 41}{res}{space 2}-2.255133{col 53}{space 2} 4.301251{col 64}{space 1}   -0.52{col 73}{space 3}0.602{col 81}{space 4}-10.86824{col 94}{space 3} 6.357973
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                sigma_u {c |} {res} .31726357
                                {txt}sigma_e {c |} {res} .29313611
                                    {txt}rho {c |} {res} .53946566{txt}   (fraction of variance due to u_i)
{hline 40}{c BT}{hline 64}

{com}. 
. est store tab7
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo c.polity_frac_polit12##c.crises_reg_yr1_nor     polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if currency_spell <=5 , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1188
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       58

{txt}R-sq:  within  = {res}0.6578                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.7270                                        {txt}avg = {res}     20.5
{txt}       overall = {res}0.6799                                        {txt}max = {res}       32

                                                {txt}F({res}17{txt},{res}57{txt})           = {res}    62.04
{txt}corr(u_i, Xb)  = {res}-0.4194                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 108:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 43}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 44}{c |}{col 56}    Robust
{col 1}                        log_fi_res_totl_mo{col 44}{c |}      Coef.{col 56}   Std. Err.{col 68}      t{col 76}   P>|t|{col 84}     [95% Con{col 97}f. Interval]
{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 20}lag_log_fi_res_totl_mo {c |}{col 44}{res}{space 2} .7806374{col 56}{space 2} .0440018{col 67}{space 1}   17.74{col 76}{space 3}0.000{col 84}{space 4} .6925252{col 97}{space 3} .8687495
{txt}{space 23}polity_frac_polit12 {c |}{col 44}{res}{space 2} .0681354{col 56}{space 2} .0540317{col 67}{space 1}    1.26{col 76}{space 3}0.212{col 84}{space 4}-.0400613{col 97}{space 3} .1763321
{txt}{space 24}crises_reg_yr1_nor {c |}{col 44}{res}{space 2}-.0172039{col 56}{space 2} .0119614{col 67}{space 1}   -1.44{col 76}{space 3}0.156{col 84}{space 4}-.0411561{col 97}{space 3} .0067483
{txt}{space 42} {c |}
c.polity_frac_polit12#c.crises_reg_yr1_nor {c |}{col 44}{res}{space 2} .0085734{col 56}{space 2} .0106742{col 67}{space 1}    0.80{col 76}{space 3}0.425{col 84}{space 4}-.0128013{col 97}{space 3}  .029948
{txt}{space 42} {c |}
{space 35}polity2 {c |}{col 44}{res}{space 2} .0071416{col 56}{space 2} .0028241{col 67}{space 1}    2.53{col 76}{space 3}0.014{col 84}{space 4} .0014864{col 97}{space 3} .0127968
{txt}{space 29}sum_imftotal5 {c |}{col 44}{res}{space 2} .0075743{col 56}{space 2} .0389283{col 67}{space 1}    0.19{col 76}{space 3}0.846{col 84}{space 4}-.0703783{col 97}{space 3} .0855269
{txt}{space 28}ne_imp_gnfs_zs {c |}{col 44}{res}{space 2}-.0020224{col 56}{space 2} .0017733{col 67}{space 1}   -1.14{col 76}{space 3}0.259{col 84}{space 4}-.0055733{col 97}{space 3} .0015285
{txt}{space 29}trade_balance {c |}{col 44}{res}{space 2} .0168739{col 56}{space 2} .0033262{col 67}{space 1}    5.07{col 76}{space 3}0.000{col 84}{space 4} .0102134{col 97}{space 3} .0235344
{txt}{space 33}cbi_irreg {c |}{col 44}{res}{space 2} .0213114{col 56}{space 2} .0189869{col 67}{space 1}    1.12{col 76}{space 3}0.266{col 84}{space 4}-.0167092{col 97}{space 3}  .059332
{txt}{space 30}presidential {c |}{col 44}{res}{space 2} .0965621{col 56}{space 2} .0820077{col 67}{space 1}    1.18{col 76}{space 3}0.244{col 84}{space 4}-.0676555{col 97}{space 3} .2607796
{txt}{space 33}log_gdppc {c |}{col 44}{res}{space 2}-.0846873{col 56}{space 2} .0585537{col 67}{space 1}   -1.45{col 76}{space 3}0.154{col 84}{space 4}-.2019391{col 97}{space 3} .0325645
{txt}{space 32}gdp_growth {c |}{col 44}{res}{space 2} -.008238{col 56}{space 2}  .004497{col 67}{space 1}   -1.83{col 76}{space 3}0.072{col 84}{space 4}-.0172432{col 97}{space 3} .0007672
{txt}{space 35}log_pop {c |}{col 44}{res}{space 2} .2264213{col 56}{space 2} .2538052{col 67}{space 1}    0.89{col 76}{space 3}0.376{col 84}{space 4}-.2818149{col 97}{space 3} .7346575
{txt}{space 36}kaopen {c |}{col 44}{res}{space 2}-.0204064{col 56}{space 2} .0152208{col 67}{space 1}   -1.34{col 76}{space 3}0.185{col 84}{space 4}-.0508855{col 97}{space 3} .0100727
{txt}{space 30}currency_peg {c |}{col 44}{res}{space 2} .0391122{col 56}{space 2} .0436069{col 67}{space 1}    0.90{col 76}{space 3}0.374{col 84}{space 4} -.048209{col 97}{space 3} .1264335
{txt}{space 27}currency_binary {c |}{col 44}{res}{space 2}-.1058338{col 56}{space 2} .0312567{col 67}{space 1}   -3.39{col 76}{space 3}0.001{col 84}{space 4}-.1684242{col 97}{space 3}-.0432434
{txt}{space 32}time_trend {c |}{col 44}{res}{space 2} .0016878{col 56}{space 2} .0067282{col 67}{space 1}    0.25{col 76}{space 3}0.803{col 84}{space 4}-.0117851{col 97}{space 3} .0151608
{txt}{space 37}_cons {c |}{col 44}{res}{space 2}-2.960659{col 56}{space 2}  4.38385{col 67}{space 1}   -0.68{col 76}{space 3}0.502{col 84}{space 4}-11.73917{col 97}{space 3}  5.81785
{txt}{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                   sigma_u {c |} {res} .36323445
                                   {txt}sigma_e {c |} {res} .29263059
                                       {txt}rho {c |} {res} .60641676{txt}   (fraction of variance due to u_i)
{hline 43}{c BT}{hline 64}

{com}. 
. est store tab8
{txt}
{com}. 
. * Table 53:
. *esttab tab5 tab6 tab7 tab8 using spell_sub2.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H3: econ severity
. 
. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo sum_polit11_binary##c.gdp_ch1_polit11      polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if currency_spell <=5 , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1140
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       57

{txt}R-sq:  within  = {res}0.6450                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5108                                        {txt}avg = {res}     20.0
{txt}       overall = {res}0.5079                                        {txt}max = {res}       32

                                                {txt}F({res}17{txt},{res}56{txt})           = {res}    51.15
{txt}corr(u_i, Xb)  = {res}-0.6932                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 102:(Std. Err. adjusted for {res:57} clusters in cowcode)}
{hline 37}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 38}{c |}{col 50}    Robust
{col 1}                  log_fi_res_totl_mo{col 38}{c |}      Coef.{col 50}   Std. Err.{col 62}      t{col 70}   P>|t|{col 78}     [95% Con{col 91}f. Interval]
{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 14}lag_log_fi_res_totl_mo {c |}{col 38}{res}{space 2} .7753418{col 50}{space 2} .0464194{col 61}{space 1}   16.70{col 70}{space 3}0.000{col 78}{space 4} .6823524{col 91}{space 3} .8683311
{txt}{space 16}1.sum_polit11_binary {c |}{col 38}{res}{space 2} .0177467{col 50}{space 2} .0335902{col 61}{space 1}    0.53{col 70}{space 3}0.599{col 78}{space 4}-.0495426{col 91}{space 3}  .085036
{txt}{space 21}gdp_ch1_polit11 {c |}{col 38}{res}{space 2}-.0583894{col 50}{space 2} .1629827{col 61}{space 1}   -0.36{col 70}{space 3}0.721{col 78}{space 4}-.3848831{col 91}{space 3} .2681043
{txt}{space 36} {c |}
sum_polit11_binary#c.gdp_ch1_polit11 {c |}
{space 34}1  {c |}{col 38}{res}{space 2} .1221546{col 50}{space 2} .1639554{col 61}{space 1}    0.75{col 70}{space 3}0.459{col 78}{space 4}-.2062876{col 91}{space 3} .4505967
{txt}{space 36} {c |}
{space 29}polity2 {c |}{col 38}{res}{space 2} .0050866{col 50}{space 2} .0029404{col 61}{space 1}    1.73{col 70}{space 3}0.089{col 78}{space 4}-.0008037{col 91}{space 3} .0109769
{txt}{space 23}sum_imftotal5 {c |}{col 38}{res}{space 2} .0289575{col 50}{space 2} .0371605{col 61}{space 1}    0.78{col 70}{space 3}0.439{col 78}{space 4}-.0454839{col 91}{space 3} .1033989
{txt}{space 22}ne_imp_gnfs_zs {c |}{col 38}{res}{space 2}-.0032474{col 50}{space 2} .0018754{col 61}{space 1}   -1.73{col 70}{space 3}0.089{col 78}{space 4}-.0070043{col 91}{space 3} .0005096
{txt}{space 23}trade_balance {c |}{col 38}{res}{space 2} .0165219{col 50}{space 2} .0033302{col 61}{space 1}    4.96{col 70}{space 3}0.000{col 78}{space 4} .0098507{col 91}{space 3}  .023193
{txt}{space 27}cbi_irreg {c |}{col 38}{res}{space 2}-.0017829{col 50}{space 2} .0169599{col 61}{space 1}   -0.11{col 70}{space 3}0.917{col 78}{space 4}-.0357576{col 91}{space 3} .0321918
{txt}{space 24}presidential {c |}{col 38}{res}{space 2}  .033082{col 50}{space 2} .0661862{col 61}{space 1}    0.50{col 70}{space 3}0.619{col 78}{space 4}-.0995049{col 91}{space 3} .1656689
{txt}{space 27}log_gdppc {c |}{col 38}{res}{space 2} -.104631{col 50}{space 2} .0617092{col 61}{space 1}   -1.70{col 70}{space 3}0.096{col 78}{space 4}-.2282493{col 91}{space 3} .0189873
{txt}{space 26}gdp_growth {c |}{col 38}{res}{space 2} -.007769{col 50}{space 2} .0048135{col 61}{space 1}   -1.61{col 70}{space 3}0.112{col 78}{space 4}-.0174116{col 91}{space 3} .0018735
{txt}{space 29}log_pop {c |}{col 38}{res}{space 2} .4165161{col 50}{space 2} .2756113{col 61}{space 1}    1.51{col 70}{space 3}0.136{col 78}{space 4}-.1355997{col 91}{space 3} .9686319
{txt}{space 30}kaopen {c |}{col 38}{res}{space 2}-.0216616{col 50}{space 2} .0153189{col 61}{space 1}   -1.41{col 70}{space 3}0.163{col 78}{space 4} -.052349{col 91}{space 3} .0090258
{txt}{space 24}currency_peg {c |}{col 38}{res}{space 2} .0608511{col 50}{space 2} .0449111{col 61}{space 1}    1.35{col 70}{space 3}0.181{col 78}{space 4}-.0291167{col 91}{space 3}  .150819
{txt}{space 21}currency_binary {c |}{col 38}{res}{space 2}-.0946776{col 50}{space 2} .0332985{col 61}{space 1}   -2.84{col 70}{space 3}0.006{col 78}{space 4}-.1613825{col 91}{space 3}-.0279727
{txt}{space 26}time_trend {c |}{col 38}{res}{space 2}-.0001843{col 50}{space 2} .0071545{col 61}{space 1}   -0.03{col 70}{space 3}0.980{col 78}{space 4}-.0145165{col 91}{space 3}  .014148
{txt}{space 31}_cons {c |}{col 38}{res}{space 2}-5.901513{col 50}{space 2} 4.726064{col 61}{space 1}   -1.25{col 70}{space 3}0.217{col 78}{space 4}-15.36896{col 91}{space 3} 3.565931
{txt}{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                             sigma_u {c |} {res} .63479535
                             {txt}sigma_e {c |} {res} .29173034
                                 {txt}rho {c |} {res} .82562688{txt}   (fraction of variance due to u_i)
{hline 37}{c BT}{hline 64}

{com}. 
. est store tab9
{txt}
{com}. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo c.polity_frac_polit11##c.gdp_ch1_polit11      polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if currency_spell <=5 , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1140
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       57

{txt}R-sq:  within  = {res}0.6468                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5158                                        {txt}avg = {res}     20.0
{txt}       overall = {res}0.5133                                        {txt}max = {res}       32

                                                {txt}F({res}17{txt},{res}56{txt})           = {res}    52.96
{txt}corr(u_i, Xb)  = {res}-0.6873                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 105:(Std. Err. adjusted for {res:57} clusters in cowcode)}
{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}{col 53}    Robust
{col 1}                     log_fi_res_totl_mo{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      t{col 73}   P>|t|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}lag_log_fi_res_totl_mo {c |}{col 41}{res}{space 2} .7724685{col 53}{space 2} .0463159{col 64}{space 1}   16.68{col 73}{space 3}0.000{col 81}{space 4} .6796866{col 94}{space 3} .8652503
{txt}{space 20}polity_frac_polit11 {c |}{col 41}{res}{space 2}  .046735{col 53}{space 2} .0286424{col 64}{space 1}    1.63{col 73}{space 3}0.108{col 81}{space 4}-.0106426{col 94}{space 3} .1041126
{txt}{space 24}gdp_ch1_polit11 {c |}{col 41}{res}{space 2}-.0857917{col 53}{space 2} .0971376{col 64}{space 1}   -0.88{col 73}{space 3}0.381{col 81}{space 4}-.2803817{col 94}{space 3} .1087984
{txt}{space 39} {c |}
c.polity_frac_polit11#c.gdp_ch1_polit11 {c |}{col 41}{res}{space 2} .2824724{col 53}{space 2} .1315996{col 64}{space 1}    2.15{col 73}{space 3}0.036{col 81}{space 4} .0188466{col 94}{space 3} .5460981
{txt}{space 39} {c |}
{space 32}polity2 {c |}{col 41}{res}{space 2} .0049949{col 53}{space 2} .0031688{col 64}{space 1}    1.58{col 73}{space 3}0.121{col 81}{space 4} -.001353{col 94}{space 3} .0113428
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2} .0246437{col 53}{space 2} .0352853{col 64}{space 1}    0.70{col 73}{space 3}0.488{col 81}{space 4}-.0460412{col 94}{space 3} .0953286
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2}-.0031759{col 53}{space 2} .0018742{col 64}{space 1}   -1.69{col 73}{space 3}0.096{col 81}{space 4}-.0069304{col 94}{space 3} .0005787
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} .0166999{col 53}{space 2}  .003144{col 64}{space 1}    5.31{col 73}{space 3}0.000{col 81}{space 4} .0104017{col 94}{space 3} .0229981
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2}-.0037728{col 53}{space 2}  .017092{col 64}{space 1}   -0.22{col 73}{space 3}0.826{col 81}{space 4}-.0380122{col 94}{space 3} .0304666
{txt}{space 27}presidential {c |}{col 41}{res}{space 2}   .06502{col 53}{space 2} .0652396{col 64}{space 1}    1.00{col 73}{space 3}0.323{col 81}{space 4}-.0656707{col 94}{space 3} .1957107
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2}-.1048263{col 53}{space 2} .0609299{col 64}{space 1}   -1.72{col 73}{space 3}0.091{col 81}{space 4}-.2268836{col 94}{space 3} .0172309
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0077402{col 53}{space 2} .0047918{col 64}{space 1}   -1.62{col 73}{space 3}0.112{col 81}{space 4}-.0173393{col 94}{space 3} .0018588
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2} .4119785{col 53}{space 2} .2692423{col 64}{space 1}    1.53{col 73}{space 3}0.132{col 81}{space 4}-.1273786{col 94}{space 3} .9513355
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0235698{col 53}{space 2} .0153899{col 64}{space 1}   -1.53{col 73}{space 3}0.131{col 81}{space 4}-.0543995{col 94}{space 3} .0072599
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2}  .062981{col 53}{space 2} .0452275{col 64}{space 1}    1.39{col 73}{space 3}0.169{col 81}{space 4}-.0276205{col 94}{space 3} .1535826
{txt}{space 24}currency_binary {c |}{col 41}{res}{space 2}-.1023255{col 53}{space 2}  .032971{col 64}{space 1}   -3.10{col 73}{space 3}0.003{col 81}{space 4}-.1683744{col 94}{space 3}-.0362767
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2} .0003257{col 53}{space 2} .0069733{col 64}{space 1}    0.05{col 73}{space 3}0.963{col 81}{space 4}-.0136435{col 94}{space 3} .0142949
{txt}{space 34}_cons {c |}{col 41}{res}{space 2}-5.862255{col 53}{space 2}  4.62207{col 64}{space 1}   -1.27{col 73}{space 3}0.210{col 81}{space 4}-15.12137{col 94}{space 3} 3.396865
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                sigma_u {c |} {res} .62668338
                                {txt}sigma_e {c |} {res} .29100005
                                    {txt}rho {c |} {res} .82262525{txt}   (fraction of variance due to u_i)
{hline 40}{c BT}{hline 64}

{com}. 
. est store tab10
{txt}
{com}. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo sum_polit12_binary##c.gdp_ch1_polit12      polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if currency_spell <=5 , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1164
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       58

{txt}R-sq:  within  = {res}0.6600                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5754                                        {txt}avg = {res}     20.1
{txt}       overall = {res}0.5555                                        {txt}max = {res}       32

                                                {txt}F({res}17{txt},{res}57{txt})           = {res}    60.73
{txt}corr(u_i, Xb)  = {res}-0.6543                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 102:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 37}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 38}{c |}{col 50}    Robust
{col 1}                  log_fi_res_totl_mo{col 38}{c |}      Coef.{col 50}   Std. Err.{col 62}      t{col 70}   P>|t|{col 78}     [95% Con{col 91}f. Interval]
{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 14}lag_log_fi_res_totl_mo {c |}{col 38}{res}{space 2} .7859767{col 50}{space 2} .0448107{col 61}{space 1}   17.54{col 70}{space 3}0.000{col 78}{space 4} .6962449{col 91}{space 3} .8757085
{txt}{space 16}1.sum_polit12_binary {c |}{col 38}{res}{space 2} .0357162{col 50}{space 2} .0353223{col 61}{space 1}    1.01{col 70}{space 3}0.316{col 78}{space 4}-.0350154{col 91}{space 3} .1064479
{txt}{space 21}gdp_ch1_polit12 {c |}{col 38}{res}{space 2}-.0233025{col 50}{space 2} .1221804{col 61}{space 1}   -0.19{col 70}{space 3}0.849{col 78}{space 4}-.2679645{col 91}{space 3} .2213595
{txt}{space 36} {c |}
sum_polit12_binary#c.gdp_ch1_polit12 {c |}
{space 34}1  {c |}{col 38}{res}{space 2} .0363635{col 50}{space 2}  .138232{col 61}{space 1}    0.26{col 70}{space 3}0.793{col 78}{space 4}-.2404414{col 91}{space 3} .3131684
{txt}{space 36} {c |}
{space 29}polity2 {c |}{col 38}{res}{space 2} .0059956{col 50}{space 2} .0031326{col 61}{space 1}    1.91{col 70}{space 3}0.061{col 78}{space 4}-.0002773{col 91}{space 3} .0122685
{txt}{space 23}sum_imftotal5 {c |}{col 38}{res}{space 2} .0068753{col 50}{space 2} .0404653{col 61}{space 1}    0.17{col 70}{space 3}0.866{col 78}{space 4}-.0741551{col 91}{space 3} .0879057
{txt}{space 22}ne_imp_gnfs_zs {c |}{col 38}{res}{space 2}  -.00253{col 50}{space 2} .0016511{col 61}{space 1}   -1.53{col 70}{space 3}0.131{col 78}{space 4}-.0058362{col 91}{space 3} .0007762
{txt}{space 23}trade_balance {c |}{col 38}{res}{space 2} .0168552{col 50}{space 2} .0033089{col 61}{space 1}    5.09{col 70}{space 3}0.000{col 78}{space 4} .0102292{col 91}{space 3} .0234812
{txt}{space 27}cbi_irreg {c |}{col 38}{res}{space 2} .0104562{col 50}{space 2} .0178071{col 61}{space 1}    0.59{col 70}{space 3}0.559{col 78}{space 4} -.025202{col 91}{space 3} .0461144
{txt}{space 24}presidential {c |}{col 38}{res}{space 2} .0745517{col 50}{space 2} .0815826{col 61}{space 1}    0.91{col 70}{space 3}0.365{col 78}{space 4}-.0888147{col 91}{space 3}  .237918
{txt}{space 27}log_gdppc {c |}{col 38}{res}{space 2}-.0859828{col 50}{space 2}  .061581{col 61}{space 1}   -1.40{col 70}{space 3}0.168{col 78}{space 4}-.2092966{col 91}{space 3}  .037331
{txt}{space 26}gdp_growth {c |}{col 38}{res}{space 2}-.0095371{col 50}{space 2} .0047419{col 61}{space 1}   -2.01{col 70}{space 3}0.049{col 78}{space 4}-.0190327{col 91}{space 3}-.0000416
{txt}{space 29}log_pop {c |}{col 38}{res}{space 2} .3777216{col 50}{space 2} .2630298{col 61}{space 1}    1.44{col 70}{space 3}0.156{col 78}{space 4}-.1489864{col 91}{space 3} .9044297
{txt}{space 30}kaopen {c |}{col 38}{res}{space 2}-.0237218{col 50}{space 2} .0148536{col 61}{space 1}   -1.60{col 70}{space 3}0.116{col 78}{space 4}-.0534655{col 91}{space 3}  .006022
{txt}{space 24}currency_peg {c |}{col 38}{res}{space 2} .0384041{col 50}{space 2} .0450053{col 61}{space 1}    0.85{col 70}{space 3}0.397{col 78}{space 4}-.0517174{col 91}{space 3} .1285256
{txt}{space 21}currency_binary {c |}{col 38}{res}{space 2}  -.09899{col 50}{space 2} .0321932{col 61}{space 1}   -3.07{col 70}{space 3}0.003{col 78}{space 4}-.1634557{col 91}{space 3}-.0345242
{txt}{space 26}time_trend {c |}{col 38}{res}{space 2} -.000263{col 50}{space 2} .0068977{col 61}{space 1}   -0.04{col 70}{space 3}0.970{col 78}{space 4}-.0140754{col 91}{space 3} .0135494
{txt}{space 31}_cons {c |}{col 38}{res}{space 2}-5.434897{col 50}{space 2} 4.538621{col 61}{space 1}   -1.20{col 70}{space 3}0.236{col 78}{space 4}-14.52333{col 91}{space 3} 3.653535
{txt}{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                             sigma_u {c |} {res} .56709988
                             {txt}sigma_e {c |} {res}  .2917783
                                 {txt}rho {c |} {res} .79068881{txt}   (fraction of variance due to u_i)
{hline 37}{c BT}{hline 64}

{com}. 
. 
. est store tab11
{txt}
{com}. 
. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo c.polity_frac_polit12##c.gdp_ch1_polit12      polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if currency_spell <=5 , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1164
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       58

{txt}R-sq:  within  = {res}0.6619                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5624                                        {txt}avg = {res}     20.1
{txt}       overall = {res}0.5452                                        {txt}max = {res}       32

                                                {txt}F({res}17{txt},{res}57{txt})           = {res}    68.81
{txt}corr(u_i, Xb)  = {res}-0.6641                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 105:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}{col 53}    Robust
{col 1}                     log_fi_res_totl_mo{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      t{col 73}   P>|t|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}lag_log_fi_res_totl_mo {c |}{col 41}{res}{space 2} .7800616{col 53}{space 2} .0448972{col 64}{space 1}   17.37{col 73}{space 3}0.000{col 81}{space 4} .6901566{col 94}{space 3} .8699667
{txt}{space 20}polity_frac_polit12 {c |}{col 41}{res}{space 2} .0650466{col 53}{space 2} .0352975{col 64}{space 1}    1.84{col 73}{space 3}0.071{col 81}{space 4}-.0056354{col 94}{space 3} .1357286
{txt}{space 24}gdp_ch1_polit12 {c |}{col 41}{res}{space 2}-.0704692{col 53}{space 2} .1011094{col 64}{space 1}   -0.70{col 73}{space 3}0.489{col 81}{space 4}-.2729374{col 94}{space 3}  .131999
{txt}{space 39} {c |}
c.polity_frac_polit12#c.gdp_ch1_polit12 {c |}{col 41}{res}{space 2} .2612274{col 53}{space 2} .1645728{col 64}{space 1}    1.59{col 73}{space 3}0.118{col 81}{space 4}-.0683239{col 94}{space 3} .5907788
{txt}{space 39} {c |}
{space 32}polity2 {c |}{col 41}{res}{space 2} .0058136{col 53}{space 2} .0031266{col 64}{space 1}    1.86{col 73}{space 3}0.068{col 81}{space 4}-.0004473{col 94}{space 3} .0120745
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2} .0064585{col 53}{space 2} .0394998{col 64}{space 1}    0.16{col 73}{space 3}0.871{col 81}{space 4}-.0726384{col 94}{space 3} .0855555
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2}-.0023576{col 53}{space 2}  .001729{col 64}{space 1}   -1.36{col 73}{space 3}0.178{col 81}{space 4}-.0058199{col 94}{space 3} .0011047
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} .0171409{col 53}{space 2} .0032528{col 64}{space 1}    5.27{col 73}{space 3}0.000{col 81}{space 4} .0106273{col 94}{space 3} .0236545
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2}  .007788{col 53}{space 2} .0179009{col 64}{space 1}    0.44{col 73}{space 3}0.665{col 81}{space 4}-.0280578{col 94}{space 3} .0436339
{txt}{space 27}presidential {c |}{col 41}{res}{space 2} .1099727{col 53}{space 2} .0808838{col 64}{space 1}    1.36{col 73}{space 3}0.179{col 81}{space 4}-.0519942{col 94}{space 3} .2719396
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2}-.0851151{col 53}{space 2} .0619839{col 64}{space 1}   -1.37{col 73}{space 3}0.175{col 81}{space 4}-.2092356{col 94}{space 3} .0390055
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0093996{col 53}{space 2} .0045853{col 64}{space 1}   -2.05{col 73}{space 3}0.045{col 81}{space 4}-.0185814{col 94}{space 3}-.0002177
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2} .3931088{col 53}{space 2} .2631193{col 64}{space 1}    1.49{col 73}{space 3}0.141{col 81}{space 4}-.1337785{col 94}{space 3} .9199961
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0252087{col 53}{space 2}  .015104{col 64}{space 1}   -1.67{col 73}{space 3}0.101{col 81}{space 4} -.055454{col 94}{space 3} .0050365
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2} .0445274{col 53}{space 2} .0446316{col 64}{space 1}    1.00{col 73}{space 3}0.323{col 81}{space 4}-.0448457{col 94}{space 3} .1339006
{txt}{space 24}currency_binary {c |}{col 41}{res}{space 2}-.1041767{col 53}{space 2} .0318223{col 64}{space 1}   -3.27{col 73}{space 3}0.002{col 81}{space 4}-.1678998{col 94}{space 3}-.0404537
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2}-.0002683{col 53}{space 2} .0068761{col 64}{space 1}   -0.04{col 73}{space 3}0.969{col 81}{space 4}-.0140375{col 94}{space 3} .0135009
{txt}{space 34}_cons {c |}{col 41}{res}{space 2}-5.724141{col 53}{space 2} 4.544052{col 64}{space 1}   -1.26{col 73}{space 3}0.213{col 81}{space 4}-14.82345{col 94}{space 3} 3.375166
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                sigma_u {c |} {res} .58438908
                                {txt}sigma_e {c |} {res} .29097939
                                    {txt}rho {c |} {res} .80133022{txt}   (fraction of variance due to u_i)
{hline 40}{c BT}{hline 64}

{com}. 
. est store tab12
{txt}
{com}. 
. 
. * Table 54:
. *esttab tab9 tab10 tab11 tab12 using spell_sub3.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H4: reserve sales
. 
. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo c.sum_polit11_binary##c.res_ch2_polit11##c.log_pre_l1_reserves    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode if currency_spell <=5 & res_ch2_polit11 <= 2.168937 , vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1091
                                                       {help j_robustsingular:F( 20,    57) =}       .
                                                       {txt}Prob > F      = {res}      .
                                                       {txt}R-squared     = {res} 0.8682
                                                       {txt}Root MSE      = {res} .27896

{txt}{ralign 126:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 61}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 62}{c |}{col 74}    Robust
{col 1}                                          log_fi_res_totl_mo{col 62}{c |}      Coef.{col 74}   Std. Err.{col 86}      t{col 94}   P>|t|{col 102}     [95% Con{col 115}f. Interval]
{hline 61}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 42}log_fi_res_totl_mo {c |}
{space 57}L1. {c |}{col 62}{res}{space 2} .7871473{col 74}{space 2} .0365742{col 85}{space 1}   21.52{col 94}{space 3}0.000{col 102}{space 4} .7139087{col 115}{space 3} .8603858
{txt}{space 60} {c |}
{space 42}sum_polit11_binary {c |}{col 62}{res}{space 2} .0287131{col 74}{space 2} .0839292{col 85}{space 1}    0.34{col 94}{space 3}0.734{col 102}{space 4}-.1393521{col 115}{space 3} .1967784
{txt}{space 45}res_ch2_polit11 {c |}{col 62}{res}{space 2} .3372055{col 74}{space 2} .1315448{col 85}{space 1}    2.56{col 94}{space 3}0.013{col 102}{space 4} .0737916{col 115}{space 3} .6006193
{txt}{space 60} {c |}
{space 22}c.sum_polit11_binary#c.res_ch2_polit11 {c |}{col 62}{res}{space 2}-.2355013{col 74}{space 2} .1433273{col 85}{space 1}   -1.64{col 94}{space 3}0.106{col 102}{space 4}-.5225093{col 115}{space 3} .0515068
{txt}{space 60} {c |}
{space 41}log_pre_l1_reserves {c |}{col 62}{res}{space 2} -.061477{col 74}{space 2}  .043957{col 85}{space 1}   -1.40{col 94}{space 3}0.167{col 102}{space 4}-.1494995{col 115}{space 3} .0265454
{txt}{space 60} {c |}
{space 18}c.sum_polit11_binary#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .0611277{col 74}{space 2} .0625626{col 85}{space 1}    0.98{col 94}{space 3}0.333{col 102}{space 4}-.0641518{col 115}{space 3} .1864072
{txt}{space 60} {c |}
{space 21}c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2}-.2545361{col 74}{space 2} .1257682{col 85}{space 1}   -2.02{col 94}{space 3}0.048{col 102}{space 4}-.5063825{col 115}{space 3}-.0026896
{txt}{space 60} {c |}
c.sum_polit11_binary#c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .1963812{col 74}{space 2} .1349232{col 85}{space 1}    1.46{col 94}{space 3}0.151{col 102}{space 4}-.0737978{col 115}{space 3} .4665601
{txt}{space 60} {c |}
{space 53}polity2 {c |}{col 62}{res}{space 2} .0052079{col 74}{space 2}   .00407{col 85}{space 1}    1.28{col 94}{space 3}0.206{col 102}{space 4}-.0029423{col 115}{space 3}  .013358
{txt}{space 47}sum_imftotal5 {c |}{col 62}{res}{space 2} -.023715{col 74}{space 2}  .033913{col 85}{space 1}   -0.70{col 94}{space 3}0.487{col 102}{space 4}-.0916247{col 115}{space 3} .0441947
{txt}{space 46}ne_imp_gnfs_zs {c |}{col 62}{res}{space 2}-.0025591{col 74}{space 2} .0020766{col 85}{space 1}   -1.23{col 94}{space 3}0.223{col 102}{space 4}-.0067175{col 115}{space 3} .0015993
{txt}{space 47}trade_balance {c |}{col 62}{res}{space 2}  .019099{col 74}{space 2} .0037593{col 85}{space 1}    5.08{col 94}{space 3}0.000{col 102}{space 4}  .011571{col 115}{space 3} .0266269
{txt}{space 51}cbi_irreg {c |}{col 62}{res}{space 2}  .015105{col 74}{space 2} .0186686{col 85}{space 1}    0.81{col 94}{space 3}0.422{col 102}{space 4}-.0222782{col 115}{space 3} .0524882
{txt}{space 48}presidential {c |}{col 62}{res}{space 2} .0828054{col 74}{space 2} .0794038{col 85}{space 1}    1.04{col 94}{space 3}0.301{col 102}{space 4} -.076198{col 115}{space 3} .2418088
{txt}{space 51}log_gdppc {c |}{col 62}{res}{space 2}-.1217018{col 74}{space 2} .0638475{col 85}{space 1}   -1.91{col 94}{space 3}0.062{col 102}{space 4}-.2495541{col 115}{space 3} .0061506
{txt}{space 50}gdp_growth {c |}{col 62}{res}{space 2}-.0087104{col 74}{space 2} .0040257{col 85}{space 1}   -2.16{col 94}{space 3}0.035{col 102}{space 4}-.0167717{col 115}{space 3} -.000649
{txt}{space 53}log_pop {c |}{col 62}{res}{space 2} .0908556{col 74}{space 2} .3129833{col 85}{space 1}    0.29{col 94}{space 3}0.773{col 102}{space 4}-.5358827{col 115}{space 3} .7175938
{txt}{space 54}kaopen {c |}{col 62}{res}{space 2}-.0184148{col 74}{space 2} .0185692{col 85}{space 1}   -0.99{col 94}{space 3}0.326{col 102}{space 4}-.0555991{col 115}{space 3} .0187694
{txt}{space 48}currency_peg {c |}{col 62}{res}{space 2} .0074244{col 74}{space 2} .0529111{col 85}{space 1}    0.14{col 94}{space 3}0.889{col 102}{space 4}-.0985282{col 115}{space 3}  .113377
{txt}{space 45}currency_binary {c |}{col 62}{res}{space 2}-.1047649{col 74}{space 2} .0355744{col 85}{space 1}   -2.94{col 94}{space 3}0.005{col 102}{space 4}-.1760014{col 115}{space 3}-.0335284
{txt}{space 50}time_trend {c |}{col 62}{res}{space 2} .0077198{col 74}{space 2} .0082734{col 85}{space 1}    0.93{col 94}{space 3}0.355{col 102}{space 4}-.0088475{col 115}{space 3}  .024287
{txt}{space 60} {c |}
{space 53}cowcode {c |}
{space 57}42  {c |}{col 62}{res}{space 2} .2533705{col 74}{space 2} 1.225839{col 85}{space 1}    0.21{col 94}{space 3}0.837{col 102}{space 4}-2.201329{col 115}{space 3}  2.70807
{txt}{space 57}70  {c |}{col 62}{res}{space 2} .1398586{col 74}{space 2} .4293622{col 85}{space 1}    0.33{col 94}{space 3}0.746{col 102}{space 4}-.7199243{col 115}{space 3} .9996415
{txt}{space 57}90  {c |}{col 62}{res}{space 2} .3836826{col 74}{space 2} 1.183672{col 85}{space 1}    0.32{col 94}{space 3}0.747{col 102}{space 4} -1.98658{col 115}{space 3} 2.753945
{txt}{space 57}91  {c |}{col 62}{res}{space 2} .4999937{col 74}{space 2} 1.363977{col 85}{space 1}    0.37{col 94}{space 3}0.715{col 102}{space 4}-2.231324{col 115}{space 3} 3.231311
{txt}{space 57}92  {c |}{col 62}{res}{space 2} .5668257{col 74}{space 2} 1.380947{col 85}{space 1}    0.41{col 94}{space 3}0.683{col 102}{space 4}-2.198474{col 115}{space 3} 3.332125
{txt}{space 57}93  {c |}{col 62}{res}{space 2} .2984838{col 74}{space 2}  1.43903{col 85}{space 1}    0.21{col 94}{space 3}0.836{col 102}{space 4}-2.583123{col 115}{space 3} 3.180091
{txt}{space 57}94  {c |}{col 62}{res}{space 2} .5048723{col 74}{space 2} 1.464201{col 85}{space 1}    0.34{col 94}{space 3}0.732{col 102}{space 4}-2.427139{col 115}{space 3} 3.436884
{txt}{space 56}100  {c |}{col 62}{res}{space 2} .3189431{col 74}{space 2} .7938779{col 85}{space 1}    0.40{col 94}{space 3}0.689{col 102}{space 4} -1.27077{col 115}{space 3} 1.908656
{txt}{space 56}101  {c |}{col 62}{res}{space 2} .3676147{col 74}{space 2} .8900739{col 85}{space 1}    0.41{col 94}{space 3}0.681{col 102}{space 4}-1.414727{col 115}{space 3} 2.149957
{txt}{space 56}130  {c |}{col 62}{res}{space 2} .2845011{col 74}{space 2} 1.119907{col 85}{space 1}    0.25{col 94}{space 3}0.800{col 102}{space 4}-1.958074{col 115}{space 3} 2.527076
{txt}{space 56}135  {c |}{col 62}{res}{space 2} .4152898{col 74}{space 2} .9092045{col 85}{space 1}    0.46{col 94}{space 3}0.650{col 102}{space 4}-1.405361{col 115}{space 3}  2.23594
{txt}{space 56}140  {c |}{col 62}{res}{space 2} .1623884{col 74}{space 2} .3061004{col 85}{space 1}    0.53{col 94}{space 3}0.598{col 102}{space 4} -.450567{col 115}{space 3} .7753439
{txt}{space 56}145  {c |}{col 62}{res}{space 2} .4110529{col 74}{space 2} 1.291972{col 85}{space 1}    0.32{col 94}{space 3}0.752{col 102}{space 4}-2.176076{col 115}{space 3} 2.998182
{txt}{space 56}150  {c |}{col 62}{res}{space 2} .4515894{col 74}{space 2}  1.41554{col 85}{space 1}    0.32{col 94}{space 3}0.751{col 102}{space 4}-2.382981{col 115}{space 3}  3.28616
{txt}{space 56}155  {c |}{col 62}{res}{space 2} .3651981{col 74}{space 2} 1.012864{col 85}{space 1}    0.36{col 94}{space 3}0.720{col 102}{space 4}-1.663027{col 115}{space 3} 2.393423
{txt}{space 56}160  {c |}{col 62}{res}{space 2} .2171951{col 74}{space 2} .7834264{col 85}{space 1}    0.28{col 94}{space 3}0.783{col 102}{space 4}-1.351589{col 115}{space 3} 1.785979
{txt}{space 56}165  {c |}{col 62}{res}{space 2} .5372446{col 74}{space 2} 1.516644{col 85}{space 1}    0.35{col 94}{space 3}0.724{col 102}{space 4}-2.499782{col 115}{space 3} 3.574272
{txt}{space 56}200  {c |}{col 62}{res}{space 2} .2278912{col 74}{space 2} .4708449{col 85}{space 1}    0.48{col 94}{space 3}0.630{col 102}{space 4}-.7149595{col 115}{space 3} 1.170742
{txt}{space 56}205  {c |}{col 62}{res}{space 2} .0776111{col 74}{space 2}  1.34307{col 85}{space 1}    0.06{col 94}{space 3}0.954{col 102}{space 4}-2.611839{col 115}{space 3} 2.767062
{txt}{space 56}211  {c |}{col 62}{res}{space 2} .2950637{col 74}{space 2} 1.044529{col 85}{space 1}    0.28{col 94}{space 3}0.779{col 102}{space 4} -1.79657{col 115}{space 3} 2.386697
{txt}{space 56}225  {c |}{col 62}{res}{space 2} .6854748{col 74}{space 2} 1.149757{col 85}{space 1}    0.60{col 94}{space 3}0.553{col 102}{space 4}-1.616875{col 115}{space 3} 2.987824
{txt}{space 56}230  {c |}{col 62}{res}{space 2} .3326978{col 74}{space 2}  .650719{col 85}{space 1}    0.51{col 94}{space 3}0.611{col 102}{space 4}-.9703445{col 115}{space 3}  1.63574
{txt}{space 56}235  {c |}{col 62}{res}{space 2} .4626402{col 74}{space 2} 1.121422{col 85}{space 1}    0.41{col 94}{space 3}0.681{col 102}{space 4}-1.782969{col 115}{space 3}  2.70825
{txt}{space 56}290  {c |}{col 62}{res}{space 2} .4011888{col 74}{space 2}  .735441{col 85}{space 1}    0.55{col 94}{space 3}0.588{col 102}{space 4}-1.071506{col 115}{space 3} 1.873884
{txt}{space 56}305  {c |}{col 62}{res}{space 2} .3618988{col 74}{space 2}  1.12327{col 85}{space 1}    0.32{col 94}{space 3}0.748{col 102}{space 4}-1.887411{col 115}{space 3} 2.611209
{txt}{space 56}310  {c |}{col 62}{res}{space 2} .5155003{col 74}{space 2} 1.135082{col 85}{space 1}    0.45{col 94}{space 3}0.651{col 102}{space 4}-1.757462{col 115}{space 3} 2.788463
{txt}{space 56}325  {c |}{col 62}{res}{space 2} .3042805{col 74}{space 2} .5160429{col 85}{space 1}    0.59{col 94}{space 3}0.558{col 102}{space 4}-.7290777{col 115}{space 3} 1.337639
{txt}{space 56}350  {c |}{col 62}{res}{space 2} .7131131{col 74}{space 2} 1.070147{col 85}{space 1}    0.67{col 94}{space 3}0.508{col 102}{space 4}-1.429819{col 115}{space 3} 2.856045
{txt}{space 56}360  {c |}{col 62}{res}{space 2}  .535471{col 74}{space 2} .9267591{col 85}{space 1}    0.58{col 94}{space 3}0.566{col 102}{space 4}-1.320332{col 115}{space 3} 2.391274
{txt}{space 56}365  {c |}{col 62}{res}{space 2}  .151215{col 74}{space 2} .3977174{col 85}{space 1}    0.38{col 94}{space 3}0.705{col 102}{space 4}-.6452004{col 115}{space 3} .9476304
{txt}{space 56}375  {c |}{col 62}{res}{space 2} .3947455{col 74}{space 2} 1.269735{col 85}{space 1}    0.31{col 94}{space 3}0.757{col 102}{space 4}-2.147855{col 115}{space 3} 2.937346
{txt}{space 56}380  {c |}{col 62}{res}{space 2} .5194929{col 74}{space 2} 1.058168{col 85}{space 1}    0.49{col 94}{space 3}0.625{col 102}{space 4}-1.599451{col 115}{space 3} 2.638437
{txt}{space 56}385  {c |}{col 62}{res}{space 2} .6523192{col 74}{space 2} 1.280953{col 85}{space 1}    0.51{col 94}{space 3}0.613{col 102}{space 4}-1.912745{col 115}{space 3} 3.217384
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{txt}{space 56}560  {c |}{col 62}{res}{space 2} .1189363{col 74}{space 2} .6822747{col 85}{space 1}    0.17{col 94}{space 3}0.862{col 102}{space 4}-1.247295{col 115}{space 3} 1.485168
{txt}{space 56}590  {c |}{col 62}{res}{space 2} .8176741{col 74}{space 2} 1.829878{col 85}{space 1}    0.45{col 94}{space 3}0.657{col 102}{space 4}-2.846594{col 115}{space 3} 4.481942
{txt}{space 56}600  {c |}{col 62}{res}{space 2} .1944156{col 74}{space 2} .9108754{col 85}{space 1}    0.21{col 94}{space 3}0.832{col 102}{space 4}-1.629581{col 115}{space 3} 2.018412
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{txt}{space 56}616  {c |}{col 62}{res}{space 2} .3113192{col 74}{space 2} 1.223412{col 85}{space 1}    0.25{col 94}{space 3}0.800{col 102}{space 4}-2.138521{col 115}{space 3}  2.76116
{txt}{space 56}640  {c |}{col 62}{res}{space 2} .3073525{col 74}{space 2} .5879306{col 85}{space 1}    0.52{col 94}{space 3}0.603{col 102}{space 4}-.8699581{col 115}{space 3} 1.484663
{txt}{space 56}651  {c |}{col 62}{res}{space 2} .5341348{col 74}{space 2}  .638866{col 85}{space 1}    0.84{col 94}{space 3}0.407{col 102}{space 4}-.7451723{col 115}{space 3} 1.813442
{txt}{space 56}710  {c |}{col 62}{res}{space 2} .0574552{col 74}{space 2}  .420388{col 85}{space 1}    0.14{col 94}{space 3}0.892{col 102}{space 4}-.7843572{col 115}{space 3} .8992676
{txt}{space 56}732  {c |}{col 62}{res}{space 2} .3019116{col 74}{space 2} .6375647{col 85}{space 1}    0.47{col 94}{space 3}0.638{col 102}{space 4}-.9747898{col 115}{space 3} 1.578613
{txt}{space 56}740  {c |}{col 62}{res}{space 2} .4435574{col 74}{space 2} .2452812{col 85}{space 1}    1.81{col 94}{space 3}0.076{col 102}{space 4}-.0476097{col 115}{space 3} .9347244
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{txt}{space 56}780  {c |}{col 62}{res}{space 2} .2289004{col 74}{space 2} 1.049533{col 85}{space 1}    0.22{col 94}{space 3}0.828{col 102}{space 4}-1.872752{col 115}{space 3} 2.330553
{txt}{space 56}800  {c |}{col 62}{res}{space 2} .3756549{col 74}{space 2}  .610658{col 85}{space 1}    0.62{col 94}{space 3}0.541{col 102}{space 4}-.8471667{col 115}{space 3} 1.598476
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{txt}{space 56}850  {c |}{col 62}{res}{space 2} .0099754{col 74}{space 2} .3261488{col 85}{space 1}    0.03{col 94}{space 3}0.976{col 102}{space 4}-.6431263{col 115}{space 3}  .663077
{txt}{space 56}900  {c |}{col 62}{res}{space 2}    .5165{col 74}{space 2} .8476167{col 85}{space 1}    0.61{col 94}{space 3}0.545{col 102}{space 4}-1.180823{col 115}{space 3} 2.213823
{txt}{space 56}920  {c |}{col 62}{res}{space 2} .4943345{col 74}{space 2} 1.362466{col 85}{space 1}    0.36{col 94}{space 3}0.718{col 102}{space 4}-2.233956{col 115}{space 3} 3.222625
{txt}{space 60} {c |}
{space 55}_cons {c |}{col 62}{res}{space 2}-.8646923{col 74}{space 2} 6.166826{col 85}{space 1}   -0.14{col 94}{space 3}0.889{col 102}{space 4}-13.21355{col 115}{space 3} 11.48416
{txt}{hline 61}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab13
{txt}
{com}. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo c.sum_polit12_binary##c.res_ch2_polit12##c.log_pre_l1_reserves    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode if currency_spell <=5 & res_ch2_polit11 <= 2.168937, vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1091
                                                       {help j_robustsingular:F( 20,    57) =}       .
                                                       {txt}Prob > F      = {res}      .
                                                       {txt}R-squared     = {res} 0.8674
                                                       {txt}Root MSE      = {res} .27974

{txt}{ralign 126:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 61}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 62}{c |}{col 74}    Robust
{col 1}                                          log_fi_res_totl_mo{col 62}{c |}      Coef.{col 74}   Std. Err.{col 86}      t{col 94}   P>|t|{col 102}     [95% Con{col 115}f. Interval]
{hline 61}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 42}log_fi_res_totl_mo {c |}
{space 57}L1. {c |}{col 62}{res}{space 2} .7925726{col 74}{space 2} .0385232{col 85}{space 1}   20.57{col 94}{space 3}0.000{col 102}{space 4} .7154313{col 115}{space 3} .8697139
{txt}{space 60} {c |}
{space 42}sum_polit12_binary {c |}{col 62}{res}{space 2}-.0399695{col 74}{space 2} .0659928{col 85}{space 1}   -0.61{col 94}{space 3}0.547{col 102}{space 4}-.1721177{col 115}{space 3} .0921788
{txt}{space 45}res_ch2_polit12 {c |}{col 62}{res}{space 2} .2327752{col 74}{space 2} .1054665{col 85}{space 1}    2.21{col 94}{space 3}0.031{col 102}{space 4} .0215821{col 115}{space 3} .4439683
{txt}{space 60} {c |}
{space 22}c.sum_polit12_binary#c.res_ch2_polit12 {c |}{col 62}{res}{space 2}-.1172603{col 74}{space 2} .1194254{col 85}{space 1}   -0.98{col 94}{space 3}0.330{col 102}{space 4}-.3564056{col 115}{space 3} .1218849
{txt}{space 60} {c |}
{space 41}log_pre_l1_reserves {c |}{col 62}{res}{space 2}-.0467477{col 74}{space 2} .0318672{col 85}{space 1}   -1.47{col 94}{space 3}0.148{col 102}{space 4}-.1105608{col 115}{space 3} .0170653
{txt}{space 60} {c |}
{space 18}c.sum_polit12_binary#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .0915037{col 74}{space 2} .0463752{col 85}{space 1}    1.97{col 94}{space 3}0.053{col 102}{space 4}-.0013611{col 115}{space 3} .1843685
{txt}{space 60} {c |}
{space 21}c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2}-.1162265{col 74}{space 2} .0691059{col 85}{space 1}   -1.68{col 94}{space 3}0.098{col 102}{space 4}-.2546086{col 115}{space 3} .0221556
{txt}{space 60} {c |}
c.sum_polit12_binary#c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .0357629{col 74}{space 2} .0838087{col 85}{space 1}    0.43{col 94}{space 3}0.671{col 102}{space 4} -.132061{col 115}{space 3} .2035869
{txt}{space 60} {c |}
{space 53}polity2 {c |}{col 62}{res}{space 2} .0062695{col 74}{space 2} .0040203{col 85}{space 1}    1.56{col 94}{space 3}0.124{col 102}{space 4}-.0017811{col 115}{space 3} .0143201
{txt}{space 47}sum_imftotal5 {c |}{col 62}{res}{space 2}-.0138524{col 74}{space 2} .0323605{col 85}{space 1}   -0.43{col 94}{space 3}0.670{col 102}{space 4}-.0786532{col 115}{space 3} .0509484
{txt}{space 46}ne_imp_gnfs_zs {c |}{col 62}{res}{space 2} -.002411{col 74}{space 2} .0018701{col 85}{space 1}   -1.29{col 94}{space 3}0.203{col 102}{space 4}-.0061558{col 115}{space 3} .0013338
{txt}{space 47}trade_balance {c |}{col 62}{res}{space 2} .0197246{col 74}{space 2} .0034533{col 85}{space 1}    5.71{col 94}{space 3}0.000{col 102}{space 4} .0128095{col 115}{space 3} .0266398
{txt}{space 51}cbi_irreg {c |}{col 62}{res}{space 2} .0154576{col 74}{space 2} .0195922{col 85}{space 1}    0.79{col 94}{space 3}0.433{col 102}{space 4}-.0237751{col 115}{space 3} .0546903
{txt}{space 48}presidential {c |}{col 62}{res}{space 2}  .091105{col 74}{space 2} .0834441{col 85}{space 1}    1.09{col 94}{space 3}0.280{col 102}{space 4}-.0759889{col 115}{space 3}  .258199
{txt}{space 51}log_gdppc {c |}{col 62}{res}{space 2}-.1217749{col 74}{space 2}  .068464{col 85}{space 1}   -1.78{col 94}{space 3}0.081{col 102}{space 4}-.2588718{col 115}{space 3} .0153219
{txt}{space 50}gdp_growth {c |}{col 62}{res}{space 2}-.0094845{col 74}{space 2} .0039902{col 85}{space 1}   -2.38{col 94}{space 3}0.021{col 102}{space 4}-.0174747{col 115}{space 3}-.0014943
{txt}{space 53}log_pop {c |}{col 62}{res}{space 2} .0881297{col 74}{space 2}  .310436{col 85}{space 1}    0.28{col 94}{space 3}0.778{col 102}{space 4}-.5335076{col 115}{space 3} .7097671
{txt}{space 54}kaopen {c |}{col 62}{res}{space 2}-.0201886{col 74}{space 2} .0182407{col 85}{space 1}   -1.11{col 94}{space 3}0.273{col 102}{space 4}-.0567149{col 115}{space 3} .0163378
{txt}{space 48}currency_peg {c |}{col 62}{res}{space 2} .0073919{col 74}{space 2} .0537187{col 85}{space 1}    0.14{col 94}{space 3}0.891{col 102}{space 4}-.1001779{col 115}{space 3} .1149618
{txt}{space 45}currency_binary {c |}{col 62}{res}{space 2}-.1114593{col 74}{space 2} .0353881{col 85}{space 1}   -3.15{col 94}{space 3}0.003{col 102}{space 4}-.1823228{col 115}{space 3}-.0405957
{txt}{space 50}time_trend {c |}{col 62}{res}{space 2} .0067154{col 74}{space 2} .0082553{col 85}{space 1}    0.81{col 94}{space 3}0.419{col 102}{space 4}-.0098155{col 115}{space 3} .0232463
{txt}{space 60} {c |}
{space 53}cowcode {c |}
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{txt}{space 57}70  {c |}{col 62}{res}{space 2} .0807232{col 74}{space 2} .4367326{col 85}{space 1}    0.18{col 94}{space 3}0.854{col 102}{space 4}-.7938187{col 115}{space 3} .9552652
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{txt}{space 57}91  {c |}{col 62}{res}{space 2} .4390361{col 74}{space 2}  1.37173{col 85}{space 1}    0.32{col 94}{space 3}0.750{col 102}{space 4}-2.307807{col 115}{space 3} 3.185879
{txt}{space 57}92  {c |}{col 62}{res}{space 2} .5976511{col 74}{space 2} 1.370395{col 85}{space 1}    0.44{col 94}{space 3}0.664{col 102}{space 4}-2.146518{col 115}{space 3} 3.341821
{txt}{space 57}93  {c |}{col 62}{res}{space 2} .2597632{col 74}{space 2} 1.466859{col 85}{space 1}    0.18{col 94}{space 3}0.860{col 102}{space 4}-2.677571{col 115}{space 3} 3.197098
{txt}{space 57}94  {c |}{col 62}{res}{space 2} .3995198{col 74}{space 2}  1.46721{col 85}{space 1}    0.27{col 94}{space 3}0.786{col 102}{space 4}-2.538518{col 115}{space 3} 3.337558
{txt}{space 56}100  {c |}{col 62}{res}{space 2} .3267515{col 74}{space 2} .8088596{col 85}{space 1}    0.40{col 94}{space 3}0.688{col 102}{space 4}-1.292962{col 115}{space 3} 1.946465
{txt}{space 56}101  {c |}{col 62}{res}{space 2} .2891047{col 74}{space 2} .9012089{col 85}{space 1}    0.32{col 94}{space 3}0.750{col 102}{space 4}-1.515535{col 115}{space 3} 2.093744
{txt}{space 56}130  {c |}{col 62}{res}{space 2} .2010905{col 74}{space 2} 1.128968{col 85}{space 1}    0.18{col 94}{space 3}0.859{col 102}{space 4}-2.059629{col 115}{space 3}  2.46181
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{txt}{space 56}140  {c |}{col 62}{res}{space 2} .0908323{col 74}{space 2} .3224955{col 85}{space 1}    0.28{col 94}{space 3}0.779{col 102}{space 4}-.5549538{col 115}{space 3} .7366183
{txt}{space 56}145  {c |}{col 62}{res}{space 2} .3400184{col 74}{space 2} 1.297194{col 85}{space 1}    0.26{col 94}{space 3}0.794{col 102}{space 4}-2.257568{col 115}{space 3} 2.937605
{txt}{space 56}150  {c |}{col 62}{res}{space 2}  .417597{col 74}{space 2} 1.414423{col 85}{space 1}    0.30{col 94}{space 3}0.769{col 102}{space 4}-2.414735{col 115}{space 3} 3.249929
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{txt}{space 56}780  {c |}{col 62}{res}{space 2} .1661122{col 74}{space 2}  1.03847{col 85}{space 1}    0.16{col 94}{space 3}0.873{col 102}{space 4}-1.913387{col 115}{space 3} 2.245612
{txt}{space 56}800  {c |}{col 62}{res}{space 2} .2888912{col 74}{space 2} .6253488{col 85}{space 1}    0.46{col 94}{space 3}0.646{col 102}{space 4}-.9633482{col 115}{space 3} 1.541131
{txt}{space 56}820  {c |}{col 62}{res}{space 2} .2543581{col 74}{space 2} .8840593{col 85}{space 1}    0.29{col 94}{space 3}0.775{col 102}{space 4} -1.51594{col 115}{space 3} 2.024656
{txt}{space 56}830  {c |}{col 62}{res}{space 2} .7859729{col 74}{space 2} 1.335792{col 85}{space 1}    0.59{col 94}{space 3}0.559{col 102}{space 4}-1.888904{col 115}{space 3}  3.46085
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{txt}{space 60} {c |}
{space 55}_cons {c |}{col 62}{res}{space 2}-.7392763{col 74}{space 2} 6.172566{col 85}{space 1}   -0.12{col 94}{space 3}0.905{col 102}{space 4}-13.09963{col 115}{space 3} 11.62107
{txt}{hline 61}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab14
{txt}
{com}. 
. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit11##c.res_ch2_polit11##c.log_pre_l1_reserves    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode if currency_spell <=5 & res_ch2_polit11 <= 2.168937, vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1091
                                                       {help j_robustsingular:F( 20,    57) =}       .
                                                       {txt}Prob > F      = {res}      .
                                                       {txt}R-squared     = {res} 0.8700
                                                       {txt}Root MSE      = {res} .27704

{txt}{ralign 127:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 62}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 63}{c |}{col 75}    Robust
{col 1}                                           log_fi_res_totl_mo{col 63}{c |}      Coef.{col 75}   Std. Err.{col 87}      t{col 95}   P>|t|{col 103}     [95% Con{col 116}f. Interval]
{hline 62}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 43}log_fi_res_totl_mo {c |}
{space 58}L1. {c |}{col 63}{res}{space 2} .7783292{col 75}{space 2} .0399053{col 86}{space 1}   19.50{col 95}{space 3}0.000{col 103}{space 4} .6984202{col 116}{space 3} .8582383
{txt}{space 61} {c |}
{space 42}polity_frac_polit11 {c |}{col 63}{res}{space 2} .0593253{col 75}{space 2} .0640909{col 86}{space 1}    0.93{col 95}{space 3}0.359{col 103}{space 4}-.0690144{col 116}{space 3}  .187665
{txt}{space 46}res_ch2_polit11 {c |}{col 63}{res}{space 2} .3224388{col 75}{space 2} .0997645{col 86}{space 1}    3.23{col 95}{space 3}0.002{col 103}{space 4} .1226638{col 116}{space 3} .5222137
{txt}{space 61} {c |}
{space 22}c.polity_frac_polit11#c.res_ch2_polit11 {c |}{col 63}{res}{space 2}-.2124424{col 75}{space 2}  .092175{col 86}{space 1}   -2.30{col 95}{space 3}0.025{col 103}{space 4}-.3970196{col 116}{space 3}-.0278652
{txt}{space 61} {c |}
{space 42}log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.0588691{col 75}{space 2} .0369191{col 86}{space 1}   -1.59{col 95}{space 3}0.116{col 103}{space 4}-.1327983{col 116}{space 3} .0150601
{txt}{space 61} {c |}
{space 18}c.polity_frac_polit11#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2} .0521146{col 75}{space 2} .0499294{col 86}{space 1}    1.04{col 95}{space 3}0.301{col 103}{space 4}-.0478673{col 116}{space 3} .1520965
{txt}{space 61} {c |}
{space 22}c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.2953884{col 75}{space 2} .0892136{col 86}{space 1}   -3.31{col 95}{space 3}0.002{col 103}{space 4}-.4740355{col 116}{space 3}-.1167412
{txt}{space 61} {c |}
c.polity_frac_polit11#c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2} .2433084{col 75}{space 2} .0895796{col 86}{space 1}    2.72{col 95}{space 3}0.009{col 103}{space 4} .0639284{col 116}{space 3} .4226884
{txt}{space 61} {c |}
{space 54}polity2 {c |}{col 63}{res}{space 2} .0053056{col 75}{space 2} .0041817{col 86}{space 1}    1.27{col 95}{space 3}0.210{col 103}{space 4} -.003068{col 116}{space 3} .0136793
{txt}{space 48}sum_imftotal5 {c |}{col 63}{res}{space 2}-.0111538{col 75}{space 2} .0317309{col 86}{space 1}   -0.35{col 95}{space 3}0.727{col 103}{space 4}-.0746938{col 116}{space 3} .0523862
{txt}{space 47}ne_imp_gnfs_zs {c |}{col 63}{res}{space 2}-.0021715{col 75}{space 2} .0021263{col 86}{space 1}   -1.02{col 95}{space 3}0.311{col 103}{space 4}-.0064294{col 116}{space 3} .0020864
{txt}{space 48}trade_balance {c |}{col 63}{res}{space 2} .0203798{col 75}{space 2} .0039082{col 86}{space 1}    5.21{col 95}{space 3}0.000{col 103}{space 4} .0125539{col 116}{space 3} .0282058
{txt}{space 52}cbi_irreg {c |}{col 63}{res}{space 2} .0148005{col 75}{space 2} .0197504{col 86}{space 1}    0.75{col 95}{space 3}0.457{col 103}{space 4}-.0247491{col 116}{space 3}   .05435
{txt}{space 49}presidential {c |}{col 63}{res}{space 2} .1120054{col 75}{space 2}  .082171{col 86}{space 1}    1.36{col 95}{space 3}0.178{col 103}{space 4}-.0525391{col 116}{space 3} .2765499
{txt}{space 52}log_gdppc {c |}{col 63}{res}{space 2}-.1130664{col 75}{space 2} .0658778{col 86}{space 1}   -1.72{col 95}{space 3}0.092{col 103}{space 4}-.2449843{col 116}{space 3} .0188516
{txt}{space 51}gdp_growth {c |}{col 63}{res}{space 2}-.0093234{col 75}{space 2} .0042521{col 86}{space 1}   -2.19{col 95}{space 3}0.032{col 103}{space 4}-.0178382{col 116}{space 3}-.0008087
{txt}{space 54}log_pop {c |}{col 63}{res}{space 2} .1297105{col 75}{space 2} .3061618{col 86}{space 1}    0.42{col 95}{space 3}0.673{col 103}{space 4} -.483368{col 116}{space 3}  .742789
{txt}{space 55}kaopen {c |}{col 63}{res}{space 2} -.015239{col 75}{space 2} .0181129{col 86}{space 1}   -0.84{col 95}{space 3}0.404{col 103}{space 4}-.0515095{col 116}{space 3} .0210314
{txt}{space 49}currency_peg {c |}{col 63}{res}{space 2} .0211198{col 75}{space 2} .0529226{col 86}{space 1}    0.40{col 95}{space 3}0.691{col 103}{space 4}-.0848559{col 116}{space 3} .1270954
{txt}{space 46}currency_binary {c |}{col 63}{res}{space 2}-.1146332{col 75}{space 2} .0338945{col 86}{space 1}   -3.38{col 95}{space 3}0.001{col 103}{space 4}-.1825058{col 116}{space 3}-.0467607
{txt}{space 51}time_trend {c |}{col 63}{res}{space 2}  .006807{col 75}{space 2} .0081868{col 86}{space 1}    0.83{col 95}{space 3}0.409{col 103}{space 4}-.0095869{col 116}{space 3} .0232008
{txt}{space 61} {c |}
{space 54}cowcode {c |}
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{txt}{space 58}70  {c |}{col 63}{res}{space 2} .2081231{col 75}{space 2} .4186585{col 86}{space 1}    0.50{col 95}{space 3}0.621{col 103}{space 4}-.6302261{col 116}{space 3} 1.046472
{txt}{space 58}90  {c |}{col 63}{res}{space 2} .5657952{col 75}{space 2} 1.153667{col 86}{space 1}    0.49{col 95}{space 3}0.626{col 103}{space 4}-1.744382{col 116}{space 3} 2.875973
{txt}{space 58}91  {c |}{col 63}{res}{space 2} .6637647{col 75}{space 2} 1.332621{col 86}{space 1}    0.50{col 95}{space 3}0.620{col 103}{space 4}-2.004763{col 116}{space 3} 3.332292
{txt}{space 58}92  {c |}{col 63}{res}{space 2} .7911238{col 75}{space 2} 1.343221{col 86}{space 1}    0.59{col 95}{space 3}0.558{col 103}{space 4} -1.89863{col 116}{space 3} 3.480877
{txt}{space 58}93  {c |}{col 63}{res}{space 2} .2625303{col 75}{space 2} 1.408181{col 86}{space 1}    0.19{col 95}{space 3}0.853{col 103}{space 4}-2.557303{col 116}{space 3} 3.082363
{txt}{space 58}94  {c |}{col 63}{res}{space 2}  .700372{col 75}{space 2} 1.432631{col 86}{space 1}    0.49{col 95}{space 3}0.627{col 103}{space 4}-2.168421{col 116}{space 3} 3.569165
{txt}{space 57}100  {c |}{col 63}{res}{space 2} .4371381{col 75}{space 2} .7761246{col 86}{space 1}    0.56{col 95}{space 3}0.575{col 103}{space 4}-1.117025{col 116}{space 3} 1.991301
{txt}{space 57}101  {c |}{col 63}{res}{space 2} .5036223{col 75}{space 2} .8742643{col 86}{space 1}    0.58{col 95}{space 3}0.567{col 103}{space 4}-1.247062{col 116}{space 3} 2.254306
{txt}{space 57}130  {c |}{col 63}{res}{space 2} .4448599{col 75}{space 2} 1.095383{col 86}{space 1}    0.41{col 95}{space 3}0.686{col 103}{space 4}-1.748606{col 116}{space 3} 2.638326
{txt}{space 57}135  {c |}{col 63}{res}{space 2} .5032643{col 75}{space 2} .8981683{col 86}{space 1}    0.56{col 95}{space 3}0.577{col 103}{space 4}-1.295287{col 116}{space 3} 2.301815
{txt}{space 57}140  {c |}{col 63}{res}{space 2} .2738927{col 75}{space 2} .3069343{col 86}{space 1}    0.89{col 95}{space 3}0.376{col 103}{space 4}-.3407327{col 116}{space 3}  .888518
{txt}{space 57}145  {c |}{col 63}{res}{space 2} .5892674{col 75}{space 2} 1.264275{col 86}{space 1}    0.47{col 95}{space 3}0.643{col 103}{space 4}  -1.9424{col 116}{space 3} 3.120935
{txt}{space 57}150  {c |}{col 63}{res}{space 2} .6393327{col 75}{space 2} 1.375511{col 86}{space 1}    0.46{col 95}{space 3}0.644{col 103}{space 4}-2.115081{col 116}{space 3} 3.393746
{txt}{space 57}155  {c |}{col 63}{res}{space 2}  .526165{col 75}{space 2} .9908423{col 86}{space 1}    0.53{col 95}{space 3}0.597{col 103}{space 4}-1.457963{col 116}{space 3} 2.510293
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{txt}{space 57}290  {c |}{col 63}{res}{space 2} .4965777{col 75}{space 2} .7151993{col 86}{space 1}    0.69{col 95}{space 3}0.490{col 103}{space 4}-.9355842{col 116}{space 3}  1.92874
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{txt}{space 57}325  {c |}{col 63}{res}{space 2} .3679055{col 75}{space 2} .5134184{col 86}{space 1}    0.72{col 95}{space 3}0.477{col 103}{space 4} -.660197{col 116}{space 3} 1.396008
{txt}{space 57}350  {c |}{col 63}{res}{space 2}  .877811{col 75}{space 2} 1.056169{col 86}{space 1}    0.83{col 95}{space 3}0.409{col 103}{space 4} -1.23713{col 116}{space 3} 2.992752
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{txt}{space 57}375  {c |}{col 63}{res}{space 2} .5387813{col 75}{space 2} 1.256624{col 86}{space 1}    0.43{col 95}{space 3}0.670{col 103}{space 4}-1.977565{col 116}{space 3} 3.055128
{txt}{space 57}380  {c |}{col 63}{res}{space 2} .6713747{col 75}{space 2} 1.041713{col 86}{space 1}    0.64{col 95}{space 3}0.522{col 103}{space 4} -1.41462{col 116}{space 3} 2.757369
{txt}{space 57}385  {c |}{col 63}{res}{space 2}  .822983{col 75}{space 2} 1.262668{col 86}{space 1}    0.65{col 95}{space 3}0.517{col 103}{space 4}-1.705467{col 116}{space 3} 3.351433
{txt}{space 57}452  {c |}{col 63}{res}{space 2} .4206352{col 75}{space 2} 1.051699{col 86}{space 1}    0.40{col 95}{space 3}0.691{col 103}{space 4}-1.685356{col 116}{space 3} 2.526626
{txt}{space 57}475  {c |}{col 63}{res}{space 2}-.0915349{col 75}{space 2} .4992502{col 86}{space 1}   -0.18{col 95}{space 3}0.855{col 103}{space 4}-1.091266{col 116}{space 3} .9081965
{txt}{space 57}501  {c |}{col 63}{res}{space 2} .1890257{col 75}{space 2} .9010292{col 86}{space 1}    0.21{col 95}{space 3}0.835{col 103}{space 4}-1.615254{col 116}{space 3} 1.993306
{txt}{space 57}551  {c |}{col 63}{res}{space 2} .1196605{col 75}{space 2} 1.198699{col 86}{space 1}    0.10{col 95}{space 3}0.921{col 103}{space 4}-2.280692{col 116}{space 3} 2.520013
{txt}{space 57}552  {c |}{col 63}{res}{space 2} .3847132{col 75}{space 2} 1.109765{col 86}{space 1}    0.35{col 95}{space 3}0.730{col 103}{space 4}-1.837552{col 116}{space 3} 2.606979
{txt}{space 57}560  {c |}{col 63}{res}{space 2} .2506076{col 75}{space 2} .6767031{col 86}{space 1}    0.37{col 95}{space 3}0.713{col 103}{space 4}-1.104467{col 116}{space 3} 1.605682
{txt}{space 57}590  {c |}{col 63}{res}{space 2} 1.046169{col 75}{space 2} 1.787062{col 86}{space 1}    0.59{col 95}{space 3}0.561{col 103}{space 4}-2.532361{col 116}{space 3} 4.624699
{txt}{space 57}600  {c |}{col 63}{res}{space 2}  .102456{col 75}{space 2}  .891519{col 86}{space 1}    0.11{col 95}{space 3}0.909{col 103}{space 4} -1.68278{col 116}{space 3} 1.887692
{txt}{space 57}615  {c |}{col 63}{res}{space 2} .6541892{col 75}{space 2} .7929202{col 86}{space 1}    0.83{col 95}{space 3}0.413{col 103}{space 4}-.9336061{col 116}{space 3} 2.241984
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{txt}{space 57}651  {c |}{col 63}{res}{space 2} .6607095{col 75}{space 2} .6370717{col 86}{space 1}    1.04{col 95}{space 3}0.304{col 103}{space 4}-.6150047{col 116}{space 3} 1.936424
{txt}{space 57}710  {c |}{col 63}{res}{space 2} .1321831{col 75}{space 2} .4268388{col 86}{space 1}    0.31{col 95}{space 3}0.758{col 103}{space 4}-.7225468{col 116}{space 3} .9869131
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{txt}{space 61} {c |}
{space 56}_cons {c |}{col 63}{res}{space 2}-1.718179{col 75}{space 2} 6.041585{col 86}{space 1}   -0.28{col 95}{space 3}0.777{col 103}{space 4}-13.81624{col 116}{space 3} 10.37989
{txt}{hline 62}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab15
{txt}
{com}. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit12##c.res_ch2_polit12##c.log_pre_l1_reserves    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend i.cowcode if currency_spell <=5 & res_ch2_polit11 <= 2.168937, vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1091
                                                       {help j_robustsingular:F( 20,    57) =}       .
                                                       {txt}Prob > F      = {res}      .
                                                       {txt}R-squared     = {res} 0.8684
                                                       {txt}Root MSE      = {res} .27877

{txt}{ralign 127:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 62}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 63}{c |}{col 75}    Robust
{col 1}                                           log_fi_res_totl_mo{col 63}{c |}      Coef.{col 75}   Std. Err.{col 87}      t{col 95}   P>|t|{col 103}     [95% Con{col 116}f. Interval]
{hline 62}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 43}log_fi_res_totl_mo {c |}
{space 58}L1. {c |}{col 63}{res}{space 2} .7880698{col 75}{space 2}  .038711{col 86}{space 1}   20.36{col 95}{space 3}0.000{col 103}{space 4} .7105524{col 116}{space 3} .8655873
{txt}{space 61} {c |}
{space 42}polity_frac_polit12 {c |}{col 63}{res}{space 2} .0320742{col 75}{space 2} .0653349{col 86}{space 1}    0.49{col 95}{space 3}0.625{col 103}{space 4}-.0987567{col 116}{space 3} .1629052
{txt}{space 46}res_ch2_polit12 {c |}{col 63}{res}{space 2} .2458112{col 75}{space 2} .0934333{col 86}{space 1}    2.63{col 95}{space 3}0.011{col 103}{space 4} .0587142{col 116}{space 3} .4329082
{txt}{space 61} {c |}
{space 22}c.polity_frac_polit12#c.res_ch2_polit12 {c |}{col 63}{res}{space 2}-.1884804{col 75}{space 2} .1038139{col 86}{space 1}   -1.82{col 95}{space 3}0.075{col 103}{space 4}-.3963642{col 116}{space 3} .0194034
{txt}{space 61} {c |}
{space 42}log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.0482911{col 75}{space 2} .0308178{col 86}{space 1}   -1.57{col 95}{space 3}0.123{col 103}{space 4}-.1100026{col 116}{space 3} .0134205
{txt}{space 61} {c |}
{space 18}c.polity_frac_polit12#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2} .0635688{col 75}{space 2} .0491084{col 86}{space 1}    1.29{col 95}{space 3}0.201{col 103}{space 4}-.0347691{col 116}{space 3} .1619066
{txt}{space 61} {c |}
{space 22}c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.1651701{col 75}{space 2} .0724265{col 86}{space 1}   -2.28{col 95}{space 3}0.026{col 103}{space 4}-.3102017{col 116}{space 3}-.0201384
{txt}{space 61} {c |}
c.polity_frac_polit12#c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2} .1523103{col 75}{space 2} .0860533{col 86}{space 1}    1.77{col 95}{space 3}0.082{col 103}{space 4}-.0200086{col 116}{space 3} .3246291
{txt}{space 61} {c |}
{space 54}polity2 {c |}{col 63}{res}{space 2} .0061364{col 75}{space 2}  .003848{col 86}{space 1}    1.59{col 95}{space 3}0.116{col 103}{space 4}-.0015692{col 116}{space 3}  .013842
{txt}{space 48}sum_imftotal5 {c |}{col 63}{res}{space 2}-.0117614{col 75}{space 2}  .034114{col 86}{space 1}   -0.34{col 95}{space 3}0.732{col 103}{space 4}-.0800735{col 116}{space 3} .0565507
{txt}{space 47}ne_imp_gnfs_zs {c |}{col 63}{res}{space 2}  -.00194{col 75}{space 2} .0019469{col 86}{space 1}   -1.00{col 95}{space 3}0.323{col 103}{space 4}-.0058386{col 116}{space 3} .0019586
{txt}{space 48}trade_balance {c |}{col 63}{res}{space 2} .0203271{col 75}{space 2} .0036011{col 86}{space 1}    5.64{col 95}{space 3}0.000{col 103}{space 4} .0131161{col 116}{space 3} .0275382
{txt}{space 52}cbi_irreg {c |}{col 63}{res}{space 2} .0127781{col 75}{space 2} .0199187{col 86}{space 1}    0.64{col 95}{space 3}0.524{col 103}{space 4}-.0271084{col 116}{space 3} .0526646
{txt}{space 49}presidential {c |}{col 63}{res}{space 2} .1006911{col 75}{space 2} .0820374{col 86}{space 1}    1.23{col 95}{space 3}0.225{col 103}{space 4}-.0635859{col 116}{space 3} .2649681
{txt}{space 52}log_gdppc {c |}{col 63}{res}{space 2}-.1101887{col 75}{space 2} .0701212{col 86}{space 1}   -1.57{col 95}{space 3}0.122{col 103}{space 4}-.2506041{col 116}{space 3} .0302267
{txt}{space 51}gdp_growth {c |}{col 63}{res}{space 2}-.0097306{col 75}{space 2} .0042603{col 86}{space 1}   -2.28{col 95}{space 3}0.026{col 103}{space 4}-.0182617{col 116}{space 3}-.0011996
{txt}{space 54}log_pop {c |}{col 63}{res}{space 2} .1078537{col 75}{space 2}    .3094{col 86}{space 1}    0.35{col 95}{space 3}0.729{col 103}{space 4}-.5117091{col 116}{space 3} .7274165
{txt}{space 55}kaopen {c |}{col 63}{res}{space 2}-.0190183{col 75}{space 2} .0187487{col 86}{space 1}   -1.01{col 95}{space 3}0.315{col 103}{space 4} -.056562{col 116}{space 3} .0185254
{txt}{space 49}currency_peg {c |}{col 63}{res}{space 2} .0163186{col 75}{space 2} .0517902{col 86}{space 1}    0.32{col 95}{space 3}0.754{col 103}{space 4}-.0873896{col 116}{space 3} .1200267
{txt}{space 46}currency_binary {c |}{col 63}{res}{space 2}-.1129058{col 75}{space 2} .0350156{col 86}{space 1}   -3.22{col 95}{space 3}0.002{col 103}{space 4}-.1830234{col 116}{space 3}-.0427882
{txt}{space 51}time_trend {c |}{col 63}{res}{space 2} .0064148{col 75}{space 2}  .008227{col 86}{space 1}    0.78{col 95}{space 3}0.439{col 103}{space 4}-.0100595{col 116}{space 3} .0228892
{txt}{space 61} {c |}
{space 54}cowcode {c |}
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{txt}{space 58}70  {c |}{col 63}{res}{space 2} .1083978{col 75}{space 2} .4305266{col 86}{space 1}    0.25{col 95}{space 3}0.802{col 103}{space 4}-.7537168{col 116}{space 3} .9705124
{txt}{space 58}90  {c |}{col 63}{res}{space 2} .4196191{col 75}{space 2} 1.176241{col 86}{space 1}    0.36{col 95}{space 3}0.723{col 103}{space 4}-1.935762{col 116}{space 3}    2.775
{txt}{space 58}91  {c |}{col 63}{res}{space 2} .5327685{col 75}{space 2}  1.36112{col 86}{space 1}    0.39{col 95}{space 3}0.697{col 103}{space 4}-2.192828{col 116}{space 3} 3.258365
{txt}{space 58}92  {c |}{col 63}{res}{space 2} .6916242{col 75}{space 2} 1.363952{col 86}{space 1}    0.51{col 95}{space 3}0.614{col 103}{space 4}-2.039643{col 116}{space 3} 3.422892
{txt}{space 58}93  {c |}{col 63}{res}{space 2} .2459433{col 75}{space 2} 1.447801{col 86}{space 1}    0.17{col 95}{space 3}0.866{col 103}{space 4}-2.653229{col 116}{space 3} 3.145116
{txt}{space 58}94  {c |}{col 63}{res}{space 2}  .505607{col 75}{space 2} 1.460322{col 86}{space 1}    0.35{col 95}{space 3}0.730{col 103}{space 4}-2.418637{col 116}{space 3} 3.429851
{txt}{space 57}100  {c |}{col 63}{res}{space 2} .5347225{col 75}{space 2} .8088399{col 86}{space 1}    0.66{col 95}{space 3}0.511{col 103}{space 4}-1.084951{col 116}{space 3} 2.154396
{txt}{space 57}101  {c |}{col 63}{res}{space 2}  .363774{col 75}{space 2}  .896881{col 86}{space 1}    0.41{col 95}{space 3}0.687{col 103}{space 4}-1.432199{col 116}{space 3} 2.159747
{txt}{space 57}130  {c |}{col 63}{res}{space 2} .2978872{col 75}{space 2} 1.119754{col 86}{space 1}    0.27{col 95}{space 3}0.791{col 103}{space 4}-1.944382{col 116}{space 3} 2.540157
{txt}{space 57}135  {c |}{col 63}{res}{space 2}  .386835{col 75}{space 2} .9154956{col 86}{space 1}    0.42{col 95}{space 3}0.674{col 103}{space 4}-1.446413{col 116}{space 3} 2.220083
{txt}{space 57}140  {c |}{col 63}{res}{space 2} .1707096{col 75}{space 2} .3177474{col 86}{space 1}    0.54{col 95}{space 3}0.593{col 103}{space 4}-.4655686{col 116}{space 3} .8069879
{txt}{space 57}145  {c |}{col 63}{res}{space 2} .4088222{col 75}{space 2} 1.292678{col 86}{space 1}    0.32{col 95}{space 3}0.753{col 103}{space 4} -2.17972{col 116}{space 3} 2.997364
{txt}{space 57}150  {c |}{col 63}{res}{space 2} .4985692{col 75}{space 2} 1.403452{col 86}{space 1}    0.36{col 95}{space 3}0.724{col 103}{space 4}-2.311794{col 116}{space 3} 3.308932
{txt}{space 57}155  {c |}{col 63}{res}{space 2} .4405031{col 75}{space 2}   1.0143{col 86}{space 1}    0.43{col 95}{space 3}0.666{col 103}{space 4}-1.590598{col 116}{space 3} 2.471604
{txt}{space 57}160  {c |}{col 63}{res}{space 2} .1696574{col 75}{space 2} .7954179{col 86}{space 1}    0.21{col 95}{space 3}0.832{col 103}{space 4}-1.423139{col 116}{space 3} 1.762454
{txt}{space 57}165  {c |}{col 63}{res}{space 2} .6189324{col 75}{space 2} 1.512923{col 86}{space 1}    0.41{col 95}{space 3}0.684{col 103}{space 4}-2.410644{col 116}{space 3} 3.648509
{txt}{space 57}200  {c |}{col 63}{res}{space 2} .2413241{col 75}{space 2}  .467538{col 86}{space 1}    0.52{col 95}{space 3}0.608{col 103}{space 4}-.6949046{col 116}{space 3} 1.177553
{txt}{space 57}205  {c |}{col 63}{res}{space 2} .0418786{col 75}{space 2}  1.32298{col 86}{space 1}    0.03{col 95}{space 3}0.975{col 103}{space 4}-2.607342{col 116}{space 3} 2.691099
{txt}{space 57}211  {c |}{col 63}{res}{space 2} .3274972{col 75}{space 2} 1.018179{col 86}{space 1}    0.32{col 95}{space 3}0.749{col 103}{space 4} -1.71137{col 116}{space 3} 2.366364
{txt}{space 57}225  {c |}{col 63}{res}{space 2} .6647771{col 75}{space 2} 1.140521{col 86}{space 1}    0.58{col 95}{space 3}0.562{col 103}{space 4}-1.619077{col 116}{space 3} 2.948632
{txt}{space 57}230  {c |}{col 63}{res}{space 2} .3514336{col 75}{space 2} .6488732{col 86}{space 1}    0.54{col 95}{space 3}0.590{col 103}{space 4}-.9479127{col 116}{space 3}  1.65078
{txt}{space 57}235  {c |}{col 63}{res}{space 2} .5000275{col 75}{space 2} 1.114746{col 86}{space 1}    0.45{col 95}{space 3}0.655{col 103}{space 4}-1.732213{col 116}{space 3} 2.732268
{txt}{space 57}290  {c |}{col 63}{res}{space 2} .3756994{col 75}{space 2} .7324053{col 86}{space 1}    0.51{col 95}{space 3}0.610{col 103}{space 4}-1.090917{col 116}{space 3} 1.842316
{txt}{space 57}305  {c |}{col 63}{res}{space 2} .3371782{col 75}{space 2} 1.120101{col 86}{space 1}    0.30{col 95}{space 3}0.764{col 103}{space 4}-1.905786{col 116}{space 3} 2.580142
{txt}{space 57}310  {c |}{col 63}{res}{space 2} .4991746{col 75}{space 2} 1.122027{col 86}{space 1}    0.44{col 95}{space 3}0.658{col 103}{space 4}-1.747646{col 116}{space 3} 2.745995
{txt}{space 57}325  {c |}{col 63}{res}{space 2} .2471272{col 75}{space 2} .5141463{col 86}{space 1}    0.48{col 95}{space 3}0.633{col 103}{space 4}-.7824329{col 116}{space 3} 1.276687
{txt}{space 57}350  {c |}{col 63}{res}{space 2} .6959847{col 75}{space 2} 1.061314{col 86}{space 1}    0.66{col 95}{space 3}0.515{col 103}{space 4} -1.42926{col 116}{space 3}  2.82123
{txt}{space 57}360  {c |}{col 63}{res}{space 2} .5680188{col 75}{space 2} .9213229{col 86}{space 1}    0.62{col 95}{space 3}0.540{col 103}{space 4}-1.276898{col 116}{space 3} 2.412936
{txt}{space 57}365  {c |}{col 63}{res}{space 2}  .147708{col 75}{space 2} .3951422{col 86}{space 1}    0.37{col 95}{space 3}0.710{col 103}{space 4}-.6435506{col 116}{space 3} .9389666
{txt}{space 57}375  {c |}{col 63}{res}{space 2} .3808698{col 75}{space 2} 1.265367{col 86}{space 1}    0.30{col 95}{space 3}0.765{col 103}{space 4}-2.152983{col 116}{space 3} 2.914723
{txt}{space 57}380  {c |}{col 63}{res}{space 2} .5002121{col 75}{space 2} 1.045401{col 86}{space 1}    0.48{col 95}{space 3}0.634{col 103}{space 4}-1.593168{col 116}{space 3} 2.593592
{txt}{space 57}385  {c |}{col 63}{res}{space 2}  .623588{col 75}{space 2} 1.284531{col 86}{space 1}    0.49{col 95}{space 3}0.629{col 103}{space 4}-1.948641{col 116}{space 3} 3.195817
{txt}{space 57}452  {c |}{col 63}{res}{space 2} .2938191{col 75}{space 2}  1.08513{col 86}{space 1}    0.27{col 95}{space 3}0.788{col 103}{space 4}-1.879116{col 116}{space 3} 2.466755
{txt}{space 57}475  {c |}{col 63}{res}{space 2} -.151366{col 75}{space 2} .5301383{col 86}{space 1}   -0.29{col 95}{space 3}0.776{col 103}{space 4} -1.21295{col 116}{space 3} .9102176
{txt}{space 57}501  {c |}{col 63}{res}{space 2} .1372011{col 75}{space 2} .9243546{col 86}{space 1}    0.15{col 95}{space 3}0.883{col 103}{space 4}-1.713787{col 116}{space 3} 1.988189
{txt}{space 57}551  {c |}{col 63}{res}{space 2}  .034572{col 75}{space 2} 1.227685{col 86}{space 1}    0.03{col 95}{space 3}0.978{col 103}{space 4}-2.423826{col 116}{space 3}  2.49297
{txt}{space 57}552  {c |}{col 63}{res}{space 2} .3440505{col 75}{space 2} 1.135132{col 86}{space 1}    0.30{col 95}{space 3}0.763{col 103}{space 4}-1.929012{col 116}{space 3} 2.617113
{txt}{space 57}560  {c |}{col 63}{res}{space 2} .1243747{col 75}{space 2} .6897934{col 86}{space 1}    0.18{col 95}{space 3}0.858{col 103}{space 4}-1.256913{col 116}{space 3} 1.505662
{txt}{space 57}590  {c |}{col 63}{res}{space 2} .9528286{col 75}{space 2} 1.794894{col 86}{space 1}    0.53{col 95}{space 3}0.598{col 103}{space 4}-2.641385{col 116}{space 3} 4.547043
{txt}{space 57}600  {c |}{col 63}{res}{space 2}-.0581226{col 75}{space 2} .9164369{col 86}{space 1}   -0.06{col 95}{space 3}0.950{col 103}{space 4}-1.893256{col 116}{space 3} 1.777011
{txt}{space 57}615  {c |}{col 63}{res}{space 2} .5802133{col 75}{space 2}  .815522{col 86}{space 1}    0.71{col 95}{space 3}0.480{col 103}{space 4}-1.052841{col 116}{space 3} 2.213268
{txt}{space 57}616  {c |}{col 63}{res}{space 2} .3074488{col 75}{space 2} 1.200556{col 86}{space 1}    0.26{col 95}{space 3}0.799{col 103}{space 4}-2.096623{col 116}{space 3} 2.711521
{txt}{space 57}640  {c |}{col 63}{res}{space 2} .3284126{col 75}{space 2}  .587188{col 86}{space 1}    0.56{col 95}{space 3}0.578{col 103}{space 4}-.8474111{col 116}{space 3} 1.504236
{txt}{space 57}651  {c |}{col 63}{res}{space 2} .5383221{col 75}{space 2} .6530819{col 86}{space 1}    0.82{col 95}{space 3}0.413{col 103}{space 4}-.7694518{col 116}{space 3} 1.846096
{txt}{space 57}710  {c |}{col 63}{res}{space 2}-.0206312{col 75}{space 2} .4119622{col 86}{space 1}   -0.05{col 95}{space 3}0.960{col 103}{space 4}-.8455712{col 116}{space 3} .8043087
{txt}{space 57}732  {c |}{col 63}{res}{space 2} .3294094{col 75}{space 2} .6227243{col 86}{space 1}    0.53{col 95}{space 3}0.599{col 103}{space 4}-.9175746{col 116}{space 3} 1.576393
{txt}{space 57}740  {c |}{col 63}{res}{space 2} .5042235{col 75}{space 2} .2473525{col 86}{space 1}    2.04{col 95}{space 3}0.046{col 103}{space 4} .0089086{col 116}{space 3} .9995384
{txt}{space 57}750  {c |}{col 63}{res}{space 2}-.2502732{col 75}{space 2} .3457597{col 86}{space 1}   -0.72{col 95}{space 3}0.472{col 103}{space 4} -.942645{col 116}{space 3} .4420986
{txt}{space 57}780  {c |}{col 63}{res}{space 2} .2465561{col 75}{space 2} 1.036127{col 86}{space 1}    0.24{col 95}{space 3}0.813{col 103}{space 4}-1.828253{col 116}{space 3} 2.321366
{txt}{space 57}800  {c |}{col 63}{res}{space 2} .3468777{col 75}{space 2} .6196909{col 86}{space 1}    0.56{col 95}{space 3}0.578{col 103}{space 4}-.8940319{col 116}{space 3} 1.587787
{txt}{space 57}820  {c |}{col 63}{res}{space 2} .2739066{col 75}{space 2} .8753574{col 86}{space 1}    0.31{col 95}{space 3}0.755{col 103}{space 4}-1.478966{col 116}{space 3} 2.026779
{txt}{space 57}830  {c |}{col 63}{res}{space 2} .7835739{col 75}{space 2}  1.32155{col 86}{space 1}    0.59{col 95}{space 3}0.556{col 103}{space 4}-1.862784{col 116}{space 3} 3.429931
{txt}{space 57}840  {c |}{col 63}{res}{space 2} .1220451{col 75}{space 2} .6073908{col 86}{space 1}    0.20{col 95}{space 3}0.841{col 103}{space 4}-1.094234{col 116}{space 3} 1.338324
{txt}{space 57}850  {c |}{col 63}{res}{space 2} .0752824{col 75}{space 2} .3416426{col 86}{space 1}    0.22{col 95}{space 3}0.826{col 103}{space 4} -.608845{col 116}{space 3} .7594098
{txt}{space 57}900  {c |}{col 63}{res}{space 2} .5064699{col 75}{space 2}  .848666{col 86}{space 1}    0.60{col 95}{space 3}0.553{col 103}{space 4}-1.192954{col 116}{space 3} 2.205894
{txt}{space 57}920  {c |}{col 63}{res}{space 2} .5390861{col 75}{space 2} 1.351195{col 86}{space 1}    0.40{col 95}{space 3}0.691{col 103}{space 4}-2.166635{col 116}{space 3} 3.244808
{txt}{space 61} {c |}
{space 56}_cons {c |}{col 63}{res}{space 2}-1.244023{col 75}{space 2} 6.160587{col 86}{space 1}   -0.20{col 95}{space 3}0.841{col 103}{space 4}-13.58038{col 116}{space 3} 11.09234
{txt}{hline 62}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab16
{txt}
{com}. 
. * Table 55:
. *esttab tab13 tab14 tab15 tab16 using spell_sub4.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H5: interest rates
. 
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit11_binary##c.ir_diff     polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if currency_spell <=5 & cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1030
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       53

{txt}R-sq:  within  = {res}0.6208                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5662                                        {txt}avg = {res}     19.4
{txt}       overall = {res}0.5197                                        {txt}max = {res}       31

                                                {txt}F({res}17{txt},{res}52{txt})           = {res}    55.10
{txt}corr(u_i, Xb)  = {res}-0.6444                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 94:(Std. Err. adjusted for {res:53} clusters in cowcode)}
{hline 29}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 30}{c |}{col 42}    Robust
{col 1}          log_fi_res_totl_mo{col 30}{c |}      Coef.{col 42}   Std. Err.{col 54}      t{col 62}   P>|t|{col 70}     [95% Con{col 83}f. Interval]
{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}log_fi_res_totl_mo {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .7565991{col 42}{space 2} .0518735{col 53}{space 1}   14.59{col 62}{space 3}0.000{col 70}{space 4} .6525073{col 83}{space 3} .8606909
{txt}{space 28} {c |}
{space 8}1.sum_polit11_binary {c |}{col 30}{res}{space 2}-.0061651{col 42}{space 2}   .03917{col 53}{space 1}   -0.16{col 62}{space 3}0.876{col 70}{space 4}-.0847655{col 83}{space 3} .0724353
{txt}{space 21}ir_diff {c |}{col 30}{res}{space 2}-.1203307{col 42}{space 2} .2616405{col 53}{space 1}   -0.46{col 62}{space 3}0.647{col 70}{space 4}-.6453507{col 83}{space 3} .4046894
{txt}{space 28} {c |}
sum_polit11_binary#c.ir_diff {c |}
{space 26}1  {c |}{col 30}{res}{space 2} .0187663{col 42}{space 2} .2708182{col 53}{space 1}    0.07{col 62}{space 3}0.945{col 70}{space 4}-.5246701{col 83}{space 3} .5622027
{txt}{space 28} {c |}
{space 21}polity2 {c |}{col 30}{res}{space 2} .0073165{col 42}{space 2} .0038038{col 53}{space 1}    1.92{col 62}{space 3}0.060{col 70}{space 4}-.0003164{col 83}{space 3} .0149493
{txt}{space 15}sum_imftotal5 {c |}{col 30}{res}{space 2} .0101116{col 42}{space 2} .0379068{col 53}{space 1}    0.27{col 62}{space 3}0.791{col 70}{space 4}-.0659539{col 83}{space 3} .0861772
{txt}{space 14}ne_imp_gnfs_zs {c |}{col 30}{res}{space 2} -.003224{col 42}{space 2} .0018645{col 53}{space 1}   -1.73{col 62}{space 3}0.090{col 70}{space 4}-.0069653{col 83}{space 3} .0005174
{txt}{space 15}trade_balance {c |}{col 30}{res}{space 2} .0158046{col 42}{space 2} .0041297{col 53}{space 1}    3.83{col 62}{space 3}0.000{col 70}{space 4} .0075177{col 83}{space 3} .0240915
{txt}{space 19}cbi_irreg {c |}{col 30}{res}{space 2} .0069065{col 42}{space 2} .0207556{col 53}{space 1}    0.33{col 62}{space 3}0.741{col 70}{space 4}-.0347427{col 83}{space 3} .0485557
{txt}{space 16}presidential {c |}{col 30}{res}{space 2} .0904262{col 42}{space 2} .0767894{col 53}{space 1}    1.18{col 62}{space 3}0.244{col 70}{space 4}-.0636631{col 83}{space 3} .2445154
{txt}{space 19}log_gdppc {c |}{col 30}{res}{space 2}-.0578645{col 42}{space 2} .0616344{col 53}{space 1}   -0.94{col 62}{space 3}0.352{col 70}{space 4} -.181543{col 83}{space 3}  .065814
{txt}{space 18}gdp_growth {c |}{col 30}{res}{space 2}-.0082115{col 42}{space 2} .0048641{col 53}{space 1}   -1.69{col 62}{space 3}0.097{col 70}{space 4} -.017972{col 83}{space 3}  .001549
{txt}{space 21}log_pop {c |}{col 30}{res}{space 2} .3655187{col 42}{space 2} .2968641{col 53}{space 1}    1.23{col 62}{space 3}0.224{col 70}{space 4}-.2301826{col 83}{space 3} .9612201
{txt}{space 22}kaopen {c |}{col 30}{res}{space 2}-.0216657{col 42}{space 2} .0156972{col 53}{space 1}   -1.38{col 62}{space 3}0.173{col 70}{space 4}-.0531643{col 83}{space 3}  .009833
{txt}{space 16}currency_peg {c |}{col 30}{res}{space 2}   .02723{col 42}{space 2} .0473218{col 53}{space 1}    0.58{col 62}{space 3}0.567{col 70}{space 4}-.0677282{col 83}{space 3} .1221882
{txt}{space 13}currency_binary {c |}{col 30}{res}{space 2}-.1131662{col 42}{space 2} .0344526{col 53}{space 1}   -3.28{col 62}{space 3}0.002{col 70}{space 4}-.1823004{col 83}{space 3} -.044032
{txt}{space 18}time_trend {c |}{col 30}{res}{space 2}-.0004145{col 42}{space 2} .0073842{col 53}{space 1}   -0.06{col 62}{space 3}0.955{col 70}{space 4}-.0152319{col 83}{space 3} .0144029
{txt}{space 23}_cons {c |}{col 30}{res}{space 2}-5.402457{col 42}{space 2} 5.061207{col 53}{space 1}   -1.07{col 62}{space 3}0.291{col 70}{space 4}-15.55851{col 83}{space 3} 4.753598
{txt}{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                     sigma_u {c |} {res} .49787254
                     {txt}sigma_e {c |} {res} .28935143
                         {txt}rho {c |} {res} .74751533{txt}   (fraction of variance due to u_i)
{hline 29}{c BT}{hline 64}

{com}. 
. est store tab17
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit11##c.ir_diff     polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if currency_spell <=5 & cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1028
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       53

{txt}R-sq:  within  = {res}0.6197                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5517                                        {txt}avg = {res}     19.4
{txt}       overall = {res}0.5042                                        {txt}max = {res}       31

                                                {txt}F({res}17{txt},{res}52{txt})           = {res}    53.72
{txt}corr(u_i, Xb)  = {res}-0.6658                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 97:(Std. Err. adjusted for {res:53} clusters in cowcode)}
{hline 32}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 33}{c |}{col 45}    Robust
{col 1}             log_fi_res_totl_mo{col 33}{c |}      Coef.{col 45}   Std. Err.{col 57}      t{col 65}   P>|t|{col 73}     [95% Con{col 86}f. Interval]
{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}log_fi_res_totl_mo {c |}
{space 28}L1. {c |}{col 33}{res}{space 2} .7553835{col 45}{space 2} .0515849{col 56}{space 1}   14.64{col 65}{space 3}0.000{col 73}{space 4} .6518709{col 86}{space 3} .8588962
{txt}{space 31} {c |}
{space 12}polity_frac_polit11 {c |}{col 33}{res}{space 2} .0057206{col 45}{space 2} .0226736{col 56}{space 1}    0.25{col 65}{space 3}0.802{col 73}{space 4}-.0397774{col 86}{space 3} .0512186
{txt}{space 24}ir_diff {c |}{col 33}{res}{space 2} .0145085{col 45}{space 2} .0508377{col 56}{space 1}    0.29{col 65}{space 3}0.776{col 73}{space 4}-.0875048{col 86}{space 3} .1165218
{txt}{space 31} {c |}
c.polity_frac_polit11#c.ir_diff {c |}{col 33}{res}{space 2} -.299786{col 45}{space 2} .1503651{col 56}{space 1}   -1.99{col 65}{space 3}0.051{col 73}{space 4}-.6015155{col 86}{space 3} .0019436
{txt}{space 31} {c |}
{space 24}polity2 {c |}{col 33}{res}{space 2} .0073425{col 45}{space 2} .0039334{col 56}{space 1}    1.87{col 65}{space 3}0.068{col 73}{space 4}-.0005504{col 86}{space 3} .0152354
{txt}{space 18}sum_imftotal5 {c |}{col 33}{res}{space 2} .0163781{col 45}{space 2} .0379452{col 56}{space 1}    0.43{col 65}{space 3}0.668{col 73}{space 4}-.0597645{col 86}{space 3} .0925206
{txt}{space 17}ne_imp_gnfs_zs {c |}{col 33}{res}{space 2}-.0032648{col 45}{space 2} .0019033{col 56}{space 1}   -1.72{col 65}{space 3}0.092{col 73}{space 4}-.0070841{col 86}{space 3} .0005544
{txt}{space 18}trade_balance {c |}{col 33}{res}{space 2} .0146769{col 45}{space 2} .0042068{col 56}{space 1}    3.49{col 65}{space 3}0.001{col 73}{space 4} .0062352{col 86}{space 3} .0231185
{txt}{space 22}cbi_irreg {c |}{col 33}{res}{space 2} .0074722{col 45}{space 2} .0205416{col 56}{space 1}    0.36{col 65}{space 3}0.718{col 73}{space 4}-.0337475{col 86}{space 3} .0486918
{txt}{space 19}presidential {c |}{col 33}{res}{space 2} .0851593{col 45}{space 2} .0787018{col 56}{space 1}    1.08{col 65}{space 3}0.284{col 73}{space 4}-.0727674{col 86}{space 3} .2430861
{txt}{space 22}log_gdppc {c |}{col 33}{res}{space 2} -.061663{col 45}{space 2} .0629906{col 56}{space 1}   -0.98{col 65}{space 3}0.332{col 73}{space 4}-.1880628{col 86}{space 3} .0647369
{txt}{space 21}gdp_growth {c |}{col 33}{res}{space 2}-.0088009{col 45}{space 2} .0047996{col 56}{space 1}   -1.83{col 65}{space 3}0.072{col 73}{space 4}-.0184321{col 86}{space 3} .0008302
{txt}{space 24}log_pop {c |}{col 33}{res}{space 2} .3879253{col 45}{space 2} .3017998{col 56}{space 1}    1.29{col 65}{space 3}0.204{col 73}{space 4}-.2176803{col 86}{space 3} .9935309
{txt}{space 25}kaopen {c |}{col 33}{res}{space 2}-.0184475{col 45}{space 2} .0163347{col 56}{space 1}   -1.13{col 65}{space 3}0.264{col 73}{space 4}-.0512255{col 86}{space 3} .0143304
{txt}{space 19}currency_peg {c |}{col 33}{res}{space 2} .0219313{col 45}{space 2} .0478713{col 56}{space 1}    0.46{col 65}{space 3}0.649{col 73}{space 4}-.0741295{col 86}{space 3}  .117992
{txt}{space 16}currency_binary {c |}{col 33}{res}{space 2}-.1185457{col 45}{space 2} .0336347{col 56}{space 1}   -3.52{col 65}{space 3}0.001{col 73}{space 4}-.1860386{col 86}{space 3}-.0510528
{txt}{space 21}time_trend {c |}{col 33}{res}{space 2}-.0005694{col 45}{space 2} .0074905{col 56}{space 1}   -0.08{col 65}{space 3}0.940{col 73}{space 4}-.0156002{col 86}{space 3} .0144615
{txt}{space 26}_cons {c |}{col 33}{res}{space 2}-5.744842{col 45}{space 2} 5.156416{col 56}{space 1}   -1.11{col 65}{space 3}0.270{col 73}{space 4}-16.09195{col 86}{space 3} 4.602265
{txt}{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                        sigma_u {c |} {res} .52433561
                        {txt}sigma_e {c |} {res} .28863933
                            {txt}rho {c |} {res}  .7674393{txt}   (fraction of variance due to u_i)
{hline 32}{c BT}{hline 64}

{com}. 
. est store tab18
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit12_binary##c.ir_diff    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if currency_spell <=5 & cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1030
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       53

{txt}R-sq:  within  = {res}0.6215                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5730                                        {txt}avg = {res}     19.4
{txt}       overall = {res}0.5254                                        {txt}max = {res}       31

                                                {txt}F({res}17{txt},{res}52{txt})           = {res}    62.10
{txt}corr(u_i, Xb)  = {res}-0.6363                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 94:(Std. Err. adjusted for {res:53} clusters in cowcode)}
{hline 29}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 30}{c |}{col 42}    Robust
{col 1}          log_fi_res_totl_mo{col 30}{c |}      Coef.{col 42}   Std. Err.{col 54}      t{col 62}   P>|t|{col 70}     [95% Con{col 83}f. Interval]
{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}log_fi_res_totl_mo {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}  .757306{col 42}{space 2} .0530647{col 53}{space 1}   14.27{col 62}{space 3}0.000{col 70}{space 4} .6508239{col 83}{space 3} .8637882
{txt}{space 28} {c |}
{space 8}1.sum_polit12_binary {c |}{col 30}{res}{space 2} .0437148{col 42}{space 2} .0417321{col 53}{space 1}    1.05{col 62}{space 3}0.300{col 70}{space 4}-.0400268{col 83}{space 3} .1274565
{txt}{space 21}ir_diff {c |}{col 30}{res}{space 2}-.2029128{col 42}{space 2} .3078018{col 53}{space 1}   -0.66{col 62}{space 3}0.513{col 70}{space 4}-.8205622{col 83}{space 3} .4147366
{txt}{space 28} {c |}
sum_polit12_binary#c.ir_diff {c |}
{space 26}1  {c |}{col 30}{res}{space 2} .1068226{col 42}{space 2} .3107452{col 53}{space 1}    0.34{col 62}{space 3}0.732{col 70}{space 4}-.5167332{col 83}{space 3} .7303784
{txt}{space 28} {c |}
{space 21}polity2 {c |}{col 30}{res}{space 2} .0076567{col 42}{space 2}  .003806{col 53}{space 1}    2.01{col 62}{space 3}0.049{col 70}{space 4} .0000194{col 83}{space 3} .0152941
{txt}{space 15}sum_imftotal5 {c |}{col 30}{res}{space 2} .0023954{col 42}{space 2} .0379476{col 53}{space 1}    0.06{col 62}{space 3}0.950{col 70}{space 4}-.0737521{col 83}{space 3} .0785429
{txt}{space 14}ne_imp_gnfs_zs {c |}{col 30}{res}{space 2}-.0029287{col 42}{space 2} .0018419{col 53}{space 1}   -1.59{col 62}{space 3}0.118{col 70}{space 4}-.0066247{col 83}{space 3} .0007673
{txt}{space 15}trade_balance {c |}{col 30}{res}{space 2} .0153759{col 42}{space 2}  .004141{col 53}{space 1}    3.71{col 62}{space 3}0.001{col 70}{space 4} .0070663{col 83}{space 3} .0236854
{txt}{space 19}cbi_irreg {c |}{col 30}{res}{space 2} .0083111{col 42}{space 2} .0205942{col 53}{space 1}    0.40{col 62}{space 3}0.688{col 70}{space 4}-.0330142{col 83}{space 3} .0496363
{txt}{space 16}presidential {c |}{col 30}{res}{space 2} .0904408{col 42}{space 2} .0761397{col 53}{space 1}    1.19{col 62}{space 3}0.240{col 70}{space 4}-.0623446{col 83}{space 3} .2432262
{txt}{space 19}log_gdppc {c |}{col 30}{res}{space 2}-.0603363{col 42}{space 2} .0623226{col 53}{space 1}   -0.97{col 62}{space 3}0.337{col 70}{space 4}-.1853958{col 83}{space 3} .0647233
{txt}{space 18}gdp_growth {c |}{col 30}{res}{space 2}-.0080152{col 42}{space 2} .0048457{col 53}{space 1}   -1.65{col 62}{space 3}0.104{col 70}{space 4}-.0177387{col 83}{space 3} .0017084
{txt}{space 21}log_pop {c |}{col 30}{res}{space 2} .3600264{col 42}{space 2}  .301459{col 53}{space 1}    1.19{col 62}{space 3}0.238{col 70}{space 4}-.2448953{col 83}{space 3} .9649481
{txt}{space 22}kaopen {c |}{col 30}{res}{space 2}-.0211706{col 42}{space 2} .0177408{col 53}{space 1}   -1.19{col 62}{space 3}0.238{col 70}{space 4}-.0567702{col 83}{space 3}  .014429
{txt}{space 16}currency_peg {c |}{col 30}{res}{space 2} .0231336{col 42}{space 2} .0467954{col 53}{space 1}    0.49{col 62}{space 3}0.623{col 70}{space 4}-.0707682{col 83}{space 3} .1170355
{txt}{space 13}currency_binary {c |}{col 30}{res}{space 2}-.1111638{col 42}{space 2} .0336029{col 53}{space 1}   -3.31{col 62}{space 3}0.002{col 70}{space 4} -.178593{col 83}{space 3}-.0437347
{txt}{space 18}time_trend {c |}{col 30}{res}{space 2}-.0000657{col 42}{space 2} .0074361{col 53}{space 1}   -0.01{col 62}{space 3}0.993{col 70}{space 4}-.0149874{col 83}{space 3} .0148559
{txt}{space 23}_cons {c |}{col 30}{res}{space 2}-5.336211{col 42}{space 2} 5.145608{col 53}{space 1}   -1.04{col 62}{space 3}0.305{col 70}{space 4}-15.66163{col 83}{space 3} 4.989206
{txt}{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                     sigma_u {c |} {res} .48860245
                     {txt}sigma_e {c |} {res} .28907575
                         {txt}rho {c |} {res} .74072128{txt}   (fraction of variance due to u_i)
{hline 29}{c BT}{hline 64}

{com}. 
. est store tab19
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit12##c.ir_diff    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if currency_spell <=5 & cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1028
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       53

{txt}R-sq:  within  = {res}0.6206                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5761                                        {txt}avg = {res}     19.4
{txt}       overall = {res}0.5247                                        {txt}max = {res}       31

                                                {txt}F({res}17{txt},{res}52{txt})           = {res}    60.01
{txt}corr(u_i, Xb)  = {res}-0.6348                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 97:(Std. Err. adjusted for {res:53} clusters in cowcode)}
{hline 32}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 33}{c |}{col 45}    Robust
{col 1}             log_fi_res_totl_mo{col 33}{c |}      Coef.{col 45}   Std. Err.{col 57}      t{col 65}   P>|t|{col 73}     [95% Con{col 86}f. Interval]
{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}log_fi_res_totl_mo {c |}
{space 28}L1. {c |}{col 33}{res}{space 2} .7485842{col 45}{space 2} .0533028{col 56}{space 1}   14.04{col 65}{space 3}0.000{col 73}{space 4} .6416244{col 86}{space 3}  .855544
{txt}{space 31} {c |}
{space 12}polity_frac_polit12 {c |}{col 33}{res}{space 2} .0462836{col 45}{space 2} .0378359{col 56}{space 1}    1.22{col 65}{space 3}0.227{col 73}{space 4}-.0296398{col 86}{space 3} .1222069
{txt}{space 24}ir_diff {c |}{col 33}{res}{space 2}-.0027301{col 45}{space 2}  .065345{col 56}{space 1}   -0.04{col 65}{space 3}0.967{col 73}{space 4}-.1338544{col 86}{space 3} .1283943
{txt}{space 31} {c |}
c.polity_frac_polit12#c.ir_diff {c |}{col 33}{res}{space 2}-.2628434{col 45}{space 2}  .136546{col 56}{space 1}   -1.92{col 65}{space 3}0.060{col 73}{space 4} -.536843{col 86}{space 3} .0111562
{txt}{space 31} {c |}
{space 24}polity2 {c |}{col 33}{res}{space 2} .0069051{col 45}{space 2} .0037731{col 56}{space 1}    1.83{col 65}{space 3}0.073{col 73}{space 4}-.0006661{col 86}{space 3} .0144763
{txt}{space 18}sum_imftotal5 {c |}{col 33}{res}{space 2} .0115326{col 45}{space 2} .0391472{col 56}{space 1}    0.29{col 65}{space 3}0.769{col 73}{space 4}-.0670219{col 86}{space 3} .0900872
{txt}{space 17}ne_imp_gnfs_zs {c |}{col 33}{res}{space 2}-.0027418{col 45}{space 2} .0018797{col 56}{space 1}   -1.46{col 65}{space 3}0.151{col 73}{space 4}-.0065137{col 86}{space 3} .0010301
{txt}{space 18}trade_balance {c |}{col 33}{res}{space 2}  .014688{col 45}{space 2} .0040244{col 56}{space 1}    3.65{col 65}{space 3}0.001{col 73}{space 4} .0066124{col 86}{space 3} .0227636
{txt}{space 22}cbi_irreg {c |}{col 33}{res}{space 2} .0089377{col 45}{space 2} .0207377{col 56}{space 1}    0.43{col 65}{space 3}0.668{col 73}{space 4}-.0326755{col 86}{space 3} .0505509
{txt}{space 19}presidential {c |}{col 33}{res}{space 2} .1004923{col 45}{space 2} .0785835{col 56}{space 1}    1.28{col 65}{space 3}0.207{col 73}{space 4}-.0571971{col 86}{space 3} .2581818
{txt}{space 22}log_gdppc {c |}{col 33}{res}{space 2}-.0554454{col 45}{space 2} .0655835{col 56}{space 1}   -0.85{col 65}{space 3}0.402{col 73}{space 4}-.1870483{col 86}{space 3} .0761575
{txt}{space 21}gdp_growth {c |}{col 33}{res}{space 2}-.0084852{col 45}{space 2} .0047579{col 56}{space 1}   -1.78{col 65}{space 3}0.080{col 73}{space 4}-.0180327{col 86}{space 3} .0010622
{txt}{space 24}log_pop {c |}{col 33}{res}{space 2} .3657445{col 45}{space 2} .2966357{col 56}{space 1}    1.23{col 65}{space 3}0.223{col 73}{space 4}-.2294986{col 86}{space 3} .9609877
{txt}{space 25}kaopen {c |}{col 33}{res}{space 2}-.0208868{col 45}{space 2}  .015578{col 56}{space 1}   -1.34{col 65}{space 3}0.186{col 73}{space 4}-.0521464{col 86}{space 3} .0103728
{txt}{space 19}currency_peg {c |}{col 33}{res}{space 2}  .022515{col 45}{space 2} .0479796{col 56}{space 1}    0.47{col 65}{space 3}0.641{col 73}{space 4}-.0737631{col 86}{space 3} .1187931
{txt}{space 16}currency_binary {c |}{col 33}{res}{space 2}-.1204408{col 45}{space 2} .0331121{col 56}{space 1}   -3.64{col 65}{space 3}0.001{col 73}{space 4}-.1868851{col 86}{space 3}-.0539966
{txt}{space 21}time_trend {c |}{col 33}{res}{space 2}-.0004723{col 45}{space 2} .0075841{col 56}{space 1}   -0.06{col 65}{space 3}0.951{col 73}{space 4}-.0156909{col 86}{space 3} .0147463
{txt}{space 26}_cons {c |}{col 33}{res}{space 2}-5.436681{col 45}{space 2}  5.09869{col 56}{space 1}   -1.07{col 65}{space 3}0.291{col 73}{space 4}-15.66795{col 86}{space 3} 4.794588
{txt}{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                        sigma_u {c |} {res} .48920527
                        {txt}sigma_e {c |} {res} .28830096
                            {txt}rho {c |} {res} .74222293{txt}   (fraction of variance due to u_i)
{hline 32}{c BT}{hline 64}

{com}. 
. est store tab20
{txt}
{com}. 
. * Table 56:
. *esttab tab17 tab18 tab19 tab20 using spell_sub5.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H6: central bank independence
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit11_binary##c.cbi_irreg    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if currency_spell <=5, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1190
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       58

{txt}R-sq:  within  = {res}0.6566                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.7194                                        {txt}avg = {res}     20.5
{txt}       overall = {res}0.6744                                        {txt}max = {res}       32

                                                {txt}F({res}16{txt},{res}57{txt})           = {res}    66.61
{txt}corr(u_i, Xb)  = {res}-0.4515                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 96:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}            log_fi_res_totl_mo{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      t{col 64}   P>|t|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}log_fi_res_totl_mo {c |}
{space 27}L1. {c |}{col 32}{res}{space 2} .7889471{col 44}{space 2} .0442468{col 55}{space 1}   17.83{col 64}{space 3}0.000{col 72}{space 4} .7003445{col 85}{space 3} .8775498
{txt}{space 30} {c |}
{space 10}1.sum_polit11_binary {c |}{col 32}{res}{space 2} .0337913{col 44}{space 2} .0320711{col 55}{space 1}    1.05{col 64}{space 3}0.296{col 72}{space 4}  -.03043{col 85}{space 3} .0980126
{txt}{space 21}cbi_irreg {c |}{col 32}{res}{space 2} .0158367{col 44}{space 2} .0240994{col 55}{space 1}    0.66{col 64}{space 3}0.514{col 72}{space 4}-.0324216{col 85}{space 3} .0640949
{txt}{space 30} {c |}
sum_polit11_binary#c.cbi_irreg {c |}
{space 28}1  {c |}{col 32}{res}{space 2} .0049526{col 44}{space 2} .0291418{col 55}{space 1}    0.17{col 64}{space 3}0.866{col 72}{space 4}-.0534029{col 85}{space 3}  .063308
{txt}{space 30} {c |}
{space 23}polity2 {c |}{col 32}{res}{space 2} .0070911{col 44}{space 2} .0031454{col 55}{space 1}    2.25{col 64}{space 3}0.028{col 72}{space 4} .0007926{col 85}{space 3} .0133896
{txt}{space 17}sum_imftotal5 {c |}{col 32}{res}{space 2} .0085373{col 44}{space 2} .0386625{col 55}{space 1}    0.22{col 64}{space 3}0.826{col 72}{space 4}-.0688829{col 85}{space 3} .0859575
{txt}{space 16}ne_imp_gnfs_zs {c |}{col 32}{res}{space 2}-.0022161{col 44}{space 2} .0016942{col 55}{space 1}   -1.31{col 64}{space 3}0.196{col 72}{space 4}-.0056086{col 85}{space 3} .0011765
{txt}{space 17}trade_balance {c |}{col 32}{res}{space 2} .0172781{col 44}{space 2}  .003378{col 55}{space 1}    5.11{col 64}{space 3}0.000{col 72}{space 4} .0105138{col 85}{space 3} .0240425
{txt}{space 18}presidential {c |}{col 32}{res}{space 2} .0683745{col 44}{space 2} .0787044{col 55}{space 1}    0.87{col 64}{space 3}0.389{col 72}{space 4}-.0892284{col 85}{space 3} .2259774
{txt}{space 21}log_gdppc {c |}{col 32}{res}{space 2}-.0918273{col 44}{space 2} .0558958{col 55}{space 1}   -1.64{col 64}{space 3}0.106{col 72}{space 4}-.2037567{col 85}{space 3} .0201022
{txt}{space 20}gdp_growth {c |}{col 32}{res}{space 2}-.0078601{col 44}{space 2} .0045056{col 55}{space 1}   -1.74{col 64}{space 3}0.086{col 72}{space 4}-.0168823{col 85}{space 3} .0011622
{txt}{space 23}log_pop {c |}{col 32}{res}{space 2} .2334962{col 44}{space 2}  .250999{col 55}{space 1}    0.93{col 64}{space 3}0.356{col 72}{space 4}-.2691207{col 85}{space 3} .7361132
{txt}{space 24}kaopen {c |}{col 32}{res}{space 2} -.019742{col 44}{space 2} .0147653{col 55}{space 1}   -1.34{col 64}{space 3}0.187{col 72}{space 4} -.049309{col 85}{space 3}  .009825
{txt}{space 18}currency_peg {c |}{col 32}{res}{space 2} .0400921{col 44}{space 2} .0436706{col 55}{space 1}    0.92{col 64}{space 3}0.362{col 72}{space 4}-.0473569{col 85}{space 3}  .127541
{txt}{space 15}currency_binary {c |}{col 32}{res}{space 2}-.1016926{col 44}{space 2} .0325095{col 55}{space 1}   -3.13{col 64}{space 3}0.003{col 72}{space 4}-.1667917{col 85}{space 3}-.0365935
{txt}{space 20}time_trend {c |}{col 32}{res}{space 2} .0014168{col 44}{space 2} .0063606{col 55}{space 1}    0.22{col 64}{space 3}0.825{col 72}{space 4}  -.01132{col 85}{space 3} .0141536
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-3.046304{col 44}{space 2} 4.305043{col 55}{space 1}   -0.71{col 64}{space 3}0.482{col 72}{space 4}  -11.667{col 85}{space 3} 5.574396
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                       sigma_u {c |} {res} .37234642
                       {txt}sigma_e {c |} {res} .29382025
                           {txt}rho {c |} {res} .61626218{txt}   (fraction of variance due to u_i)
{hline 31}{c BT}{hline 64}

{com}. 
. est store tab21
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit11##c.cbi_irreg     polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if currency_spell <=5, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1188
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       58

{txt}R-sq:  within  = {res}0.6553                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6732                                        {txt}avg = {res}     20.5
{txt}       overall = {res}0.6374                                        {txt}max = {res}       32

                                                {txt}F({res}16{txt},{res}57{txt})           = {res}    61.27
{txt}corr(u_i, Xb)  = {res}-0.5173                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 99:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 34}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 35}{c |}{col 47}    Robust
{col 1}               log_fi_res_totl_mo{col 35}{c |}      Coef.{col 47}   Std. Err.{col 59}      t{col 67}   P>|t|{col 75}     [95% Con{col 88}f. Interval]
{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 15}log_fi_res_totl_mo {c |}
{space 30}L1. {c |}{col 35}{res}{space 2} .7865373{col 47}{space 2} .0445804{col 58}{space 1}   17.64{col 67}{space 3}0.000{col 75}{space 4} .6972665{col 88}{space 3}  .875808
{txt}{space 33} {c |}
{space 14}polity_frac_polit11 {c |}{col 35}{res}{space 2} .0363754{col 47}{space 2} .0362831{col 58}{space 1}    1.00{col 67}{space 3}0.320{col 75}{space 4}-.0362802{col 88}{space 3}  .109031
{txt}{space 24}cbi_irreg {c |}{col 35}{res}{space 2} .0250459{col 47}{space 2} .0218042{col 58}{space 1}    1.15{col 67}{space 3}0.255{col 75}{space 4}-.0186164{col 88}{space 3} .0687081
{txt}{space 33} {c |}
c.polity_frac_polit11#c.cbi_irreg {c |}{col 35}{res}{space 2}-.0165766{col 47}{space 2} .0356004{col 58}{space 1}   -0.47{col 67}{space 3}0.643{col 75}{space 4}-.0878652{col 88}{space 3}  .054712
{txt}{space 33} {c |}
{space 26}polity2 {c |}{col 35}{res}{space 2} .0070117{col 47}{space 2} .0032347{col 58}{space 1}    2.17{col 67}{space 3}0.034{col 75}{space 4} .0005344{col 88}{space 3}  .013489
{txt}{space 20}sum_imftotal5 {c |}{col 35}{res}{space 2} .0121904{col 47}{space 2} .0386707{col 58}{space 1}    0.32{col 67}{space 3}0.754{col 75}{space 4}-.0652464{col 88}{space 3} .0896271
{txt}{space 19}ne_imp_gnfs_zs {c |}{col 35}{res}{space 2} -.002204{col 47}{space 2} .0016778{col 58}{space 1}   -1.31{col 67}{space 3}0.194{col 75}{space 4}-.0055637{col 88}{space 3} .0011556
{txt}{space 20}trade_balance {c |}{col 35}{res}{space 2} .0170263{col 47}{space 2} .0033568{col 58}{space 1}    5.07{col 67}{space 3}0.000{col 75}{space 4} .0103043{col 88}{space 3} .0237482
{txt}{space 21}presidential {c |}{col 35}{res}{space 2} .0796216{col 47}{space 2} .0779793{col 58}{space 1}    1.02{col 67}{space 3}0.312{col 75}{space 4}-.0765293{col 88}{space 3} .2357725
{txt}{space 24}log_gdppc {c |}{col 35}{res}{space 2}-.0827153{col 47}{space 2} .0574281{col 58}{space 1}   -1.44{col 67}{space 3}0.155{col 75}{space 4}-.1977131{col 88}{space 3} .0322825
{txt}{space 23}gdp_growth {c |}{col 35}{res}{space 2}-.0080665{col 47}{space 2} .0044562{col 58}{space 1}   -1.81{col 67}{space 3}0.076{col 75}{space 4}-.0169898{col 88}{space 3} .0008569
{txt}{space 26}log_pop {c |}{col 35}{res}{space 2} .2782364{col 47}{space 2} .2487997{col 58}{space 1}    1.12{col 67}{space 3}0.268{col 75}{space 4}-.2199764{col 88}{space 3} .7764491
{txt}{space 27}kaopen {c |}{col 35}{res}{space 2}-.0177225{col 47}{space 2} .0150412{col 58}{space 1}   -1.18{col 67}{space 3}0.244{col 75}{space 4} -.047842{col 88}{space 3}  .012397
{txt}{space 21}currency_peg {c |}{col 35}{res}{space 2} .0350157{col 47}{space 2} .0443384{col 58}{space 1}    0.79{col 67}{space 3}0.433{col 75}{space 4}-.0537704{col 88}{space 3} .1238019
{txt}{space 18}currency_binary {c |}{col 35}{res}{space 2}-.1053771{col 47}{space 2} .0313634{col 58}{space 1}   -3.36{col 67}{space 3}0.001{col 75}{space 4}-.1681812{col 88}{space 3}-.0425729
{txt}{space 23}time_trend {c |}{col 35}{res}{space 2} .0001916{col 47}{space 2} .0064623{col 58}{space 1}    0.03{col 67}{space 3}0.976{col 75}{space 4}-.0127489{col 88}{space 3} .0131322
{txt}{space 28}_cons {c |}{col 35}{res}{space 2}-3.828006{col 47}{space 2}  4.28275{col 58}{space 1}   -0.89{col 67}{space 3}0.375{col 75}{space 4}-12.40407{col 88}{space 3} 4.748054
{txt}{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                          sigma_u {c |} {res} .42637201
                          {txt}sigma_e {c |} {res} .29353269
                              {txt}rho {c |} {res} .67844754{txt}   (fraction of variance due to u_i)
{hline 34}{c BT}{hline 64}

{com}. 
. est store tab22
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit12_binary##c.cbi_irreg    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if currency_spell <=5, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1190
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       58

{txt}R-sq:  within  = {res}0.6577                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.7292                                        {txt}avg = {res}     20.5
{txt}       overall = {res}0.6806                                        {txt}max = {res}       32

                                                {txt}F({res}16{txt},{res}57{txt})           = {res}    60.61
{txt}corr(u_i, Xb)  = {res}-0.4368                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 96:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}            log_fi_res_totl_mo{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      t{col 64}   P>|t|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}log_fi_res_totl_mo {c |}
{space 27}L1. {c |}{col 32}{res}{space 2} .7875595{col 44}{space 2} .0443436{col 55}{space 1}   17.76{col 64}{space 3}0.000{col 72}{space 4} .6987629{col 85}{space 3}  .876356
{txt}{space 30} {c |}
{space 10}1.sum_polit12_binary {c |}{col 32}{res}{space 2} .0722731{col 44}{space 2}   .03944{col 55}{space 1}    1.83{col 64}{space 3}0.072{col 72}{space 4}-.0067041{col 85}{space 3} .1512502
{txt}{space 21}cbi_irreg {c |}{col 32}{res}{space 2} .0130005{col 44}{space 2} .0188698{col 55}{space 1}    0.69{col 64}{space 3}0.494{col 72}{space 4}-.0247857{col 85}{space 3} .0507866
{txt}{space 30} {c |}
sum_polit12_binary#c.cbi_irreg {c |}
{space 28}1  {c |}{col 32}{res}{space 2} .0171872{col 44}{space 2} .0314253{col 55}{space 1}    0.55{col 64}{space 3}0.587{col 72}{space 4}-.0457409{col 85}{space 3} .0801153
{txt}{space 30} {c |}
{space 23}polity2 {c |}{col 32}{res}{space 2}  .006962{col 44}{space 2} .0030762{col 55}{space 1}    2.26{col 64}{space 3}0.027{col 72}{space 4}  .000802{col 85}{space 3} .0131221
{txt}{space 17}sum_imftotal5 {c |}{col 32}{res}{space 2} .0007553{col 44}{space 2} .0400819{col 55}{space 1}    0.02{col 64}{space 3}0.985{col 72}{space 4}-.0795073{col 85}{space 3} .0810178
{txt}{space 16}ne_imp_gnfs_zs {c |}{col 32}{res}{space 2}-.0018179{col 44}{space 2} .0016758{col 55}{space 1}   -1.08{col 64}{space 3}0.283{col 72}{space 4}-.0051736{col 85}{space 3} .0015377
{txt}{space 17}trade_balance {c |}{col 32}{res}{space 2} .0171625{col 44}{space 2} .0032692{col 55}{space 1}    5.25{col 64}{space 3}0.000{col 72}{space 4} .0106161{col 85}{space 3} .0237089
{txt}{space 18}presidential {c |}{col 32}{res}{space 2} .0777373{col 44}{space 2} .0792952{col 55}{space 1}    0.98{col 64}{space 3}0.331{col 72}{space 4}-.0810486{col 85}{space 3} .2365231
{txt}{space 21}log_gdppc {c |}{col 32}{res}{space 2}-.0887341{col 44}{space 2} .0568363{col 55}{space 1}   -1.56{col 64}{space 3}0.124{col 72}{space 4}-.2025469{col 85}{space 3} .0250787
{txt}{space 20}gdp_growth {c |}{col 32}{res}{space 2}-.0079822{col 44}{space 2} .0044674{col 55}{space 1}   -1.79{col 64}{space 3}0.079{col 72}{space 4}-.0169279{col 85}{space 3} .0009636
{txt}{space 23}log_pop {c |}{col 32}{res}{space 2} .2282739{col 44}{space 2} .2434839{col 55}{space 1}    0.94{col 64}{space 3}0.352{col 72}{space 4}-.2592941{col 85}{space 3} .7158419
{txt}{space 24}kaopen {c |}{col 32}{res}{space 2}-.0210346{col 44}{space 2} .0149566{col 55}{space 1}   -1.41{col 64}{space 3}0.165{col 72}{space 4}-.0509847{col 85}{space 3} .0089155
{txt}{space 18}currency_peg {c |}{col 32}{res}{space 2} .0371351{col 44}{space 2} .0437652{col 55}{space 1}    0.85{col 64}{space 3}0.400{col 72}{space 4}-.0505031{col 85}{space 3} .1247733
{txt}{space 15}currency_binary {c |}{col 32}{res}{space 2}-.1015136{col 44}{space 2} .0320686{col 55}{space 1}   -3.17{col 64}{space 3}0.002{col 72}{space 4}-.1657298{col 85}{space 3}-.0372973
{txt}{space 20}time_trend {c |}{col 32}{res}{space 2} .0013982{col 44}{space 2} .0063543{col 55}{space 1}    0.22{col 64}{space 3}0.827{col 72}{space 4} -.011326{col 85}{space 3} .0141225
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-2.993963{col 44}{space 2} 4.187287{col 55}{space 1}   -0.72{col 64}{space 3}0.478{col 72}{space 4}-11.37886{col 85}{space 3} 5.390935
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                       sigma_u {c |} {res} .36164617
                       {txt}sigma_e {c |} {res} .29336211
                           {txt}rho {c |} {res} .60312837{txt}   (fraction of variance due to u_i)
{hline 31}{c BT}{hline 64}

{com}. 
. est store tab23
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit12##c.cbi_irreg    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend if currency_spell <=5, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1188
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       58

{txt}R-sq:  within  = {res}0.6565                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6973                                        {txt}avg = {res}     20.5
{txt}       overall = {res}0.6555                                        {txt}max = {res}       32

                                                {txt}F({res}16{txt},{res}57{txt})           = {res}    63.20
{txt}corr(u_i, Xb)  = {res}-0.4807                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 99:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 34}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 35}{c |}{col 47}    Robust
{col 1}               log_fi_res_totl_mo{col 35}{c |}      Coef.{col 47}   Std. Err.{col 59}      t{col 67}   P>|t|{col 75}     [95% Con{col 88}f. Interval]
{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 15}log_fi_res_totl_mo {c |}
{space 30}L1. {c |}{col 35}{res}{space 2}  .782431{col 47}{space 2} .0452136{col 58}{space 1}   17.31{col 67}{space 3}0.000{col 75}{space 4} .6918923{col 88}{space 3} .8729697
{txt}{space 33} {c |}
{space 14}polity_frac_polit12 {c |}{col 35}{res}{space 2}  .086005{col 47}{space 2} .0471304{col 58}{space 1}    1.82{col 67}{space 3}0.073{col 75}{space 4} -.008372{col 88}{space 3} .1803821
{txt}{space 24}cbi_irreg {c |}{col 35}{res}{space 2} .0159627{col 47}{space 2} .0192058{col 58}{space 1}    0.83{col 67}{space 3}0.409{col 75}{space 4}-.0224962{col 88}{space 3} .0544216
{txt}{space 33} {c |}
c.polity_frac_polit12#c.cbi_irreg {c |}{col 35}{res}{space 2} .0040965{col 47}{space 2} .0407317{col 58}{space 1}    0.10{col 67}{space 3}0.920{col 75}{space 4}-.0774673{col 88}{space 3} .0856604
{txt}{space 33} {c |}
{space 26}polity2 {c |}{col 35}{res}{space 2} .0065287{col 47}{space 2} .0030675{col 58}{space 1}    2.13{col 67}{space 3}0.038{col 75}{space 4} .0003862{col 88}{space 3} .0126712
{txt}{space 20}sum_imftotal5 {c |}{col 35}{res}{space 2} .0068907{col 47}{space 2} .0394948{col 58}{space 1}    0.17{col 67}{space 3}0.862{col 75}{space 4}-.0721964{col 88}{space 3} .0859778
{txt}{space 19}ne_imp_gnfs_zs {c |}{col 35}{res}{space 2}-.0018142{col 47}{space 2} .0017204{col 58}{space 1}   -1.05{col 67}{space 3}0.296{col 75}{space 4}-.0052592{col 88}{space 3} .0016307
{txt}{space 20}trade_balance {c |}{col 35}{res}{space 2} .0169589{col 47}{space 2} .0032725{col 58}{space 1}    5.18{col 67}{space 3}0.000{col 75}{space 4} .0104059{col 88}{space 3} .0235119
{txt}{space 21}presidential {c |}{col 35}{res}{space 2} .0926756{col 47}{space 2} .0792136{col 58}{space 1}    1.17{col 67}{space 3}0.247{col 75}{space 4}-.0659469{col 88}{space 3}  .251298
{txt}{space 24}log_gdppc {c |}{col 35}{res}{space 2}-.0804595{col 47}{space 2} .0589109{col 58}{space 1}   -1.37{col 67}{space 3}0.177{col 75}{space 4}-.1984266{col 88}{space 3} .0375076
{txt}{space 23}gdp_growth {c |}{col 35}{res}{space 2}-.0080622{col 47}{space 2} .0044259{col 58}{space 1}   -1.82{col 67}{space 3}0.074{col 75}{space 4}-.0169248{col 88}{space 3} .0008004
{txt}{space 26}log_pop {c |}{col 35}{res}{space 2} .2600123{col 47}{space 2}  .249152{col 58}{space 1}    1.04{col 67}{space 3}0.301{col 75}{space 4}-.2389059{col 88}{space 3} .7589306
{txt}{space 27}kaopen {c |}{col 35}{res}{space 2}-.0182381{col 47}{space 2} .0152796{col 58}{space 1}   -1.19{col 67}{space 3}0.238{col 75}{space 4} -.048835{col 88}{space 3} .0123589
{txt}{space 21}currency_peg {c |}{col 35}{res}{space 2} .0376103{col 47}{space 2} .0437272{col 58}{space 1}    0.86{col 67}{space 3}0.393{col 75}{space 4}-.0499518{col 88}{space 3} .1251725
{txt}{space 18}currency_binary {c |}{col 35}{res}{space 2}-.1067037{col 47}{space 2} .0315885{col 58}{space 1}   -3.38{col 67}{space 3}0.001{col 75}{space 4}-.1699586{col 88}{space 3}-.0434488
{txt}{space 23}time_trend {c |}{col 35}{res}{space 2} .0004812{col 47}{space 2} .0065755{col 58}{space 1}    0.07{col 67}{space 3}0.942{col 75}{space 4}-.0126861{col 88}{space 3} .0136485
{txt}{space 28}_cons {c |}{col 35}{res}{space 2}-3.559295{col 47}{space 2} 4.294299{col 58}{space 1}   -0.83{col 67}{space 3}0.411{col 75}{space 4}-12.15848{col 88}{space 3}  5.03989
{txt}{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                          sigma_u {c |} {res} .39761549
                          {txt}sigma_e {c |} {res} .29302906
                              {txt}rho {c |} {res} .64803827{txt}   (fraction of variance due to u_i)
{hline 34}{c BT}{hline 64}

{com}. 
. est store tab24
{txt}
{com}. 
. * Table 57:
. *esttab tab21 tab22 tab23 tab24 using spell_sub6.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. * Tables 58 - 63: Controlling For The Length of the Previous Currency Crisis
. 
. * H1
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit11_binary    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend currency_spell, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1284
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6558                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6915                                        {txt}avg = {res}     21.8
{txt}       overall = {res}0.6418                                        {txt}max = {res}       32

                                                {txt}F({res}16{txt},{res}58{txt})           = {res}    77.84
{txt}corr(u_i, Xb)  = {res}-0.5373                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 84:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 20}{c |}{col 32}    Robust
{col 1}log_fi_res_totl_mo{col 20}{c |}      Coef.{col 32}   Std. Err.{col 44}      t{col 52}   P>|t|{col 60}     [95% Con{col 73}f. Interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
log_fi_res_totl_mo {c |}
{space 15}L1. {c |}{col 20}{res}{space 2} .7847275{col 32}{space 2} .0425883{col 43}{space 1}   18.43{col 52}{space 3}0.000{col 60}{space 4} .6994778{col 73}{space 3} .8699771
{txt}{space 18} {c |}
sum_polit11_binary {c |}{col 20}{res}{space 2} .0353134{col 32}{space 2} .0305386{col 43}{space 1}    1.16{col 52}{space 3}0.252{col 60}{space 4}-.0258164{col 73}{space 3} .0964431
{txt}{space 11}polity2 {c |}{col 20}{res}{space 2} .0069241{col 32}{space 2} .0030178{col 43}{space 1}    2.29{col 52}{space 3}0.025{col 60}{space 4} .0008834{col 73}{space 3} .0129648
{txt}{space 5}sum_imftotal5 {c |}{col 20}{res}{space 2} .0122409{col 32}{space 2} .0354203{col 43}{space 1}    0.35{col 52}{space 3}0.731{col 60}{space 4}-.0586607{col 73}{space 3} .0831424
{txt}{space 4}ne_imp_gnfs_zs {c |}{col 20}{res}{space 2}-.0018956{col 32}{space 2} .0016637{col 43}{space 1}   -1.14{col 52}{space 3}0.259{col 60}{space 4} -.005226{col 73}{space 3} .0014347
{txt}{space 5}trade_balance {c |}{col 20}{res}{space 2} .0168986{col 32}{space 2} .0032722{col 43}{space 1}    5.16{col 52}{space 3}0.000{col 60}{space 4} .0103484{col 73}{space 3} .0234487
{txt}{space 9}cbi_irreg {c |}{col 20}{res}{space 2} .0252415{col 32}{space 2}  .017037{col 43}{space 1}    1.48{col 52}{space 3}0.144{col 60}{space 4}-.0088617{col 73}{space 3} .0593448
{txt}{space 6}presidential {c |}{col 20}{res}{space 2} .0684102{col 32}{space 2}  .077832{col 43}{space 1}    0.88{col 52}{space 3}0.383{col 60}{space 4}-.0873875{col 73}{space 3} .2242079
{txt}{space 9}log_gdppc {c |}{col 20}{res}{space 2}-.0856654{col 32}{space 2} .0523028{col 43}{space 1}   -1.64{col 52}{space 3}0.107{col 60}{space 4}-.1903609{col 73}{space 3} .0190301
{txt}{space 8}gdp_growth {c |}{col 20}{res}{space 2}-.0080793{col 32}{space 2} .0043405{col 43}{space 1}   -1.86{col 52}{space 3}0.068{col 60}{space 4}-.0167677{col 73}{space 3} .0006091
{txt}{space 11}log_pop {c |}{col 20}{res}{space 2} .2671617{col 32}{space 2}  .237745{col 43}{space 1}    1.12{col 52}{space 3}0.266{col 60}{space 4}-.2087366{col 73}{space 3}   .74306
{txt}{space 12}kaopen {c |}{col 20}{res}{space 2}-.0189267{col 32}{space 2}   .01382{col 43}{space 1}   -1.37{col 52}{space 3}0.176{col 60}{space 4}-.0465905{col 73}{space 3} .0087372
{txt}{space 6}currency_peg {c |}{col 20}{res}{space 2} .0276016{col 32}{space 2} .0418018{col 43}{space 1}    0.66{col 52}{space 3}0.512{col 60}{space 4}-.0560738{col 73}{space 3} .1112771
{txt}{space 3}currency_binary {c |}{col 20}{res}{space 2}-.1122792{col 32}{space 2} .0312347{col 43}{space 1}   -3.59{col 52}{space 3}0.001{col 60}{space 4}-.1748022{col 73}{space 3}-.0497561
{txt}{space 8}time_trend {c |}{col 20}{res}{space 2} .0005357{col 32}{space 2} .0060829{col 43}{space 1}    0.09{col 52}{space 3}0.930{col 60}{space 4}-.0116406{col 73}{space 3}  .012712
{txt}{space 4}currency_spell {c |}{col 20}{res}{space 2}-.0003414{col 32}{space 2} .0033648{col 43}{space 1}   -0.10{col 52}{space 3}0.920{col 60}{space 4}-.0070768{col 73}{space 3}  .006394
{txt}{space 13}_cons {c |}{col 20}{res}{space 2}-3.627218{col 32}{space 2} 4.070007{col 43}{space 1}   -0.89{col 52}{space 3}0.377{col 60}{space 4}-11.77422{col 73}{space 3} 4.519787
{txt}{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
           sigma_u {c |} {res} .40507309
           {txt}sigma_e {c |} {res} .28893577
               {txt}rho {c |} {res} .66278417{txt}   (fraction of variance due to u_i)
{hline 19}{c BT}{hline 64}

{com}. 
. est store tab1
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo polity_frac_polit11    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend currency_spell, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1282
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6546                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6534                                        {txt}avg = {res}     21.7
{txt}       overall = {res}0.6102                                        {txt}max = {res}       32

                                                {txt}F({res}16{txt},{res}58{txt})           = {res}    74.09
{txt}corr(u_i, Xb)  = {res}-0.5847                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 85:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 20}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 21}{c |}{col 33}    Robust
{col 1} log_fi_res_totl_mo{col 21}{c |}      Coef.{col 33}   Std. Err.{col 45}      t{col 53}   P>|t|{col 61}     [95% Con{col 74}f. Interval]
{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}log_fi_res_totl_mo {c |}
{space 16}L1. {c |}{col 21}{res}{space 2} .7820339{col 33}{space 2} .0432452{col 44}{space 1}   18.08{col 53}{space 3}0.000{col 61}{space 4} .6954692{col 74}{space 3} .8685985
{txt}{space 19} {c |}
polity_frac_polit11 {c |}{col 21}{res}{space 2} .0537836{col 33}{space 2} .0230639{col 44}{space 1}    2.33{col 53}{space 3}0.023{col 61}{space 4} .0076161{col 74}{space 3} .0999511
{txt}{space 12}polity2 {c |}{col 21}{res}{space 2} .0068106{col 33}{space 2} .0030988{col 44}{space 1}    2.20{col 53}{space 3}0.032{col 61}{space 4} .0006078{col 74}{space 3} .0130135
{txt}{space 6}sum_imftotal5 {c |}{col 21}{res}{space 2} .0137327{col 33}{space 2} .0347225{col 44}{space 1}    0.40{col 53}{space 3}0.694{col 61}{space 4}-.0557719{col 74}{space 3} .0832372
{txt}{space 5}ne_imp_gnfs_zs {c |}{col 21}{res}{space 2}-.0019185{col 33}{space 2} .0016675{col 44}{space 1}   -1.15{col 53}{space 3}0.255{col 61}{space 4}-.0052564{col 74}{space 3} .0014194
{txt}{space 6}trade_balance {c |}{col 21}{res}{space 2} .0166205{col 33}{space 2} .0032212{col 44}{space 1}    5.16{col 53}{space 3}0.000{col 61}{space 4} .0101725{col 74}{space 3} .0230685
{txt}{space 10}cbi_irreg {c |}{col 21}{res}{space 2}  .023662{col 33}{space 2} .0168416{col 44}{space 1}    1.40{col 53}{space 3}0.165{col 61}{space 4}-.0100501{col 74}{space 3} .0573741
{txt}{space 7}presidential {c |}{col 21}{res}{space 2} .0776565{col 33}{space 2} .0769757{col 44}{space 1}    1.01{col 53}{space 3}0.317{col 61}{space 4}-.0764272{col 74}{space 3} .2317401
{txt}{space 10}log_gdppc {c |}{col 21}{res}{space 2}-.0779801{col 33}{space 2} .0537577{col 44}{space 1}   -1.45{col 53}{space 3}0.152{col 61}{space 4}-.1855878{col 74}{space 3} .0296276
{txt}{space 9}gdp_growth {c |}{col 21}{res}{space 2}-.0082698{col 33}{space 2} .0043015{col 44}{space 1}   -1.92{col 53}{space 3}0.059{col 61}{space 4}-.0168803{col 74}{space 3} .0003406
{txt}{space 12}log_pop {c |}{col 21}{res}{space 2} .3053642{col 33}{space 2} .2396561{col 44}{space 1}    1.27{col 53}{space 3}0.208{col 61}{space 4}-.1743596{col 74}{space 3}  .785088
{txt}{space 13}kaopen {c |}{col 21}{res}{space 2}-.0176313{col 33}{space 2} .0136666{col 44}{space 1}   -1.29{col 53}{space 3}0.202{col 61}{space 4} -.044988{col 74}{space 3} .0097255
{txt}{space 7}currency_peg {c |}{col 21}{res}{space 2} .0244766{col 33}{space 2} .0416101{col 44}{space 1}    0.59{col 53}{space 3}0.559{col 61}{space 4} -.058815{col 74}{space 3} .1077683
{txt}{space 4}currency_binary {c |}{col 21}{res}{space 2}-.1163613{col 33}{space 2}  .030086{col 44}{space 1}   -3.87{col 53}{space 3}0.000{col 61}{space 4}-.1765849{col 74}{space 3}-.0561376
{txt}{space 9}time_trend {c |}{col 21}{res}{space 2}-.0003486{col 33}{space 2} .0061894{col 44}{space 1}   -0.06{col 53}{space 3}0.955{col 61}{space 4} -.012738{col 74}{space 3} .0120409
{txt}{space 5}currency_spell {c |}{col 21}{res}{space 2} -.000503{col 33}{space 2}  .003285{col 44}{space 1}   -0.15{col 53}{space 3}0.879{col 61}{space 4}-.0070787{col 74}{space 3} .0060727
{txt}{space 14}_cons {c |}{col 21}{res}{space 2}-4.303128{col 33}{space 2} 4.115402{col 44}{space 1}   -1.05{col 53}{space 3}0.300{col 61}{space 4}  -12.541{col 74}{space 3} 3.934744
{txt}{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
            sigma_u {c |} {res} .45200974
            {txt}sigma_e {c |} {res} .28861801
                {txt}rho {c |} {res} .71037364{txt}   (fraction of variance due to u_i)
{hline 20}{c BT}{hline 64}

{com}. 
. est store tab2
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit12_binary    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend currency_spell, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1284
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6565                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.7074                                        {txt}avg = {res}     21.8
{txt}       overall = {res}0.6531                                        {txt}max = {res}       32

                                                {txt}F({res}16{txt},{res}58{txt})           = {res}    68.49
{txt}corr(u_i, Xb)  = {res}-0.5177                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 84:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 20}{c |}{col 32}    Robust
{col 1}log_fi_res_totl_mo{col 20}{c |}      Coef.{col 32}   Std. Err.{col 44}      t{col 52}   P>|t|{col 60}     [95% Con{col 73}f. Interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
log_fi_res_totl_mo {c |}
{space 15}L1. {c |}{col 20}{res}{space 2} .7846935{col 32}{space 2} .0428897{col 43}{space 1}   18.30{col 52}{space 3}0.000{col 60}{space 4} .6988404{col 73}{space 3} .8705466
{txt}{space 18} {c |}
sum_polit12_binary {c |}{col 20}{res}{space 2}  .054118{col 32}{space 2} .0317845{col 43}{space 1}    1.70{col 52}{space 3}0.094{col 60}{space 4}-.0095056{col 73}{space 3} .1177415
{txt}{space 11}polity2 {c |}{col 20}{res}{space 2} .0069847{col 32}{space 2} .0029502{col 43}{space 1}    2.37{col 52}{space 3}0.021{col 60}{space 4} .0010791{col 73}{space 3} .0128902
{txt}{space 5}sum_imftotal5 {c |}{col 20}{res}{space 2} .0070333{col 32}{space 2} .0372112{col 43}{space 1}    0.19{col 52}{space 3}0.851{col 60}{space 4}-.0674529{col 73}{space 3} .0815196
{txt}{space 4}ne_imp_gnfs_zs {c |}{col 20}{res}{space 2}-.0015823{col 32}{space 2} .0016115{col 43}{space 1}   -0.98{col 52}{space 3}0.330{col 60}{space 4}-.0048079{col 73}{space 3} .0016434
{txt}{space 5}trade_balance {c |}{col 20}{res}{space 2} .0170333{col 32}{space 2} .0032024{col 43}{space 1}    5.32{col 52}{space 3}0.000{col 60}{space 4} .0106231{col 73}{space 3} .0234436
{txt}{space 9}cbi_irreg {c |}{col 20}{res}{space 2} .0266739{col 32}{space 2} .0170017{col 43}{space 1}    1.57{col 52}{space 3}0.122{col 60}{space 4}-.0073586{col 73}{space 3} .0607065
{txt}{space 6}presidential {c |}{col 20}{res}{space 2} .0754299{col 32}{space 2} .0788827{col 43}{space 1}    0.96{col 52}{space 3}0.343{col 60}{space 4} -.082471{col 73}{space 3} .2333308
{txt}{space 9}log_gdppc {c |}{col 20}{res}{space 2} -.084115{col 32}{space 2} .0528932{col 43}{space 1}   -1.59{col 52}{space 3}0.117{col 60}{space 4}-.1899922{col 73}{space 3} .0217622
{txt}{space 8}gdp_growth {c |}{col 20}{res}{space 2}-.0081627{col 32}{space 2} .0043302{col 43}{space 1}   -1.89{col 52}{space 3}0.064{col 60}{space 4}-.0168305{col 73}{space 3}  .000505
{txt}{space 11}log_pop {c |}{col 20}{res}{space 2} .2572052{col 32}{space 2} .2346229{col 43}{space 1}    1.10{col 52}{space 3}0.278{col 60}{space 4}-.2124436{col 73}{space 3} .7268539
{txt}{space 12}kaopen {c |}{col 20}{res}{space 2}-.0193177{col 32}{space 2} .0136368{col 43}{space 1}   -1.42{col 52}{space 3}0.162{col 60}{space 4}-.0466148{col 73}{space 3} .0079794
{txt}{space 6}currency_peg {c |}{col 20}{res}{space 2} .0257285{col 32}{space 2} .0412812{col 43}{space 1}    0.62{col 52}{space 3}0.536{col 60}{space 4}-.0569048{col 73}{space 3} .1083618
{txt}{space 3}currency_binary {c |}{col 20}{res}{space 2}-.1126079{col 32}{space 2} .0308268{col 43}{space 1}   -3.65{col 52}{space 3}0.001{col 60}{space 4}-.1743144{col 73}{space 3}-.0509014
{txt}{space 8}time_trend {c |}{col 20}{res}{space 2} .0005392{col 32}{space 2} .0060626{col 43}{space 1}    0.09{col 52}{space 3}0.929{col 60}{space 4}-.0115963{col 73}{space 3} .0126748
{txt}{space 4}currency_spell {c |}{col 20}{res}{space 2} .0000723{col 32}{space 2} .0034001{col 43}{space 1}    0.02{col 52}{space 3}0.983{col 60}{space 4}-.0067337{col 73}{space 3} .0068783
{txt}{space 13}_cons {c |}{col 20}{res}{space 2} -3.47788{col 32}{space 2} 4.023919{col 43}{space 1}   -0.86{col 52}{space 3}0.391{col 60}{space 4}-11.53263{col 73}{space 3}  4.57687
{txt}{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
           sigma_u {c |} {res} .38787248
           {txt}sigma_e {c |} {res} .28862492
               {txt}rho {c |} {res} .64361687{txt}   (fraction of variance due to u_i)
{hline 19}{c BT}{hline 64}

{com}. 
. est store tab3
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo polity_frac_polit12    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend currency_spell, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1282
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6553                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6779                                        {txt}avg = {res}     21.7
{txt}       overall = {res}0.6283                                        {txt}max = {res}       32

                                                {txt}F({res}16{txt},{res}58{txt})           = {res}    68.10
{txt}corr(u_i, Xb)  = {res}-0.5555                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 85:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 20}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 21}{c |}{col 33}    Robust
{col 1} log_fi_res_totl_mo{col 21}{c |}      Coef.{col 33}   Std. Err.{col 45}      t{col 53}   P>|t|{col 61}     [95% Con{col 74}f. Interval]
{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}log_fi_res_totl_mo {c |}
{space 16}L1. {c |}{col 21}{res}{space 2} .7798465{col 33}{space 2} .0436261{col 44}{space 1}   17.88{col 53}{space 3}0.000{col 61}{space 4} .6925192{col 74}{space 3} .8671737
{txt}{space 19} {c |}
polity_frac_polit12 {c |}{col 21}{res}{space 2} .0751336{col 33}{space 2} .0305293{col 44}{space 1}    2.46{col 53}{space 3}0.017{col 61}{space 4} .0140225{col 74}{space 3} .1362447
{txt}{space 12}polity2 {c |}{col 21}{res}{space 2}  .006537{col 33}{space 2} .0029521{col 44}{space 1}    2.21{col 53}{space 3}0.031{col 61}{space 4} .0006277{col 74}{space 3} .0124463
{txt}{space 6}sum_imftotal5 {c |}{col 21}{res}{space 2} .0097908{col 33}{space 2} .0370589{col 44}{space 1}    0.26{col 53}{space 3}0.793{col 61}{space 4}-.0643905{col 74}{space 3} .0839722
{txt}{space 5}ne_imp_gnfs_zs {c |}{col 21}{res}{space 2}-.0015443{col 33}{space 2} .0016675{col 44}{space 1}   -0.93{col 53}{space 3}0.358{col 61}{space 4}-.0048822{col 74}{space 3} .0017936
{txt}{space 6}trade_balance {c |}{col 21}{res}{space 2} .0168004{col 33}{space 2} .0032055{col 44}{space 1}    5.24{col 53}{space 3}0.000{col 61}{space 4} .0103839{col 74}{space 3} .0232169
{txt}{space 10}cbi_irreg {c |}{col 21}{res}{space 2} .0237837{col 33}{space 2} .0169017{col 44}{space 1}    1.41{col 53}{space 3}0.165{col 61}{space 4}-.0100488{col 74}{space 3} .0576162
{txt}{space 7}presidential {c |}{col 21}{res}{space 2}  .090677{col 33}{space 2} .0784443{col 44}{space 1}    1.16{col 53}{space 3}0.252{col 61}{space 4}-.0663464{col 74}{space 3} .2477004
{txt}{space 10}log_gdppc {c |}{col 21}{res}{space 2}-.0765699{col 33}{space 2} .0545941{col 44}{space 1}   -1.40{col 53}{space 3}0.166{col 61}{space 4}-.1858518{col 74}{space 3}  .032712
{txt}{space 9}gdp_growth {c |}{col 21}{res}{space 2}-.0082824{col 33}{space 2}   .00428{col 44}{space 1}   -1.94{col 53}{space 3}0.058{col 61}{space 4}-.0168497{col 74}{space 3}  .000285
{txt}{space 12}log_pop {c |}{col 21}{res}{space 2} .2881397{col 33}{space 2} .2378723{col 44}{space 1}    1.21{col 53}{space 3}0.231{col 61}{space 4}-.1880135{col 74}{space 3} .7642928
{txt}{space 13}kaopen {c |}{col 21}{res}{space 2}-.0180168{col 33}{space 2} .0137679{col 44}{space 1}   -1.31{col 53}{space 3}0.196{col 61}{space 4}-.0455762{col 74}{space 3} .0095426
{txt}{space 7}currency_peg {c |}{col 21}{res}{space 2} .0279577{col 33}{space 2} .0412868{col 44}{space 1}    0.68{col 53}{space 3}0.501{col 61}{space 4}-.0546869{col 74}{space 3} .1106022
{txt}{space 4}currency_binary {c |}{col 21}{res}{space 2}-.1165114{col 33}{space 2}  .030425{col 44}{space 1}   -3.83{col 53}{space 3}0.000{col 61}{space 4}-.1774136{col 74}{space 3}-.0556092
{txt}{space 9}time_trend {c |}{col 21}{res}{space 2}-.0002804{col 33}{space 2} .0062052{col 44}{space 1}   -0.05{col 53}{space 3}0.964{col 61}{space 4}-.0127014{col 74}{space 3} .0121406
{txt}{space 5}currency_spell {c |}{col 21}{res}{space 2}-.0003829{col 33}{space 2} .0034949{col 44}{space 1}   -0.11{col 53}{space 3}0.913{col 61}{space 4}-.0073787{col 74}{space 3} .0066128
{txt}{space 14}_cons {c |}{col 21}{res}{space 2}-4.030511{col 33}{space 2} 4.090448{col 44}{space 1}   -0.99{col 53}{space 3}0.329{col 61}{space 4}-12.21843{col 74}{space 3} 4.157411
{txt}{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
            sigma_u {c |} {res} .42340232
            {txt}sigma_e {c |} {res}  .2883324
                {txt}rho {c |} {res} .68317851{txt}   (fraction of variance due to u_i)
{hline 20}{c BT}{hline 64}

{com}. 
. est store tab4
{txt}
{com}. 
. * Table 58:
. **esttab tab1 tab2 tab3 tab4 using spell_control.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. * H2: multiple currency crises
. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo sum_polit11_binary##c.crises_reg_yr1_nor     polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend currency_spell  , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1284
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6565                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.7205                                        {txt}avg = {res}     21.8
{txt}       overall = {res}0.6657                                        {txt}max = {res}       32

                                                {txt}F({res}18{txt},{res}58{txt})           = {res}    74.41
{txt}corr(u_i, Xb)  = {res}-0.4888                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 105:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}{col 53}    Robust
{col 1}                     log_fi_res_totl_mo{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      t{col 73}   P>|t|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}lag_log_fi_res_totl_mo {c |}{col 41}{res}{space 2} .7831912{col 53}{space 2} .0413836{col 64}{space 1}   18.93{col 73}{space 3}0.000{col 81}{space 4} .7003529{col 94}{space 3} .8660296
{txt}{space 19}1.sum_polit11_binary {c |}{col 41}{res}{space 2}  .012132{col 53}{space 2} .0497749{col 64}{space 1}    0.24{col 73}{space 3}0.808{col 81}{space 4}-.0875033{col 94}{space 3} .1117673
{txt}{space 21}crises_reg_yr1_nor {c |}{col 41}{res}{space 2}-.0153423{col 53}{space 2} .0139727{col 64}{space 1}   -1.10{col 73}{space 3}0.277{col 81}{space 4}-.0433118{col 94}{space 3} .0126271
{txt}{space 39} {c |}
sum_polit11_binary#c.crises_reg_yr1_nor {c |}
{space 37}1  {c |}{col 41}{res}{space 2} .0091296{col 53}{space 2} .0122199{col 64}{space 1}    0.75{col 73}{space 3}0.458{col 81}{space 4}-.0153312{col 94}{space 3} .0335904
{txt}{space 39} {c |}
{space 32}polity2 {c |}{col 41}{res}{space 2} .0069841{col 53}{space 2} .0028462{col 64}{space 1}    2.45{col 73}{space 3}0.017{col 81}{space 4} .0012869{col 94}{space 3} .0126813
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2} .0127116{col 53}{space 2} .0349402{col 64}{space 1}    0.36{col 73}{space 3}0.717{col 81}{space 4}-.0572288{col 94}{space 3} .0826519
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2}-.0020555{col 53}{space 2} .0017298{col 64}{space 1}   -1.19{col 73}{space 3}0.240{col 81}{space 4} -.005518{col 94}{space 3}  .001407
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} .0166943{col 53}{space 2} .0033288{col 64}{space 1}    5.02{col 73}{space 3}0.000{col 81}{space 4}  .010031{col 94}{space 3} .0233576
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2} .0267559{col 53}{space 2}  .017131{col 64}{space 1}    1.56{col 73}{space 3}0.124{col 81}{space 4}-.0075355{col 94}{space 3} .0610474
{txt}{space 27}presidential {c |}{col 41}{res}{space 2} .0707603{col 53}{space 2} .0806724{col 64}{space 1}    0.88{col 73}{space 3}0.384{col 81}{space 4} -.090723{col 94}{space 3} .2322436
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2}-.0889304{col 53}{space 2}  .052204{col 64}{space 1}   -1.70{col 73}{space 3}0.094{col 81}{space 4}-.1934281{col 94}{space 3} .0155673
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0080619{col 53}{space 2} .0043924{col 64}{space 1}   -1.84{col 73}{space 3}0.072{col 81}{space 4}-.0168542{col 94}{space 3} .0007304
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2} .2367082{col 53}{space 2} .2435371{col 64}{space 1}    0.97{col 73}{space 3}0.335{col 81}{space 4}-.2507843{col 94}{space 3} .7242007
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0206994{col 53}{space 2} .0141633{col 64}{space 1}   -1.46{col 73}{space 3}0.149{col 81}{space 4}-.0490503{col 94}{space 3} .0076514
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2} .0275727{col 53}{space 2} .0424561{col 64}{space 1}    0.65{col 73}{space 3}0.519{col 81}{space 4}-.0574125{col 94}{space 3} .1125578
{txt}{space 24}currency_binary {c |}{col 41}{res}{space 2}-.1107792{col 53}{space 2} .0309645{col 64}{space 1}   -3.58{col 73}{space 3}0.001{col 81}{space 4}-.1727614{col 94}{space 3}-.0487969
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2} .0014591{col 53}{space 2} .0063039{col 64}{space 1}    0.23{col 73}{space 3}0.818{col 81}{space 4}-.0111595{col 94}{space 3} .0140776
{txt}{space 25}currency_spell {c |}{col 41}{res}{space 2}-.0001554{col 53}{space 2} .0032338{col 64}{space 1}   -0.05{col 73}{space 3}0.962{col 81}{space 4}-.0066286{col 94}{space 3} .0063178
{txt}{space 34}_cons {c |}{col 41}{res}{space 2}-3.076818{col 53}{space 2} 4.178054{col 64}{space 1}   -0.74{col 73}{space 3}0.464{col 81}{space 4} -11.4401{col 94}{space 3} 5.286466
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                sigma_u {c |} {res} .37221048
                                {txt}sigma_e {c |} {res} .28888149
                                    {txt}rho {c |} {res} .62407618{txt}   (fraction of variance due to u_i)
{hline 40}{c BT}{hline 64}

{com}. 
. est store tab5
{txt}
{com}. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo c.polity_frac_polit11##c.crises_reg_yr1_nor     polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend currency_spell  , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1282
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6556                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6756                                        {txt}avg = {res}     21.7
{txt}       overall = {res}0.6295                                        {txt}max = {res}       32

                                                {txt}F({res}18{txt},{res}58{txt})           = {res}    74.07
{txt}corr(u_i, Xb)  = {res}-0.5479                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 108:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 43}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 44}{c |}{col 56}    Robust
{col 1}                        log_fi_res_totl_mo{col 44}{c |}      Coef.{col 56}   Std. Err.{col 68}      t{col 76}   P>|t|{col 84}     [95% Con{col 97}f. Interval]
{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 20}lag_log_fi_res_totl_mo {c |}{col 44}{res}{space 2} .7800066{col 56}{space 2} .0421239{col 67}{space 1}   18.52{col 76}{space 3}0.000{col 84}{space 4} .6956864{col 97}{space 3} .8643267
{txt}{space 23}polity_frac_polit11 {c |}{col 44}{res}{space 2}  .031753{col 56}{space 2} .0415975{col 67}{space 1}    0.76{col 76}{space 3}0.448{col 84}{space 4}-.0515134{col 97}{space 3} .1150194
{txt}{space 24}crises_reg_yr1_nor {c |}{col 44}{res}{space 2}-.0157389{col 56}{space 2} .0124938{col 67}{space 1}   -1.26{col 76}{space 3}0.213{col 84}{space 4}-.0407479{col 97}{space 3}   .00927
{txt}{space 42} {c |}
c.polity_frac_polit11#c.crises_reg_yr1_nor {c |}{col 44}{res}{space 2} .0097415{col 56}{space 2} .0095682{col 67}{space 1}    1.02{col 76}{space 3}0.313{col 84}{space 4}-.0094112{col 97}{space 3} .0288943
{txt}{space 42} {c |}
{space 35}polity2 {c |}{col 44}{res}{space 2} .0069996{col 56}{space 2} .0029665{col 67}{space 1}    2.36{col 76}{space 3}0.022{col 84}{space 4} .0010615{col 97}{space 3} .0129378
{txt}{space 29}sum_imftotal5 {c |}{col 44}{res}{space 2} .0144678{col 56}{space 2} .0345459{col 67}{space 1}    0.42{col 76}{space 3}0.677{col 84}{space 4}-.0546833{col 97}{space 3} .0836189
{txt}{space 28}ne_imp_gnfs_zs {c |}{col 44}{res}{space 2}-.0020404{col 56}{space 2} .0017222{col 67}{space 1}   -1.18{col 76}{space 3}0.241{col 84}{space 4}-.0054878{col 97}{space 3} .0014071
{txt}{space 29}trade_balance {c |}{col 44}{res}{space 2}  .016506{col 56}{space 2} .0032967{col 67}{space 1}    5.01{col 76}{space 3}0.000{col 84}{space 4} .0099069{col 97}{space 3} .0231051
{txt}{space 33}cbi_irreg {c |}{col 44}{res}{space 2} .0259589{col 56}{space 2} .0170928{col 67}{space 1}    1.52{col 76}{space 3}0.134{col 84}{space 4} -.008256{col 97}{space 3} .0601738
{txt}{space 30}presidential {c |}{col 44}{res}{space 2} .0814076{col 56}{space 2} .0795603{col 67}{space 1}    1.02{col 76}{space 3}0.310{col 84}{space 4}-.0778497{col 97}{space 3} .2406649
{txt}{space 33}log_gdppc {c |}{col 44}{res}{space 2}-.0807393{col 56}{space 2}   .05353{col 67}{space 1}   -1.51{col 76}{space 3}0.137{col 84}{space 4}-.1878912{col 97}{space 3} .0264125
{txt}{space 32}gdp_growth {c |}{col 44}{res}{space 2}-.0083978{col 56}{space 2} .0043771{col 67}{space 1}   -1.92{col 76}{space 3}0.060{col 84}{space 4}-.0171596{col 97}{space 3}  .000364
{txt}{space 35}log_pop {c |}{col 44}{res}{space 2} .2793118{col 56}{space 2} .2444665{col 67}{space 1}    1.14{col 76}{space 3}0.258{col 84}{space 4} -.210041{col 97}{space 3} .7686646
{txt}{space 36}kaopen {c |}{col 44}{res}{space 2} -.018559{col 56}{space 2} .0138864{col 67}{space 1}   -1.34{col 76}{space 3}0.187{col 84}{space 4}-.0463556{col 97}{space 3} .0092377
{txt}{space 30}currency_peg {c |}{col 44}{res}{space 2} .0244586{col 56}{space 2} .0415972{col 67}{space 1}    0.59{col 76}{space 3}0.559{col 84}{space 4}-.0588072{col 97}{space 3} .1077245
{txt}{space 27}currency_binary {c |}{col 44}{res}{space 2}-.1141081{col 56}{space 2} .0297561{col 67}{space 1}   -3.83{col 76}{space 3}0.000{col 84}{space 4}-.1736713{col 97}{space 3}-.0545449
{txt}{space 32}time_trend {c |}{col 44}{res}{space 2} .0005354{col 56}{space 2} .0063813{col 67}{space 1}    0.08{col 76}{space 3}0.933{col 84}{space 4}-.0122382{col 97}{space 3} .0133091
{txt}{space 28}currency_spell {c |}{col 44}{res}{space 2}  -.00062{col 56}{space 2}  .003188{col 67}{space 1}   -0.19{col 76}{space 3}0.846{col 84}{space 4}-.0070015{col 97}{space 3} .0057616
{txt}{space 37}_cons {c |}{col 44}{res}{space 2}-3.832505{col 56}{space 2} 4.205225{col 67}{space 1}   -0.91{col 76}{space 3}0.366{col 84}{space 4}-12.25018{col 97}{space 3} 4.585167
{txt}{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                   sigma_u {c |} {res} .42379003
                                   {txt}sigma_e {c |} {res} .28847433
                                       {txt}rho {c |} {res} .68336166{txt}   (fraction of variance due to u_i)
{hline 43}{c BT}{hline 64}

{com}. 
. est store tab6
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo sum_polit12_binary##c.crises_reg_yr1_nor     polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend currency_spell  , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1284
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6572                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.7379                                        {txt}avg = {res}     21.8
{txt}       overall = {res}0.6776                                        {txt}max = {res}       32

                                                {txt}F({res}18{txt},{res}58{txt})           = {res}    66.74
{txt}corr(u_i, Xb)  = {res}-0.4624                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 105:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}{col 53}    Robust
{col 1}                     log_fi_res_totl_mo{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      t{col 73}   P>|t|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}lag_log_fi_res_totl_mo {c |}{col 41}{res}{space 2} .7833872{col 53}{space 2} .0419186{col 64}{space 1}   18.69{col 73}{space 3}0.000{col 81}{space 4} .6994779{col 94}{space 3} .8672965
{txt}{space 19}1.sum_polit12_binary {c |}{col 41}{res}{space 2}   .04044{col 53}{space 2} .0492906{col 64}{space 1}    0.82{col 73}{space 3}0.415{col 81}{space 4}-.0582259{col 94}{space 3} .1391059
{txt}{space 21}crises_reg_yr1_nor {c |}{col 41}{res}{space 2}-.0131015{col 53}{space 2} .0118193{col 64}{space 1}   -1.11{col 73}{space 3}0.272{col 81}{space 4}-.0367603{col 94}{space 3} .0105574
{txt}{space 39} {c |}
sum_polit12_binary#c.crises_reg_yr1_nor {c |}
{space 37}1  {c |}{col 41}{res}{space 2} .0061841{col 53}{space 2} .0111774{col 64}{space 1}    0.55{col 73}{space 3}0.582{col 81}{space 4}-.0161899{col 94}{space 3} .0285581
{txt}{space 39} {c |}
{space 32}polity2 {c |}{col 41}{res}{space 2} .0075321{col 53}{space 2} .0027701{col 64}{space 1}    2.72{col 73}{space 3}0.009{col 81}{space 4} .0019872{col 94}{space 3} .0130771
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2} .0052074{col 53}{space 2}  .036877{col 64}{space 1}    0.14{col 73}{space 3}0.888{col 81}{space 4}  -.06861{col 94}{space 3} .0790248
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2}-.0017159{col 53}{space 2} .0016638{col 64}{space 1}   -1.03{col 73}{space 3}0.307{col 81}{space 4}-.0050463{col 94}{space 3} .0016146
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} .0169407{col 53}{space 2} .0032478{col 64}{space 1}    5.22{col 73}{space 3}0.000{col 81}{space 4} .0104395{col 94}{space 3} .0234419
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2} .0289431{col 53}{space 2} .0171329{col 64}{space 1}    1.69{col 73}{space 3}0.097{col 81}{space 4}-.0053521{col 94}{space 3} .0632384
{txt}{space 27}presidential {c |}{col 41}{res}{space 2} .0775134{col 53}{space 2} .0815101{col 64}{space 1}    0.95{col 73}{space 3}0.346{col 81}{space 4}-.0856468{col 94}{space 3} .2406737
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2}-.0870929{col 53}{space 2} .0525725{col 64}{space 1}   -1.66{col 73}{space 3}0.103{col 81}{space 4}-.1923283{col 94}{space 3} .0181424
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0082036{col 53}{space 2} .0043717{col 64}{space 1}   -1.88{col 73}{space 3}0.066{col 81}{space 4}-.0169544{col 94}{space 3} .0005472
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2} .2256375{col 53}{space 2} .2405667{col 64}{space 1}    0.94{col 73}{space 3}0.352{col 81}{space 4}-.2559092{col 94}{space 3} .7071841
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0213552{col 53}{space 2} .0138134{col 64}{space 1}   -1.55{col 73}{space 3}0.128{col 81}{space 4}-.0490058{col 94}{space 3} .0062954
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2} .0264279{col 53}{space 2} .0417919{col 64}{space 1}    0.63{col 73}{space 3}0.530{col 81}{space 4}-.0572277{col 94}{space 3} .1100835
{txt}{space 24}currency_binary {c |}{col 41}{res}{space 2}-.1113285{col 53}{space 2}  .030469{col 64}{space 1}   -3.65{col 73}{space 3}0.001{col 81}{space 4}-.1723189{col 94}{space 3}-.0503381
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2} .0014866{col 53}{space 2} .0062699{col 64}{space 1}    0.24{col 73}{space 3}0.813{col 81}{space 4} -.011064{col 94}{space 3} .0140372
{txt}{space 25}currency_spell {c |}{col 41}{res}{space 2} 5.79e-06{col 53}{space 2}  .003423{col 64}{space 1}    0.00{col 73}{space 3}0.999{col 81}{space 4} -.006846{col 94}{space 3} .0068576
{txt}{space 34}_cons {c |}{col 41}{res}{space 2}-2.923863{col 53}{space 2} 4.133566{col 64}{space 1}   -0.71{col 73}{space 3}0.482{col 81}{space 4}-11.19809{col 94}{space 3} 5.350368
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                sigma_u {c |} {res} .35326752
                                {txt}sigma_e {c |} {res} .28857092
                                    {txt}rho {c |} {res} .59978503{txt}   (fraction of variance due to u_i)
{hline 40}{c BT}{hline 64}

{com}. 
. est store tab7
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo c.polity_frac_polit12##c.crises_reg_yr1_nor     polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend currency_spell  , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1282
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6563                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.7060                                        {txt}avg = {res}     21.7
{txt}       overall = {res}0.6519                                        {txt}max = {res}       32

                                                {txt}F({res}18{txt},{res}58{txt})           = {res}    64.53
{txt}corr(u_i, Xb)  = {res}-0.5054                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 108:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 43}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 44}{c |}{col 56}    Robust
{col 1}                        log_fi_res_totl_mo{col 44}{c |}      Coef.{col 56}   Std. Err.{col 68}      t{col 76}   P>|t|{col 84}     [95% Con{col 97}f. Interval]
{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 20}lag_log_fi_res_totl_mo {c |}{col 44}{res}{space 2} .7780293{col 56}{space 2}  .042553{col 67}{space 1}   18.28{col 76}{space 3}0.000{col 84}{space 4} .6928502{col 97}{space 3} .8632085
{txt}{space 23}polity_frac_polit12 {c |}{col 44}{res}{space 2}  .066433{col 56}{space 2} .0500306{col 67}{space 1}    1.33{col 76}{space 3}0.189{col 84}{space 4}-.0337142{col 97}{space 3} .1665803
{txt}{space 24}crises_reg_yr1_nor {c |}{col 44}{res}{space 2}-.0148402{col 56}{space 2} .0109018{col 67}{space 1}   -1.36{col 76}{space 3}0.179{col 84}{space 4}-.0366625{col 97}{space 3} .0069822
{txt}{space 42} {c |}
c.polity_frac_polit12#c.crises_reg_yr1_nor {c |}{col 44}{res}{space 2} .0061428{col 56}{space 2} .0101066{col 67}{space 1}    0.61{col 76}{space 3}0.546{col 84}{space 4}-.0140877{col 97}{space 3} .0263733
{txt}{space 42} {c |}
{space 35}polity2 {c |}{col 44}{res}{space 2}  .007175{col 56}{space 2} .0027404{col 67}{space 1}    2.62{col 76}{space 3}0.011{col 84}{space 4} .0016895{col 97}{space 3} .0126606
{txt}{space 29}sum_imftotal5 {c |}{col 44}{res}{space 2} .0085047{col 56}{space 2} .0364391{col 67}{space 1}    0.23{col 76}{space 3}0.816{col 84}{space 4}-.0644361{col 97}{space 3} .0814455
{txt}{space 28}ne_imp_gnfs_zs {c |}{col 44}{res}{space 2}-.0016711{col 56}{space 2}  .001713{col 67}{space 1}   -0.98{col 76}{space 3}0.333{col 84}{space 4}-.0051001{col 97}{space 3}  .001758
{txt}{space 29}trade_balance {c |}{col 44}{res}{space 2} .0166763{col 56}{space 2} .0032527{col 67}{space 1}    5.13{col 76}{space 3}0.000{col 84}{space 4} .0101653{col 97}{space 3} .0231873
{txt}{space 33}cbi_irreg {c |}{col 44}{res}{space 2}  .026559{col 56}{space 2} .0171701{col 67}{space 1}    1.55{col 76}{space 3}0.127{col 84}{space 4}-.0078108{col 97}{space 3} .0609287
{txt}{space 30}presidential {c |}{col 44}{res}{space 2} .0938217{col 56}{space 2} .0806995{col 67}{space 1}    1.16{col 76}{space 3}0.250{col 84}{space 4} -.067716{col 97}{space 3} .2553594
{txt}{space 33}log_gdppc {c |}{col 44}{res}{space 2}-.0798297{col 56}{space 2} .0541475{col 67}{space 1}   -1.47{col 76}{space 3}0.146{col 84}{space 4}-.1882177{col 97}{space 3} .0285583
{txt}{space 32}gdp_growth {c |}{col 44}{res}{space 2}-.0084263{col 56}{space 2} .0043517{col 67}{space 1}   -1.94{col 76}{space 3}0.058{col 84}{space 4}-.0171371{col 97}{space 3} .0002846
{txt}{space 35}log_pop {c |}{col 44}{res}{space 2} .2566198{col 56}{space 2} .2433632{col 67}{space 1}    1.05{col 76}{space 3}0.296{col 84}{space 4}-.2305245{col 97}{space 3} .7437641
{txt}{space 36}kaopen {c |}{col 44}{res}{space 2}-.0202266{col 56}{space 2} .0140205{col 67}{space 1}   -1.44{col 76}{space 3}0.154{col 84}{space 4}-.0482916{col 97}{space 3} .0078384
{txt}{space 30}currency_peg {c |}{col 44}{res}{space 2} .0298968{col 56}{space 2}  .041524{col 67}{space 1}    0.72{col 76}{space 3}0.474{col 84}{space 4}-.0532226{col 97}{space 3} .1130162
{txt}{space 27}currency_binary {c |}{col 44}{res}{space 2}-.1152779{col 56}{space 2} .0300011{col 67}{space 1}   -3.84{col 76}{space 3}0.000{col 84}{space 4}-.1753316{col 97}{space 3}-.0552241
{txt}{space 32}time_trend {c |}{col 44}{res}{space 2} .0007799{col 56}{space 2}   .00638{col 67}{space 1}    0.12{col 76}{space 3}0.903{col 84}{space 4} -.011991{col 97}{space 3} .0135508
{txt}{space 28}currency_spell {c |}{col 44}{res}{space 2}-.0005499{col 56}{space 2}  .003554{col 67}{space 1}   -0.15{col 76}{space 3}0.878{col 84}{space 4} -.007664{col 97}{space 3} .0065641
{txt}{space 37}_cons {c |}{col 44}{res}{space 2}-3.477425{col 56}{space 2} 4.190663{col 67}{space 1}   -0.83{col 76}{space 3}0.410{col 84}{space 4}-11.86595{col 97}{space 3} 4.911097
{txt}{hline 43}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                   sigma_u {c |} {res} .38907307
                                   {txt}sigma_e {c |} {res}  .2881627
                                       {txt}rho {c |} {res} .64576698{txt}   (fraction of variance due to u_i)
{hline 43}{c BT}{hline 64}

{com}. 
. est store tab8
{txt}
{com}. 
. * Table 59:
. **esttab tab5 tab6 tab7 tab8 using spell_control2.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H3: econ severity
. 
. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo sum_polit11_binary##c.gdp_ch1_polit11      polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend currency_spell  , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1234
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       58

{txt}R-sq:  within  = {res}0.6441                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5019                                        {txt}avg = {res}     21.3
{txt}       overall = {res}0.4873                                        {txt}max = {res}       32

                                                {txt}F({res}18{txt},{res}57{txt})           = {res}    63.79
{txt}corr(u_i, Xb)  = {res}-0.7344                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 102:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 37}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 38}{c |}{col 50}    Robust
{col 1}                  log_fi_res_totl_mo{col 38}{c |}      Coef.{col 50}   Std. Err.{col 62}      t{col 70}   P>|t|{col 78}     [95% Con{col 91}f. Interval]
{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 14}lag_log_fi_res_totl_mo {c |}{col 38}{res}{space 2} .7715683{col 50}{space 2} .0450065{col 61}{space 1}   17.14{col 70}{space 3}0.000{col 78}{space 4} .6814445{col 91}{space 3} .8616922
{txt}{space 16}1.sum_polit11_binary {c |}{col 38}{res}{space 2} .0241164{col 50}{space 2} .0323037{col 61}{space 1}    0.75{col 70}{space 3}0.458{col 78}{space 4}-.0405706{col 91}{space 3} .0888035
{txt}{space 21}gdp_ch1_polit11 {c |}{col 38}{res}{space 2}-.0716611{col 50}{space 2} .1605519{col 61}{space 1}   -0.45{col 70}{space 3}0.657{col 78}{space 4}-.3931608{col 91}{space 3} .2498386
{txt}{space 36} {c |}
sum_polit11_binary#c.gdp_ch1_polit11 {c |}
{space 34}1  {c |}{col 38}{res}{space 2} .1176678{col 50}{space 2} .1582324{col 61}{space 1}    0.74{col 70}{space 3}0.460{col 78}{space 4}-.1991871{col 91}{space 3} .4345227
{txt}{space 36} {c |}
{space 29}polity2 {c |}{col 38}{res}{space 2} .0049683{col 50}{space 2} .0027808{col 61}{space 1}    1.79{col 70}{space 3}0.079{col 78}{space 4}-.0006002{col 91}{space 3} .0105367
{txt}{space 23}sum_imftotal5 {c |}{col 38}{res}{space 2} .0289711{col 50}{space 2} .0342205{col 61}{space 1}    0.85{col 70}{space 3}0.401{col 78}{space 4}-.0395543{col 91}{space 3} .0974965
{txt}{space 22}ne_imp_gnfs_zs {c |}{col 38}{res}{space 2}-.0027991{col 50}{space 2} .0018378{col 61}{space 1}   -1.52{col 70}{space 3}0.133{col 78}{space 4}-.0064791{col 91}{space 3} .0008809
{txt}{space 23}trade_balance {c |}{col 38}{res}{space 2} .0161149{col 50}{space 2} .0032109{col 61}{space 1}    5.02{col 70}{space 3}0.000{col 78}{space 4} .0096853{col 91}{space 3} .0225446
{txt}{space 27}cbi_irreg {c |}{col 38}{res}{space 2} .0063897{col 50}{space 2} .0155224{col 61}{space 1}    0.41{col 70}{space 3}0.682{col 78}{space 4}-.0246934{col 91}{space 3} .0374729
{txt}{space 24}presidential {c |}{col 38}{res}{space 2} .0332896{col 50}{space 2} .0647771{col 61}{space 1}    0.51{col 70}{space 3}0.609{col 78}{space 4}-.0964243{col 91}{space 3} .1630035
{txt}{space 27}log_gdppc {c |}{col 38}{res}{space 2} -.095881{col 50}{space 2} .0576362{col 61}{space 1}   -1.66{col 70}{space 3}0.102{col 78}{space 4}-.2112955{col 91}{space 3} .0195334
{txt}{space 26}gdp_growth {c |}{col 38}{res}{space 2}-.0080784{col 50}{space 2}  .004624{col 61}{space 1}   -1.75{col 70}{space 3}0.086{col 78}{space 4}-.0173378{col 91}{space 3} .0011811
{txt}{space 29}log_pop {c |}{col 38}{res}{space 2} .4450131{col 50}{space 2} .2630659{col 61}{space 1}    1.69{col 70}{space 3}0.096{col 78}{space 4}-.0817672{col 91}{space 3} .9717934
{txt}{space 30}kaopen {c |}{col 38}{res}{space 2}-.0211172{col 50}{space 2} .0140975{col 61}{space 1}   -1.50{col 70}{space 3}0.140{col 78}{space 4} -.049347{col 91}{space 3} .0071126
{txt}{space 24}currency_peg {c |}{col 38}{res}{space 2} .0473809{col 50}{space 2} .0420548{col 61}{space 1}    1.13{col 70}{space 3}0.265{col 78}{space 4}-.0368323{col 91}{space 3} .1315941
{txt}{space 21}currency_binary {c |}{col 38}{res}{space 2} -.105627{col 50}{space 2} .0318525{col 61}{space 1}   -3.32{col 70}{space 3}0.002{col 78}{space 4}-.1694106{col 91}{space 3}-.0418434
{txt}{space 26}time_trend {c |}{col 38}{res}{space 2}-.0011399{col 50}{space 2} .0068197{col 61}{space 1}   -0.17{col 70}{space 3}0.868{col 78}{space 4}-.0147962{col 91}{space 3} .0125164
{txt}{space 22}currency_spell {c |}{col 38}{res}{space 2} .0006762{col 50}{space 2} .0032673{col 61}{space 1}    0.21{col 70}{space 3}0.837{col 78}{space 4}-.0058665{col 91}{space 3} .0072189
{txt}{space 31}_cons {c |}{col 38}{res}{space 2}-6.425629{col 50}{space 2} 4.507588{col 61}{space 1}   -1.43{col 70}{space 3}0.159{col 78}{space 4}-15.45192{col 91}{space 3} 2.600661
{txt}{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                             sigma_u {c |} {res} .65779585
                             {txt}sigma_e {c |} {res} .28711467
                                 {txt}rho {c |} {res} .83997283{txt}   (fraction of variance due to u_i)
{hline 37}{c BT}{hline 64}

{com}. 
. est store tab9
{txt}
{com}. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo c.polity_frac_polit11##c.gdp_ch1_polit11      polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend currency_spell  , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1234
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       58

{txt}R-sq:  within  = {res}0.6462                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5011                                        {txt}avg = {res}     21.3
{txt}       overall = {res}0.4882                                        {txt}max = {res}       32

                                                {txt}F({res}18{txt},{res}57{txt})           = {res}    63.99
{txt}corr(u_i, Xb)  = {res}-0.7342                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 105:(Std. Err. adjusted for {res:58} clusters in cowcode)}
{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}{col 53}    Robust
{col 1}                     log_fi_res_totl_mo{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      t{col 73}   P>|t|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}lag_log_fi_res_totl_mo {c |}{col 41}{res}{space 2} .7683244{col 53}{space 2} .0450547{col 64}{space 1}   17.05{col 73}{space 3}0.000{col 81}{space 4}  .678104{col 94}{space 3} .8585449
{txt}{space 20}polity_frac_polit11 {c |}{col 41}{res}{space 2} .0510664{col 53}{space 2} .0273212{col 64}{space 1}    1.87{col 73}{space 3}0.067{col 81}{space 4}-.0036433{col 94}{space 3} .1057761
{txt}{space 24}gdp_ch1_polit11 {c |}{col 41}{res}{space 2}-.1108086{col 53}{space 2} .0963867{col 64}{space 1}   -1.15{col 73}{space 3}0.255{col 81}{space 4}-.3038196{col 94}{space 3} .0822024
{txt}{space 39} {c |}
c.polity_frac_polit11#c.gdp_ch1_polit11 {c |}{col 41}{res}{space 2} .3106524{col 53}{space 2} .1300491{col 64}{space 1}    2.39{col 73}{space 3}0.020{col 81}{space 4} .0502336{col 94}{space 3} .5710711
{txt}{space 39} {c |}
{space 32}polity2 {c |}{col 41}{res}{space 2} .0047379{col 53}{space 2}  .003066{col 64}{space 1}    1.55{col 73}{space 3}0.128{col 81}{space 4}-.0014017{col 94}{space 3} .0108775
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2} .0259594{col 53}{space 2}  .032318{col 64}{space 1}    0.80{col 73}{space 3}0.425{col 81}{space 4}-.0387563{col 94}{space 3}  .090675
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2}-.0027412{col 53}{space 2} .0018351{col 64}{space 1}   -1.49{col 73}{space 3}0.141{col 81}{space 4} -.006416{col 94}{space 3} .0009337
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2} .0164574{col 53}{space 2}  .003012{col 64}{space 1}    5.46{col 73}{space 3}0.000{col 81}{space 4} .0104261{col 94}{space 3} .0224887
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2} .0044731{col 53}{space 2} .0158031{col 64}{space 1}    0.28{col 73}{space 3}0.778{col 81}{space 4}-.0271721{col 94}{space 3} .0361183
{txt}{space 27}presidential {c |}{col 41}{res}{space 2} .0680648{col 53}{space 2} .0647496{col 64}{space 1}    1.05{col 73}{space 3}0.298{col 81}{space 4}-.0615941{col 94}{space 3} .1977237
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2}-.0945389{col 53}{space 2} .0568634{col 64}{space 1}   -1.66{col 73}{space 3}0.102{col 81}{space 4} -.208406{col 94}{space 3} .0193281
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0080469{col 53}{space 2} .0045911{col 64}{space 1}   -1.75{col 73}{space 3}0.085{col 81}{space 4}-.0172404{col 94}{space 3} .0011465
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2} .4476849{col 53}{space 2} .2580403{col 64}{space 1}    1.73{col 73}{space 3}0.088{col 81}{space 4} -.069032{col 94}{space 3} .9644018
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2}-.0228031{col 53}{space 2} .0138307{col 64}{space 1}   -1.65{col 73}{space 3}0.105{col 81}{space 4}-.0504986{col 94}{space 3} .0048923
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2} .0495798{col 53}{space 2}  .042134{col 64}{space 1}    1.18{col 73}{space 3}0.244{col 81}{space 4} -.034792{col 94}{space 3} .1339516
{txt}{space 24}currency_binary {c |}{col 41}{res}{space 2}-.1142536{col 53}{space 2} .0316809{col 64}{space 1}   -3.61{col 73}{space 3}0.001{col 81}{space 4}-.1776934{col 94}{space 3}-.0508138
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2}-.0007514{col 53}{space 2} .0066466{col 64}{space 1}   -0.11{col 73}{space 3}0.910{col 81}{space 4}-.0140609{col 94}{space 3} .0125582
{txt}{space 25}currency_spell {c |}{col 41}{res}{space 2} .0006402{col 53}{space 2} .0031128{col 64}{space 1}    0.21{col 73}{space 3}0.838{col 81}{space 4} -.005593{col 94}{space 3} .0068734
{txt}{space 34}_cons {c |}{col 41}{res}{space 2}-6.513031{col 53}{space 2} 4.424124{col 64}{space 1}   -1.47{col 73}{space 3}0.146{col 81}{space 4}-15.37219{col 94}{space 3} 2.346124
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                sigma_u {c |} {res} .65840197
                                {txt}sigma_e {c |} {res} .28626938
                                    {txt}rho {c |} {res} .84101034{txt}   (fraction of variance due to u_i)
{hline 40}{c BT}{hline 64}

{com}. 
. est store tab10
{txt}
{com}. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo sum_polit12_binary##c.gdp_ch1_polit12      polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend currency_spell  , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1258
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6587                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5678                                        {txt}avg = {res}     21.3
{txt}       overall = {res}0.5364                                        {txt}max = {res}       32

                                                {txt}F({res}18{txt},{res}58{txt})           = {res}    67.66
{txt}corr(u_i, Xb)  = {res}-0.6973                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 102:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 37}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 38}{c |}{col 50}    Robust
{col 1}                  log_fi_res_totl_mo{col 38}{c |}      Coef.{col 50}   Std. Err.{col 62}      t{col 70}   P>|t|{col 78}     [95% Con{col 91}f. Interval]
{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 14}lag_log_fi_res_totl_mo {c |}{col 38}{res}{space 2} .7826485{col 50}{space 2} .0434763{col 61}{space 1}   18.00{col 70}{space 3}0.000{col 78}{space 4} .6956212{col 91}{space 3} .8696758
{txt}{space 16}1.sum_polit12_binary {c |}{col 38}{res}{space 2} .0333774{col 50}{space 2} .0321496{col 61}{space 1}    1.04{col 70}{space 3}0.303{col 78}{space 4}-.0309771{col 91}{space 3} .0977318
{txt}{space 21}gdp_ch1_polit12 {c |}{col 38}{res}{space 2}-.0174977{col 50}{space 2}  .118482{col 61}{space 1}   -0.15{col 70}{space 3}0.883{col 78}{space 4}-.2546651{col 91}{space 3} .2196697
{txt}{space 36} {c |}
sum_polit12_binary#c.gdp_ch1_polit12 {c |}
{space 34}1  {c |}{col 38}{res}{space 2} .0125066{col 50}{space 2} .1308995{col 61}{space 1}    0.10{col 70}{space 3}0.924{col 78}{space 4}-.2495172{col 91}{space 3} .2745303
{txt}{space 36} {c |}
{space 29}polity2 {c |}{col 38}{res}{space 2}  .005901{col 50}{space 2} .0029968{col 61}{space 1}    1.97{col 70}{space 3}0.054{col 78}{space 4}-.0000977{col 91}{space 3} .0118998
{txt}{space 23}sum_imftotal5 {c |}{col 38}{res}{space 2} .0097517{col 50}{space 2} .0379686{col 61}{space 1}    0.26{col 70}{space 3}0.798{col 78}{space 4}-.0662508{col 91}{space 3} .0857542
{txt}{space 22}ne_imp_gnfs_zs {c |}{col 38}{res}{space 2}-.0022648{col 50}{space 2} .0015939{col 61}{space 1}   -1.42{col 70}{space 3}0.161{col 78}{space 4}-.0054552{col 91}{space 3} .0009257
{txt}{space 23}trade_balance {c |}{col 38}{res}{space 2} .0165882{col 50}{space 2} .0032002{col 61}{space 1}    5.18{col 70}{space 3}0.000{col 78}{space 4} .0101824{col 91}{space 3} .0229941
{txt}{space 27}cbi_irreg {c |}{col 38}{res}{space 2} .0173501{col 50}{space 2} .0162611{col 61}{space 1}    1.07{col 70}{space 3}0.290{col 78}{space 4}   -.0152{col 91}{space 3} .0499002
{txt}{space 24}presidential {c |}{col 38}{res}{space 2} .0730234{col 50}{space 2} .0807066{col 61}{space 1}    0.90{col 70}{space 3}0.369{col 78}{space 4}-.0885285{col 91}{space 3} .2345753
{txt}{space 27}log_gdppc {c |}{col 38}{res}{space 2}-.0814446{col 50}{space 2} .0574732{col 61}{space 1}   -1.42{col 70}{space 3}0.162{col 78}{space 4}-.1964898{col 91}{space 3} .0336006
{txt}{space 26}gdp_growth {c |}{col 38}{res}{space 2} -.009667{col 50}{space 2} .0045543{col 61}{space 1}   -2.12{col 70}{space 3}0.038{col 78}{space 4}-.0187834{col 91}{space 3}-.0005505
{txt}{space 29}log_pop {c |}{col 38}{res}{space 2} .4004657{col 50}{space 2} .2516234{col 61}{space 1}    1.59{col 70}{space 3}0.117{col 78}{space 4}-.1032132{col 91}{space 3} .9041446
{txt}{space 30}kaopen {c |}{col 38}{res}{space 2}-.0225119{col 50}{space 2} .0136942{col 61}{space 1}   -1.64{col 70}{space 3}0.106{col 78}{space 4}-.0499238{col 91}{space 3}    .0049
{txt}{space 24}currency_peg {c |}{col 38}{res}{space 2} .0283859{col 50}{space 2} .0423581{col 61}{space 1}    0.67{col 70}{space 3}0.505{col 78}{space 4}-.0564031{col 91}{space 3} .1131748
{txt}{space 21}currency_binary {c |}{col 38}{res}{space 2} -.110018{col 50}{space 2} .0310085{col 61}{space 1}   -3.55{col 70}{space 3}0.001{col 78}{space 4}-.1720882{col 91}{space 3}-.0479478
{txt}{space 26}time_trend {c |}{col 38}{res}{space 2}-.0009782{col 50}{space 2} .0065728{col 61}{space 1}   -0.15{col 70}{space 3}0.882{col 78}{space 4}-.0141351{col 91}{space 3} .0121786
{txt}{space 22}currency_spell {c |}{col 38}{res}{space 2} .0007697{col 50}{space 2} .0033182{col 61}{space 1}    0.23{col 70}{space 3}0.817{col 78}{space 4}-.0058725{col 91}{space 3} .0074118
{txt}{space 31}_cons {c |}{col 38}{res}{space 2}-5.828342{col 50}{space 2} 4.334458{col 61}{space 1}   -1.34{col 70}{space 3}0.184{col 78}{space 4} -14.5047{col 91}{space 3} 2.848017
{txt}{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                             sigma_u {c |} {res} .58637981
                             {txt}sigma_e {c |} {res}   .287165
                                 {txt}rho {c |} {res} .80656166{txt}   (fraction of variance due to u_i)
{hline 37}{c BT}{hline 64}

{com}. 
. 
. est store tab11
{txt}
{com}. 
. 
. xtreg log_fi_res_totl_mo lag_log_fi_res_totl_mo c.polity_frac_polit12##c.gdp_ch1_polit12      polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend currency_spell  , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1258
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6603                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5572                                        {txt}avg = {res}     21.3
{txt}       overall = {res}0.5278                                        {txt}max = {res}       32

                                                {txt}F({res}18{txt},{res}58{txt})           = {res}    74.22
{txt}corr(u_i, Xb)  = {res}-0.7048                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 105:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 40}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 41}{c |}{col 53}    Robust
{col 1}                     log_fi_res_totl_mo{col 41}{c |}      Coef.{col 53}   Std. Err.{col 65}      t{col 73}   P>|t|{col 81}     [95% Con{col 94}f. Interval]
{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 17}lag_log_fi_res_totl_mo {c |}{col 41}{res}{space 2} .7776417{col 53}{space 2} .0433746{col 64}{space 1}   17.93{col 73}{space 3}0.000{col 81}{space 4}  .690818{col 94}{space 3} .8644655
{txt}{space 20}polity_frac_polit12 {c |}{col 41}{res}{space 2} .0579534{col 53}{space 2} .0323493{col 64}{space 1}    1.79{col 73}{space 3}0.078{col 81}{space 4}-.0068009{col 94}{space 3} .1227076
{txt}{space 24}gdp_ch1_polit12 {c |}{col 41}{res}{space 2}-.0747093{col 53}{space 2} .0983827{col 64}{space 1}   -0.76{col 73}{space 3}0.451{col 81}{space 4}-.2716437{col 94}{space 3} .1222251
{txt}{space 39} {c |}
c.polity_frac_polit12#c.gdp_ch1_polit12 {c |}{col 41}{res}{space 2} .2535026{col 53}{space 2} .1621419{col 64}{space 1}    1.56{col 73}{space 3}0.123{col 81}{space 4}-.0710597{col 94}{space 3} .5780649
{txt}{space 39} {c |}
{space 32}polity2 {c |}{col 41}{res}{space 2} .0058207{col 53}{space 2} .0030021{col 64}{space 1}    1.94{col 73}{space 3}0.057{col 81}{space 4}-.0001887{col 94}{space 3} .0118301
{txt}{space 26}sum_imftotal5 {c |}{col 41}{res}{space 2} .0080137{col 53}{space 2} .0372372{col 64}{space 1}    0.22{col 73}{space 3}0.830{col 81}{space 4}-.0665247{col 94}{space 3} .0825521
{txt}{space 25}ne_imp_gnfs_zs {c |}{col 41}{res}{space 2}-.0020477{col 53}{space 2} .0016686{col 64}{space 1}   -1.23{col 73}{space 3}0.225{col 81}{space 4}-.0053877{col 94}{space 3} .0012924
{txt}{space 26}trade_balance {c |}{col 41}{res}{space 2}  .016993{col 53}{space 2} .0031726{col 64}{space 1}    5.36{col 73}{space 3}0.000{col 81}{space 4} .0106423{col 94}{space 3} .0233436
{txt}{space 30}cbi_irreg {c |}{col 41}{res}{space 2} .0151605{col 53}{space 2}  .016359{col 64}{space 1}    0.93{col 73}{space 3}0.358{col 81}{space 4}-.0175855{col 94}{space 3} .0479066
{txt}{space 27}presidential {c |}{col 41}{res}{space 2} .1071887{col 53}{space 2} .0800269{col 64}{space 1}    1.34{col 73}{space 3}0.186{col 81}{space 4}-.0530025{col 94}{space 3} .2673799
{txt}{space 30}log_gdppc {c |}{col 41}{res}{space 2}-.0805649{col 53}{space 2} .0573868{col 64}{space 1}   -1.40{col 73}{space 3}0.166{col 81}{space 4} -.195437{col 94}{space 3} .0343072
{txt}{space 29}gdp_growth {c |}{col 41}{res}{space 2}-.0095848{col 53}{space 2}  .004413{col 64}{space 1}   -2.17{col 73}{space 3}0.034{col 81}{space 4}-.0184183{col 94}{space 3}-.0007512
{txt}{space 32}log_pop {c |}{col 41}{res}{space 2} .4148994{col 53}{space 2} .2526873{col 64}{space 1}    1.64{col 73}{space 3}0.106{col 81}{space 4}-.0909092{col 94}{space 3}  .920708
{txt}{space 33}kaopen {c |}{col 41}{res}{space 2} -.024213{col 53}{space 2} .0137592{col 64}{space 1}   -1.76{col 73}{space 3}0.084{col 81}{space 4}-.0517551{col 94}{space 3} .0033291
{txt}{space 27}currency_peg {c |}{col 41}{res}{space 2} .0345093{col 53}{space 2} .0421015{col 64}{space 1}    0.82{col 73}{space 3}0.416{col 81}{space 4}-.0497661{col 94}{space 3} .1187847
{txt}{space 24}currency_binary {c |}{col 41}{res}{space 2}-.1142386{col 53}{space 2} .0307485{col 64}{space 1}   -3.72{col 73}{space 3}0.000{col 81}{space 4}-.1757884{col 94}{space 3}-.0526889
{txt}{space 29}time_trend {c |}{col 41}{res}{space 2}-.0010484{col 53}{space 2} .0065413{col 64}{space 1}   -0.16{col 73}{space 3}0.873{col 81}{space 4}-.0141423{col 94}{space 3} .0120454
{txt}{space 25}currency_spell {c |}{col 41}{res}{space 2} .0005284{col 53}{space 2} .0034117{col 64}{space 1}    0.15{col 73}{space 3}0.877{col 81}{space 4}-.0063009{col 94}{space 3} .0073577
{txt}{space 34}_cons {c |}{col 41}{res}{space 2}-6.099872{col 53}{space 2} 4.354013{col 64}{space 1}   -1.40{col 73}{space 3}0.167{col 81}{space 4}-14.81538{col 94}{space 3} 2.615632
{txt}{hline 40}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                                sigma_u {c |} {res} .60097709
                                {txt}sigma_e {c |} {res} .28649365
                                    {txt}rho {c |} {res} .81482633{txt}   (fraction of variance due to u_i)
{hline 40}{c BT}{hline 64}

{com}. 
. est store tab12
{txt}
{com}. 
. 
. * Table 60:
. **esttab tab9 tab10 tab11 tab12 using spell_control3.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H4: reserve sales
. 
. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo c.sum_polit11_binary##c.res_ch2_polit11##c.log_pre_l1_reserves    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend currency_spell  i.cowcode if res_ch2_polit11 <= 2.168937 , vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1185
                                                       {help j_robustsingular:F( 21,    58) =}       .
                                                       {txt}Prob > F      = {res}      .
                                                       {txt}R-squared     = {res} 0.8692
                                                       {txt}Root MSE      = {res} .27546

{txt}{ralign 126:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 61}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 62}{c |}{col 74}    Robust
{col 1}                                          log_fi_res_totl_mo{col 62}{c |}      Coef.{col 74}   Std. Err.{col 86}      t{col 94}   P>|t|{col 102}     [95% Con{col 115}f. Interval]
{hline 61}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 42}log_fi_res_totl_mo {c |}
{space 57}L1. {c |}{col 62}{res}{space 2} .7868047{col 74}{space 2} .0349717{col 85}{space 1}   22.50{col 94}{space 3}0.000{col 102}{space 4} .7168013{col 115}{space 3} .8568081
{txt}{space 60} {c |}
{space 42}sum_polit11_binary {c |}{col 62}{res}{space 2} .0243206{col 74}{space 2} .0813053{col 85}{space 1}    0.30{col 94}{space 3}0.766{col 102}{space 4}-.1384297{col 115}{space 3} .1870709
{txt}{space 45}res_ch2_polit11 {c |}{col 62}{res}{space 2}  .315784{col 74}{space 2} .1315901{col 85}{space 1}    2.40{col 94}{space 3}0.020{col 102}{space 4} .0523777{col 115}{space 3} .5791903
{txt}{space 60} {c |}
{space 22}c.sum_polit11_binary#c.res_ch2_polit11 {c |}{col 62}{res}{space 2} -.268244{col 74}{space 2} .1468438{col 85}{space 1}   -1.83{col 94}{space 3}0.073{col 102}{space 4}-.5621838{col 115}{space 3} .0256957
{txt}{space 60} {c |}
{space 41}log_pre_l1_reserves {c |}{col 62}{res}{space 2}  -.06066{col 74}{space 2} .0444954{col 85}{space 1}   -1.36{col 94}{space 3}0.178{col 102}{space 4}-.1497273{col 115}{space 3} .0284072
{txt}{space 60} {c |}
{space 18}c.sum_polit11_binary#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .0591826{col 74}{space 2} .0612878{col 85}{space 1}    0.97{col 94}{space 3}0.338{col 102}{space 4}-.0634981{col 115}{space 3} .1818634
{txt}{space 60} {c |}
{space 21}c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} -.247307{col 74}{space 2} .1284997{col 85}{space 1}   -1.92{col 94}{space 3}0.059{col 102}{space 4} -.504527{col 115}{space 3} .0099131
{txt}{space 60} {c |}
c.sum_polit11_binary#c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .2293368{col 74}{space 2} .1355406{col 85}{space 1}    1.69{col 94}{space 3}0.096{col 102}{space 4}-.0419772{col 115}{space 3} .5006509
{txt}{space 60} {c |}
{space 53}polity2 {c |}{col 62}{res}{space 2} .0061784{col 74}{space 2} .0039739{col 85}{space 1}    1.55{col 94}{space 3}0.125{col 102}{space 4}-.0017762{col 115}{space 3}  .014133
{txt}{space 47}sum_imftotal5 {c |}{col 62}{res}{space 2}-.0246527{col 74}{space 2} .0300968{col 85}{space 1}   -0.82{col 94}{space 3}0.416{col 102}{space 4} -.084898{col 115}{space 3} .0355926
{txt}{space 46}ne_imp_gnfs_zs {c |}{col 62}{res}{space 2}-.0026487{col 74}{space 2} .0019671{col 85}{space 1}   -1.35{col 94}{space 3}0.183{col 102}{space 4}-.0065862{col 115}{space 3} .0012888
{txt}{space 47}trade_balance {c |}{col 62}{res}{space 2} .0178894{col 74}{space 2} .0034113{col 85}{space 1}    5.24{col 94}{space 3}0.000{col 102}{space 4}  .011061{col 115}{space 3} .0247178
{txt}{space 51}cbi_irreg {c |}{col 62}{res}{space 2} .0237271{col 74}{space 2} .0167215{col 85}{space 1}    1.42{col 94}{space 3}0.161{col 102}{space 4}-.0097446{col 115}{space 3} .0571987
{txt}{space 48}presidential {c |}{col 62}{res}{space 2} .0780788{col 74}{space 2}  .078638{col 85}{space 1}    0.99{col 94}{space 3}0.325{col 102}{space 4}-.0793323{col 115}{space 3} .2354898
{txt}{space 51}log_gdppc {c |}{col 62}{res}{space 2}-.1329909{col 74}{space 2} .0576234{col 85}{space 1}   -2.31{col 94}{space 3}0.025{col 102}{space 4}-.2483366{col 115}{space 3}-.0176452
{txt}{space 50}gdp_growth {c |}{col 62}{res}{space 2}-.0083674{col 74}{space 2} .0038357{col 85}{space 1}   -2.18{col 94}{space 3}0.033{col 102}{space 4}-.0160454{col 115}{space 3}-.0006894
{txt}{space 53}log_pop {c |}{col 62}{res}{space 2} .1350542{col 74}{space 2} .2877055{col 85}{space 1}    0.47{col 94}{space 3}0.641{col 102}{space 4}-.4408509{col 115}{space 3} .7109594
{txt}{space 54}kaopen {c |}{col 62}{res}{space 2}-.0134161{col 74}{space 2} .0180084{col 85}{space 1}   -0.74{col 94}{space 3}0.459{col 102}{space 4}-.0494637{col 115}{space 3} .0226316
{txt}{space 48}currency_peg {c |}{col 62}{res}{space 2} .0002178{col 74}{space 2}  .049951{col 85}{space 1}    0.00{col 94}{space 3}0.997{col 102}{space 4}  -.09977{col 115}{space 3} .1002055
{txt}{space 45}currency_binary {c |}{col 62}{res}{space 2}-.1161794{col 74}{space 2} .0341527{col 85}{space 1}   -3.40{col 94}{space 3}0.001{col 102}{space 4}-.1845434{col 115}{space 3}-.0478154
{txt}{space 50}time_trend {c |}{col 62}{res}{space 2} .0070823{col 74}{space 2} .0074668{col 85}{space 1}    0.95{col 94}{space 3}0.347{col 102}{space 4}-.0078641{col 115}{space 3} .0220288
{txt}{space 46}currency_spell {c |}{col 62}{res}{space 2} .0014668{col 74}{space 2}  .003505{col 85}{space 1}    0.42{col 94}{space 3}0.677{col 102}{space 4}-.0055492{col 115}{space 3} .0084828
{txt}{space 60} {c |}
{space 53}cowcode {c |}
{space 57}42  {c |}{col 62}{res}{space 2} .3670122{col 74}{space 2} 1.116731{col 85}{space 1}    0.33{col 94}{space 3}0.744{col 102}{space 4}-1.868369{col 115}{space 3} 2.602393
{txt}{space 57}70  {c |}{col 62}{res}{space 2} .1842445{col 74}{space 2} .3926747{col 85}{space 1}    0.47{col 94}{space 3}0.641{col 102}{space 4}-.6017793{col 115}{space 3} .9702683
{txt}{space 57}90  {c |}{col 62}{res}{space 2} .5195171{col 74}{space 2} 1.078994{col 85}{space 1}    0.48{col 94}{space 3}0.632{col 102}{space 4}-1.640324{col 115}{space 3} 2.679358
{txt}{space 57}91  {c |}{col 62}{res}{space 2} .6576069{col 74}{space 2} 1.245792{col 85}{space 1}    0.53{col 94}{space 3}0.600{col 102}{space 4}-1.836116{col 115}{space 3}  3.15133
{txt}{space 57}92  {c |}{col 62}{res}{space 2} .7107816{col 74}{space 2} 1.258334{col 85}{space 1}    0.56{col 94}{space 3}0.574{col 102}{space 4}-1.808048{col 115}{space 3} 3.229612
{txt}{space 57}93  {c |}{col 62}{res}{space 2}   .78118{col 74}{space 2} 1.330156{col 85}{space 1}    0.59{col 94}{space 3}0.559{col 102}{space 4}-1.881416{col 115}{space 3} 3.443776
{txt}{space 57}94  {c |}{col 62}{res}{space 2} .6915764{col 74}{space 2} 1.341034{col 85}{space 1}    0.52{col 94}{space 3}0.608{col 102}{space 4}-1.992795{col 115}{space 3} 3.375948
{txt}{space 56}100  {c |}{col 62}{res}{space 2} .3654496{col 74}{space 2} .7067306{col 85}{space 1}    0.52{col 94}{space 3}0.607{col 102}{space 4}-1.049225{col 115}{space 3} 1.780125
{txt}{space 56}101  {c |}{col 62}{res}{space 2} .4883701{col 74}{space 2} .8177477{col 85}{space 1}    0.60{col 94}{space 3}0.553{col 102}{space 4} -1.14853{col 115}{space 3}  2.12527
{txt}{space 56}130  {c |}{col 62}{res}{space 2} .4245258{col 74}{space 2}   1.0253{col 85}{space 1}    0.41{col 94}{space 3}0.680{col 102}{space 4}-1.627835{col 115}{space 3} 2.476887
{txt}{space 56}135  {c |}{col 62}{res}{space 2}   .53557{col 74}{space 2} .8291243{col 85}{space 1}    0.65{col 94}{space 3}0.521{col 102}{space 4}-1.124103{col 115}{space 3} 2.195243
{txt}{space 56}140  {c |}{col 62}{res}{space 2} .2010518{col 74}{space 2} .2848494{col 85}{space 1}    0.71{col 94}{space 3}0.483{col 102}{space 4}-.3691362{col 115}{space 3} .7712399
{txt}{space 56}145  {c |}{col 62}{res}{space 2} .5528082{col 74}{space 2} 1.174916{col 85}{space 1}    0.47{col 94}{space 3}0.640{col 102}{space 4}-1.799041{col 115}{space 3} 2.904658
{txt}{space 56}150  {c |}{col 62}{res}{space 2} .6182498{col 74}{space 2} 1.291811{col 85}{space 1}    0.48{col 94}{space 3}0.634{col 102}{space 4}-1.967591{col 115}{space 3} 3.204091
{txt}{space 56}155  {c |}{col 62}{res}{space 2} .5218446{col 74}{space 2} .9324043{col 85}{space 1}    0.56{col 94}{space 3}0.578{col 102}{space 4}-1.344565{col 115}{space 3} 2.388255
{txt}{space 56}160  {c |}{col 62}{res}{space 2} .3343032{col 74}{space 2} .7233212{col 85}{space 1}    0.46{col 94}{space 3}0.646{col 102}{space 4}-1.113582{col 115}{space 3} 1.782188
{txt}{space 56}165  {c |}{col 62}{res}{space 2} .7512763{col 74}{space 2} 1.397686{col 85}{space 1}    0.54{col 94}{space 3}0.593{col 102}{space 4}-2.046495{col 115}{space 3} 3.549048
{txt}{space 56}200  {c |}{col 62}{res}{space 2} .2788902{col 74}{space 2} .4316902{col 85}{space 1}    0.65{col 94}{space 3}0.521{col 102}{space 4}-.5852316{col 115}{space 3} 1.143012
{txt}{space 56}205  {c |}{col 62}{res}{space 2} .2842449{col 74}{space 2} 1.234673{col 85}{space 1}    0.23{col 94}{space 3}0.819{col 102}{space 4}-2.187221{col 115}{space 3} 2.755711
{txt}{space 56}211  {c |}{col 62}{res}{space 2} .4468307{col 74}{space 2}  .960491{col 85}{space 1}    0.47{col 94}{space 3}0.644{col 102}{space 4}-1.475801{col 115}{space 3} 2.369462
{txt}{space 56}220  {c |}{col 62}{res}{space 2} .3674743{col 74}{space 2}  .480801{col 85}{space 1}    0.76{col 94}{space 3}0.448{col 102}{space 4}-.5949534{col 115}{space 3} 1.329902
{txt}{space 56}225  {c |}{col 62}{res}{space 2} .8580832{col 74}{space 2} 1.061067{col 85}{space 1}    0.81{col 94}{space 3}0.422{col 102}{space 4}-1.265872{col 115}{space 3} 2.982039
{txt}{space 56}230  {c |}{col 62}{res}{space 2} .4160489{col 74}{space 2} .6006201{col 85}{space 1}    0.69{col 94}{space 3}0.491{col 102}{space 4} -.786223{col 115}{space 3} 1.618321
{txt}{space 56}235  {c |}{col 62}{res}{space 2} .6113804{col 74}{space 2} 1.031395{col 85}{space 1}    0.59{col 94}{space 3}0.556{col 102}{space 4} -1.45318{col 115}{space 3} 2.675941
{txt}{space 56}290  {c |}{col 62}{res}{space 2} .4913877{col 74}{space 2} .6737846{col 85}{space 1}    0.73{col 94}{space 3}0.469{col 102}{space 4}-.8573388{col 115}{space 3} 1.840114
{txt}{space 56}305  {c |}{col 62}{res}{space 2} .5405991{col 74}{space 2} 1.034444{col 85}{space 1}    0.52{col 94}{space 3}0.603{col 102}{space 4}-1.530065{col 115}{space 3} 2.611264
{txt}{space 56}310  {c |}{col 62}{res}{space 2} .6614102{col 74}{space 2} 1.039209{col 85}{space 1}    0.64{col 94}{space 3}0.527{col 102}{space 4}-1.418792{col 115}{space 3} 2.741612
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{txt}{space 56}850  {c |}{col 62}{res}{space 2} .0139667{col 74}{space 2} .2984556{col 85}{space 1}    0.05{col 94}{space 3}0.963{col 102}{space 4}-.5834571{col 115}{space 3} .6113905
{txt}{space 56}900  {c |}{col 62}{res}{space 2} .6385623{col 74}{space 2} .7789676{col 85}{space 1}    0.82{col 94}{space 3}0.416{col 102}{space 4}-.9207108{col 115}{space 3} 2.197835
{txt}{space 56}920  {c |}{col 62}{res}{space 2} .6994633{col 74}{space 2} 1.254595{col 85}{space 1}    0.56{col 94}{space 3}0.579{col 102}{space 4}-1.811881{col 115}{space 3} 3.210807
{txt}{space 60} {c |}
{space 55}_cons {c |}{col 62}{res}{space 2}-1.606307{col 74}{space 2} 5.631771{col 85}{space 1}   -0.29{col 94}{space 3}0.776{col 102}{space 4}-12.87952{col 115}{space 3} 9.666908
{txt}{hline 61}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab13
{txt}
{com}. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo c.sum_polit12_binary##c.res_ch2_polit12##c.log_pre_l1_reserves    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend currency_spell  i.cowcode if res_ch2_polit12 <= 2.168937, vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1185
                                                       {help j_robustsingular:F( 21,    58) =}       .
                                                       {txt}Prob > F      = {res}      .
                                                       {txt}R-squared     = {res} 0.8684
                                                       {txt}Root MSE      = {res} .27628

{txt}{ralign 126:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 61}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 62}{c |}{col 74}    Robust
{col 1}                                          log_fi_res_totl_mo{col 62}{c |}      Coef.{col 74}   Std. Err.{col 86}      t{col 94}   P>|t|{col 102}     [95% Con{col 115}f. Interval]
{hline 61}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 42}log_fi_res_totl_mo {c |}
{space 57}L1. {c |}{col 62}{res}{space 2} .7911914{col 74}{space 2} .0377049{col 85}{space 1}   20.98{col 94}{space 3}0.000{col 102}{space 4} .7157169{col 115}{space 3}  .866666
{txt}{space 60} {c |}
{space 42}sum_polit12_binary {c |}{col 62}{res}{space 2}-.0241048{col 74}{space 2} .0638306{col 85}{space 1}   -0.38{col 94}{space 3}0.707{col 102}{space 4}-.1518756{col 115}{space 3}  .103666
{txt}{space 45}res_ch2_polit12 {c |}{col 62}{res}{space 2} .2192654{col 74}{space 2} .1015835{col 85}{space 1}    2.16{col 94}{space 3}0.035{col 102}{space 4} .0159239{col 115}{space 3} .4226068
{txt}{space 60} {c |}
{space 22}c.sum_polit12_binary#c.res_ch2_polit12 {c |}{col 62}{res}{space 2}-.1855373{col 74}{space 2} .1234809{col 85}{space 1}   -1.50{col 94}{space 3}0.138{col 102}{space 4}-.4327112{col 115}{space 3} .0616366
{txt}{space 60} {c |}
{space 41}log_pre_l1_reserves {c |}{col 62}{res}{space 2}-.0406962{col 74}{space 2} .0316581{col 85}{space 1}   -1.29{col 94}{space 3}0.204{col 102}{space 4}-.1040667{col 115}{space 3} .0226744
{txt}{space 60} {c |}
{space 18}c.sum_polit12_binary#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .0703155{col 74}{space 2} .0460909{col 85}{space 1}    1.53{col 94}{space 3}0.133{col 102}{space 4}-.0219456{col 115}{space 3} .1625765
{txt}{space 60} {c |}
{space 21}c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2}-.0908647{col 74}{space 2} .0598536{col 85}{space 1}   -1.52{col 94}{space 3}0.134{col 102}{space 4}-.2106747{col 115}{space 3} .0289453
{txt}{space 60} {c |}
c.sum_polit12_binary#c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 62}{res}{space 2} .0715041{col 74}{space 2} .0845432{col 85}{space 1}    0.85{col 94}{space 3}0.401{col 102}{space 4}-.0977275{col 115}{space 3} .2407357
{txt}{space 60} {c |}
{space 53}polity2 {c |}{col 62}{res}{space 2} .0076031{col 74}{space 2} .0039448{col 85}{space 1}    1.93{col 94}{space 3}0.059{col 102}{space 4}-.0002933{col 115}{space 3} .0154996
{txt}{space 47}sum_imftotal5 {c |}{col 62}{res}{space 2}-.0202656{col 74}{space 2} .0295203{col 85}{space 1}   -0.69{col 94}{space 3}0.495{col 102}{space 4} -.079357{col 115}{space 3} .0388257
{txt}{space 46}ne_imp_gnfs_zs {c |}{col 62}{res}{space 2} -.002404{col 74}{space 2} .0017708{col 85}{space 1}   -1.36{col 94}{space 3}0.180{col 102}{space 4}-.0059487{col 115}{space 3} .0011406
{txt}{space 47}trade_balance {c |}{col 62}{res}{space 2} .0185437{col 74}{space 2} .0032025{col 85}{space 1}    5.79{col 94}{space 3}0.000{col 102}{space 4} .0121332{col 115}{space 3} .0249542
{txt}{space 51}cbi_irreg {c |}{col 62}{res}{space 2} .0248107{col 74}{space 2} .0174344{col 85}{space 1}    1.42{col 94}{space 3}0.160{col 102}{space 4}-.0100881{col 115}{space 3} .0597095
{txt}{space 48}presidential {c |}{col 62}{res}{space 2} .0893974{col 74}{space 2} .0830367{col 85}{space 1}    1.08{col 94}{space 3}0.286{col 102}{space 4}-.0768185{col 115}{space 3} .2556133
{txt}{space 51}log_gdppc {c |}{col 62}{res}{space 2}  -.13291{col 74}{space 2} .0635576{col 85}{space 1}   -2.09{col 94}{space 3}0.041{col 102}{space 4}-.2601343{col 115}{space 3}-.0056857
{txt}{space 50}gdp_growth {c |}{col 62}{res}{space 2}-.0093043{col 74}{space 2} .0038395{col 85}{space 1}   -2.42{col 94}{space 3}0.019{col 102}{space 4}  -.01699{col 115}{space 3}-.0016187
{txt}{space 53}log_pop {c |}{col 62}{res}{space 2} .1102947{col 74}{space 2} .2901106{col 85}{space 1}    0.38{col 94}{space 3}0.705{col 102}{space 4}-.4704247{col 115}{space 3} .6910141
{txt}{space 54}kaopen {c |}{col 62}{res}{space 2}   -.0162{col 74}{space 2} .0174466{col 85}{space 1}   -0.93{col 94}{space 3}0.357{col 102}{space 4}-.0511231{col 115}{space 3} .0187231
{txt}{space 48}currency_peg {c |}{col 62}{res}{space 2}-.0016734{col 74}{space 2} .0504267{col 85}{space 1}   -0.03{col 94}{space 3}0.974{col 102}{space 4}-.1026133{col 115}{space 3} .0992665
{txt}{space 45}currency_binary {c |}{col 62}{res}{space 2}-.1237434{col 74}{space 2}  .034991{col 85}{space 1}   -3.54{col 94}{space 3}0.001{col 102}{space 4}-.1937856{col 115}{space 3}-.0537013
{txt}{space 50}time_trend {c |}{col 62}{res}{space 2}  .006057{col 74}{space 2} .0076613{col 85}{space 1}    0.79{col 94}{space 3}0.432{col 102}{space 4}-.0092788{col 115}{space 3} .0213928
{txt}{space 46}currency_spell {c |}{col 62}{res}{space 2}   .00242{col 74}{space 2} .0032398{col 85}{space 1}    0.75{col 94}{space 3}0.458{col 102}{space 4}-.0040652{col 115}{space 3} .0089053
{txt}{space 60} {c |}
{space 53}cowcode {c |}
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{txt}{space 57}70  {c |}{col 62}{res}{space 2} .0986115{col 74}{space 2} .4061849{col 85}{space 1}    0.24{col 94}{space 3}0.809{col 102}{space 4} -.714456{col 115}{space 3} .9116789
{txt}{space 57}90  {c |}{col 62}{res}{space 2} .4125481{col 74}{space 2} 1.103015{col 85}{space 1}    0.37{col 94}{space 3}0.710{col 102}{space 4}-1.795377{col 115}{space 3} 2.620473
{txt}{space 57}91  {c |}{col 62}{res}{space 2} .5200704{col 74}{space 2} 1.273123{col 85}{space 1}    0.41{col 94}{space 3}0.684{col 102}{space 4}-2.028363{col 115}{space 3} 3.068503
{txt}{space 57}92  {c |}{col 62}{res}{space 2} .6539929{col 74}{space 2}  1.27356{col 85}{space 1}    0.51{col 94}{space 3}0.610{col 102}{space 4}-1.895314{col 115}{space 3}   3.2033
{txt}{space 57}93  {c |}{col 62}{res}{space 2} .6592462{col 74}{space 2} 1.365019{col 85}{space 1}    0.48{col 94}{space 3}0.631{col 102}{space 4}-2.073136{col 115}{space 3} 3.391628
{txt}{space 57}94  {c |}{col 62}{res}{space 2}  .486979{col 74}{space 2}  1.36607{col 85}{space 1}    0.36{col 94}{space 3}0.723{col 102}{space 4}-2.247507{col 115}{space 3} 3.221465
{txt}{space 56}100  {c |}{col 62}{res}{space 2} .2952643{col 74}{space 2} .7338877{col 85}{space 1}    0.40{col 94}{space 3}0.689{col 102}{space 4}-1.173771{col 115}{space 3}   1.7643
{txt}{space 56}101  {c |}{col 62}{res}{space 2} .3622035{col 74}{space 2} .8450626{col 85}{space 1}    0.43{col 94}{space 3}0.670{col 102}{space 4}-1.329373{col 115}{space 3}  2.05378
{txt}{space 56}130  {c |}{col 62}{res}{space 2} .2823969{col 74}{space 2} 1.052438{col 85}{space 1}    0.27{col 94}{space 3}0.789{col 102}{space 4}-1.824286{col 115}{space 3}  2.38908
{txt}{space 56}135  {c |}{col 62}{res}{space 2} .4097613{col 74}{space 2}  .857681{col 85}{space 1}    0.48{col 94}{space 3}0.635{col 102}{space 4}-1.307074{col 115}{space 3} 2.126596
{txt}{space 56}140  {c |}{col 62}{res}{space 2}  .128602{col 74}{space 2} .3067254{col 85}{space 1}    0.42{col 94}{space 3}0.677{col 102}{space 4}-.4853755{col 115}{space 3} .7425796
{txt}{space 56}145  {c |}{col 62}{res}{space 2} .4117429{col 74}{space 2} 1.205122{col 85}{space 1}    0.34{col 94}{space 3}0.734{col 102}{space 4}-2.000571{col 115}{space 3} 2.824056
{txt}{space 56}150  {c |}{col 62}{res}{space 2} .4977112{col 74}{space 2} 1.314309{col 85}{space 1}    0.38{col 94}{space 3}0.706{col 102}{space 4}-2.133165{col 115}{space 3} 3.128587
{txt}{space 56}155  {c |}{col 62}{res}{space 2} .4450348{col 74}{space 2} .9536007{col 85}{space 1}    0.47{col 94}{space 3}0.642{col 102}{space 4}-1.463804{col 115}{space 3} 2.353874
{txt}{space 56}160  {c |}{col 62}{res}{space 2} .2234342{col 74}{space 2}  .751225{col 85}{space 1}    0.30{col 94}{space 3}0.767{col 102}{space 4}-1.280306{col 115}{space 3} 1.727174
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{txt}{space 56}230  {c |}{col 62}{res}{space 2} .3534991{col 74}{space 2} .6125101{col 85}{space 1}    0.58{col 94}{space 3}0.566{col 102}{space 4}-.8725731{col 115}{space 3} 1.579571
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{txt}{space 56}350  {c |}{col 62}{res}{space 2} .7018468{col 74}{space 2} .9994994{col 85}{space 1}    0.70{col 94}{space 3}0.485{col 102}{space 4}-1.298869{col 115}{space 3} 2.702562
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{txt}{space 56}375  {c |}{col 62}{res}{space 2} .4408406{col 74}{space 2} 1.188457{col 85}{space 1}    0.37{col 94}{space 3}0.712{col 102}{space 4}-1.938115{col 115}{space 3} 2.819796
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{txt}{space 56}452  {c |}{col 62}{res}{space 2} .2657214{col 74}{space 2} 1.013807{col 85}{space 1}    0.26{col 94}{space 3}0.794{col 102}{space 4}-1.763634{col 115}{space 3} 2.295077
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{txt}{space 56}501  {c |}{col 62}{res}{space 2} .0932444{col 74}{space 2}  .855148{col 85}{space 1}    0.11{col 94}{space 3}0.914{col 102}{space 4} -1.61852{col 115}{space 3} 1.805009
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{txt}{space 56}552  {c |}{col 62}{res}{space 2} .3249558{col 74}{space 2} 1.060565{col 85}{space 1}    0.31{col 94}{space 3}0.760{col 102}{space 4}-1.797995{col 115}{space 3} 2.447907
{txt}{space 56}560  {c |}{col 62}{res}{space 2} .0954811{col 74}{space 2}  .645958{col 85}{space 1}    0.15{col 94}{space 3}0.883{col 102}{space 4}-1.197544{col 115}{space 3} 1.388507
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{txt}{space 56}750  {c |}{col 62}{res}{space 2}-.2730402{col 74}{space 2} .3316513{col 85}{space 1}   -0.82{col 94}{space 3}0.414{col 102}{space 4}-.9369124{col 115}{space 3} .3908319
{txt}{space 56}780  {c |}{col 62}{res}{space 2} .2120549{col 74}{space 2} .9634636{col 85}{space 1}    0.22{col 94}{space 3}0.827{col 102}{space 4}-1.716527{col 115}{space 3} 2.140637
{txt}{space 56}800  {c |}{col 62}{res}{space 2} .3170884{col 74}{space 2} .5807201{col 85}{space 1}    0.55{col 94}{space 3}0.587{col 102}{space 4}-.8453492{col 115}{space 3} 1.479526
{txt}{space 56}820  {c |}{col 62}{res}{space 2} .3465953{col 74}{space 2} .8213505{col 85}{space 1}    0.42{col 94}{space 3}0.675{col 102}{space 4}-1.297516{col 115}{space 3} 1.990707
{txt}{space 56}830  {c |}{col 62}{res}{space 2} .9164435{col 74}{space 2} 1.236097{col 85}{space 1}    0.74{col 94}{space 3}0.461{col 102}{space 4}-1.557873{col 115}{space 3}  3.39076
{txt}{space 56}840  {c |}{col 62}{res}{space 2} .0936821{col 74}{space 2} .5632412{col 85}{space 1}    0.17{col 94}{space 3}0.868{col 102}{space 4}-1.033768{col 115}{space 3} 1.221132
{txt}{space 56}850  {c |}{col 62}{res}{space 2} .0194695{col 74}{space 2} .3188941{col 85}{space 1}    0.06{col 94}{space 3}0.952{col 102}{space 4}-.6188663{col 115}{space 3} .6578053
{txt}{space 56}900  {c |}{col 62}{res}{space 2} .5098161{col 74}{space 2} .7969415{col 85}{space 1}    0.64{col 94}{space 3}0.525{col 102}{space 4}-1.085436{col 115}{space 3} 2.105068
{txt}{space 56}920  {c |}{col 62}{res}{space 2} .5837952{col 74}{space 2} 1.271797{col 85}{space 1}    0.46{col 94}{space 3}0.648{col 102}{space 4}-1.961983{col 115}{space 3} 3.129573
{txt}{space 60} {c |}
{space 55}_cons {c |}{col 62}{res}{space 2}-1.071539{col 74}{space 2} 5.742653{col 85}{space 1}   -0.19{col 94}{space 3}0.853{col 102}{space 4}-12.56671{col 115}{space 3} 10.42363
{txt}{hline 61}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab14
{txt}
{com}. 
. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit11##c.res_ch2_polit11##c.log_pre_l1_reserves    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend currency_spell  i.cowcode if res_ch2_polit11 <= 2.168937, vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1185
                                                       {help j_robustsingular:F( 21,    58) =}       .
                                                       {txt}Prob > F      = {res}      .
                                                       {txt}R-squared     = {res} 0.8703
                                                       {txt}Root MSE      = {res} .27432

{txt}{ralign 127:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 62}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 63}{c |}{col 75}    Robust
{col 1}                                           log_fi_res_totl_mo{col 63}{c |}      Coef.{col 75}   Std. Err.{col 87}      t{col 95}   P>|t|{col 103}     [95% Con{col 116}f. Interval]
{hline 62}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 43}log_fi_res_totl_mo {c |}
{space 58}L1. {c |}{col 63}{res}{space 2} .7811343{col 75}{space 2}  .037636{col 86}{space 1}   20.75{col 95}{space 3}0.000{col 103}{space 4} .7057977{col 116}{space 3} .8564709
{txt}{space 61} {c |}
{space 42}polity_frac_polit11 {c |}{col 63}{res}{space 2} .0733626{col 75}{space 2} .0592972{col 86}{space 1}    1.24{col 95}{space 3}0.221{col 103}{space 4}-.0453336{col 116}{space 3} .1920588
{txt}{space 46}res_ch2_polit11 {c |}{col 63}{res}{space 2} .2410692{col 75}{space 2} .0835057{col 86}{space 1}    2.89{col 95}{space 3}0.005{col 103}{space 4} .0739145{col 116}{space 3}  .408224
{txt}{space 61} {c |}
{space 22}c.polity_frac_polit11#c.res_ch2_polit11 {c |}{col 63}{res}{space 2}-.1992863{col 75}{space 2}  .086249{col 86}{space 1}   -2.31{col 95}{space 3}0.024{col 103}{space 4}-.3719325{col 116}{space 3}-.0266401
{txt}{space 61} {c |}
{space 42}log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.0447647{col 75}{space 2} .0363688{col 86}{space 1}   -1.23{col 95}{space 3}0.223{col 103}{space 4}-.1175647{col 116}{space 3} .0280354
{txt}{space 61} {c |}
{space 18}c.polity_frac_polit11#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2} .0322128{col 75}{space 2} .0459705{col 86}{space 1}    0.70{col 95}{space 3}0.486{col 103}{space 4}-.0598071{col 116}{space 3} .1242327
{txt}{space 61} {c |}
{space 22}c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.2330306{col 75}{space 2}  .079965{col 86}{space 1}   -2.91{col 95}{space 3}0.005{col 103}{space 4}-.3930978{col 116}{space 3}-.0729633
{txt}{space 61} {c |}
c.polity_frac_polit11#c.res_ch2_polit11#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2} .2292732{col 75}{space 2} .0852544{col 86}{space 1}    2.69{col 95}{space 3}0.009{col 103}{space 4} .0586181{col 116}{space 3} .3999283
{txt}{space 61} {c |}
{space 54}polity2 {c |}{col 63}{res}{space 2}  .007264{col 75}{space 2} .0043141{col 86}{space 1}    1.68{col 95}{space 3}0.098{col 103}{space 4}-.0013717{col 116}{space 3} .0158996
{txt}{space 48}sum_imftotal5 {c |}{col 63}{res}{space 2}-.0125258{col 75}{space 2} .0295265{col 86}{space 1}   -0.42{col 95}{space 3}0.673{col 103}{space 4}-.0716296{col 116}{space 3}  .046578
{txt}{space 47}ne_imp_gnfs_zs {c |}{col 63}{res}{space 2}-.0023501{col 75}{space 2} .0020201{col 86}{space 1}   -1.16{col 95}{space 3}0.249{col 103}{space 4}-.0063937{col 116}{space 3} .0016935
{txt}{space 48}trade_balance {c |}{col 63}{res}{space 2} .0185279{col 75}{space 2} .0034008{col 86}{space 1}    5.45{col 95}{space 3}0.000{col 103}{space 4} .0117204{col 116}{space 3} .0253353
{txt}{space 52}cbi_irreg {c |}{col 63}{res}{space 2} .0265771{col 75}{space 2} .0181435{col 86}{space 1}    1.46{col 95}{space 3}0.148{col 103}{space 4} -.009741{col 116}{space 3} .0628952
{txt}{space 49}presidential {c |}{col 63}{res}{space 2} .0998823{col 75}{space 2} .0812941{col 86}{space 1}    1.23{col 95}{space 3}0.224{col 103}{space 4}-.0628456{col 116}{space 3} .2626102
{txt}{space 52}log_gdppc {c |}{col 63}{res}{space 2}-.1369854{col 75}{space 2} .0615603{col 86}{space 1}   -2.23{col 95}{space 3}0.030{col 103}{space 4}-.2602117{col 116}{space 3} -.013759
{txt}{space 51}gdp_growth {c |}{col 63}{res}{space 2}-.0088921{col 75}{space 2} .0039724{col 86}{space 1}   -2.24{col 95}{space 3}0.029{col 103}{space 4}-.0168437{col 116}{space 3}-.0009405
{txt}{space 54}log_pop {c |}{col 63}{res}{space 2} .1486891{col 75}{space 2} .2832273{col 86}{space 1}    0.52{col 95}{space 3}0.602{col 103}{space 4}-.4182518{col 116}{space 3} .7156301
{txt}{space 55}kaopen {c |}{col 63}{res}{space 2}-.0117107{col 75}{space 2} .0177937{col 86}{space 1}   -0.66{col 95}{space 3}0.513{col 103}{space 4}-.0473286{col 116}{space 3} .0239073
{txt}{space 49}currency_peg {c |}{col 63}{res}{space 2} .0232467{col 75}{space 2} .0497101{col 86}{space 1}    0.47{col 95}{space 3}0.642{col 103}{space 4}-.0762589{col 116}{space 3} .1227523
{txt}{space 46}currency_binary {c |}{col 63}{res}{space 2}-.1253013{col 75}{space 2} .0322976{col 86}{space 1}   -3.88{col 95}{space 3}0.000{col 103}{space 4}-.1899519{col 116}{space 3}-.0606507
{txt}{space 51}time_trend {c |}{col 63}{res}{space 2} .0069947{col 75}{space 2} .0074339{col 86}{space 1}    0.94{col 95}{space 3}0.351{col 103}{space 4}-.0078858{col 116}{space 3} .0218753
{txt}{space 47}currency_spell {c |}{col 63}{res}{space 2} .0034835{col 75}{space 2} .0038478{col 86}{space 1}    0.91{col 95}{space 3}0.369{col 103}{space 4}-.0042186{col 116}{space 3} .0111856
{txt}{space 61} {c |}
{space 54}cowcode {c |}
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{txt}{space 58}70  {c |}{col 63}{res}{space 2} .1919685{col 75}{space 2} .3811668{col 86}{space 1}    0.50{col 95}{space 3}0.616{col 103}{space 4}-.5710197{col 116}{space 3} .9549568
{txt}{space 58}90  {c |}{col 63}{res}{space 2} .5616368{col 75}{space 2} 1.054612{col 86}{space 1}    0.53{col 95}{space 3}0.596{col 103}{space 4}-1.549399{col 116}{space 3} 2.672672
{txt}{space 58}91  {c |}{col 63}{res}{space 2} .6660315{col 75}{space 2} 1.221033{col 86}{space 1}    0.55{col 95}{space 3}0.588{col 103}{space 4}-1.778132{col 116}{space 3} 3.110195
{txt}{space 58}92  {c |}{col 63}{res}{space 2} .7687195{col 75}{space 2} 1.226952{col 86}{space 1}    0.63{col 95}{space 3}0.533{col 103}{space 4}-1.687292{col 116}{space 3} 3.224731
{txt}{space 58}93  {c |}{col 63}{res}{space 2}  .725933{col 75}{space 2}  1.30593{col 86}{space 1}    0.56{col 95}{space 3}0.580{col 103}{space 4}-1.888169{col 116}{space 3} 3.340035
{txt}{space 58}94  {c |}{col 63}{res}{space 2} .7321988{col 75}{space 2} 1.315621{col 86}{space 1}    0.56{col 95}{space 3}0.580{col 103}{space 4}-1.901303{col 116}{space 3} 3.365701
{txt}{space 57}100  {c |}{col 63}{res}{space 2} .3691221{col 75}{space 2} .6901251{col 86}{space 1}    0.53{col 95}{space 3}0.595{col 103}{space 4}-1.012313{col 116}{space 3} 1.750558
{txt}{space 57}101  {c |}{col 63}{res}{space 2} .5179668{col 75}{space 2} .8033115{col 86}{space 1}    0.64{col 95}{space 3}0.522{col 103}{space 4}-1.090036{col 116}{space 3} 2.125969
{txt}{space 57}130  {c |}{col 63}{res}{space 2} .4526698{col 75}{space 2} 1.004707{col 86}{space 1}    0.45{col 95}{space 3}0.654{col 103}{space 4}-1.558469{col 116}{space 3} 2.463809
{txt}{space 57}135  {c |}{col 63}{res}{space 2}  .496635{col 75}{space 2} .8199494{col 86}{space 1}    0.61{col 95}{space 3}0.547{col 103}{space 4}-1.144672{col 116}{space 3} 2.137942
{txt}{space 57}140  {c |}{col 63}{res}{space 2} .2517754{col 75}{space 2} .2818438{col 86}{space 1}    0.89{col 95}{space 3}0.375{col 103}{space 4}-.3123962{col 116}{space 3} .8159471
{txt}{space 57}145  {c |}{col 63}{res}{space 2} .5799296{col 75}{space 2} 1.153251{col 86}{space 1}    0.50{col 95}{space 3}0.617{col 103}{space 4}-1.728554{col 116}{space 3} 2.888413
{txt}{space 57}150  {c |}{col 63}{res}{space 2} .6500054{col 75}{space 2} 1.259281{col 86}{space 1}    0.52{col 95}{space 3}0.608{col 103}{space 4}-1.870719{col 116}{space 3}  3.17073
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{txt}{space 57}160  {c |}{col 63}{res}{space 2} .3171989{col 75}{space 2} .7140024{col 86}{space 1}    0.44{col 95}{space 3}0.659{col 103}{space 4}-1.112032{col 116}{space 3}  1.74643
{txt}{space 57}165  {c |}{col 63}{res}{space 2} .7823581{col 75}{space 2}   1.3797{col 86}{space 1}    0.57{col 95}{space 3}0.573{col 103}{space 4}-1.979412{col 116}{space 3} 3.544129
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{txt}{space 57}235  {c |}{col 63}{res}{space 2} .6506285{col 75}{space 2} 1.020466{col 86}{space 1}    0.64{col 95}{space 3}0.526{col 103}{space 4}-1.392057{col 116}{space 3} 2.693314
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{txt}{space 57}305  {c |}{col 63}{res}{space 2} .5760651{col 75}{space 2} 1.026002{col 86}{space 1}    0.56{col 95}{space 3}0.577{col 103}{space 4}-1.477701{col 116}{space 3} 2.629831
{txt}{space 57}310  {c |}{col 63}{res}{space 2} .6916736{col 75}{space 2} 1.019115{col 86}{space 1}    0.68{col 95}{space 3}0.500{col 103}{space 4}-1.348308{col 116}{space 3} 2.731655
{txt}{space 57}325  {c |}{col 63}{res}{space 2} .3749077{col 75}{space 2} .4722468{col 86}{space 1}    0.79{col 95}{space 3}0.431{col 103}{space 4} -.570397{col 116}{space 3} 1.320212
{txt}{space 57}350  {c |}{col 63}{res}{space 2} .8827742{col 75}{space 2} .9708109{col 86}{space 1}    0.91{col 95}{space 3}0.367{col 103}{space 4}-1.060515{col 116}{space 3} 2.826063
{txt}{space 57}360  {c |}{col 63}{res}{space 2} .6900576{col 75}{space 2} .8300802{col 86}{space 1}    0.83{col 95}{space 3}0.409{col 103}{space 4}-.9715284{col 116}{space 3} 2.351644
{txt}{space 57}365  {c |}{col 63}{res}{space 2} .2084756{col 75}{space 2}  .355582{col 86}{space 1}    0.59{col 95}{space 3}0.560{col 103}{space 4}-.5032992{col 116}{space 3} .9202504
{txt}{space 57}375  {c |}{col 63}{res}{space 2} .6014754{col 75}{space 2} 1.159273{col 86}{space 1}    0.52{col 95}{space 3}0.606{col 103}{space 4}-1.719061{col 116}{space 3} 2.922012
{txt}{space 57}380  {c |}{col 63}{res}{space 2} .7221761{col 75}{space 2} .9631791{col 86}{space 1}    0.75{col 95}{space 3}0.456{col 103}{space 4}-1.205836{col 116}{space 3} 2.650189
{txt}{space 57}385  {c |}{col 63}{res}{space 2} .9265577{col 75}{space 2} 1.168703{col 86}{space 1}    0.79{col 95}{space 3}0.431{col 103}{space 4}-1.412856{col 116}{space 3} 3.265971
{txt}{space 57}452  {c |}{col 63}{res}{space 2}  .397805{col 75}{space 2} .9597889{col 86}{space 1}    0.41{col 95}{space 3}0.680{col 103}{space 4}-1.523421{col 116}{space 3} 2.319031
{txt}{space 57}475  {c |}{col 63}{res}{space 2}-.1438454{col 75}{space 2} .4549766{col 86}{space 1}   -0.32{col 95}{space 3}0.753{col 103}{space 4} -1.05458{col 116}{space 3} .7668891
{txt}{space 57}501  {c |}{col 63}{res}{space 2} .1353337{col 75}{space 2} .8148485{col 86}{space 1}    0.17{col 95}{space 3}0.869{col 103}{space 4}-1.495763{col 116}{space 3}  1.76643
{txt}{space 57}551  {c |}{col 63}{res}{space 2} .1061846{col 75}{space 2} 1.092738{col 86}{space 1}    0.10{col 95}{space 3}0.923{col 103}{space 4}-2.081167{col 116}{space 3} 2.293537
{txt}{space 57}552  {c |}{col 63}{res}{space 2}  .392292{col 75}{space 2} 1.016998{col 86}{space 1}    0.39{col 95}{space 3}0.701{col 103}{space 4}-1.643451{col 116}{space 3} 2.428035
{txt}{space 57}560  {c |}{col 63}{res}{space 2} .2381229{col 75}{space 2}  .617112{col 86}{space 1}    0.39{col 95}{space 3}0.701{col 103}{space 4} -.997161{col 116}{space 3} 1.473407
{txt}{space 57}590  {c |}{col 63}{res}{space 2} 1.045438{col 75}{space 2} 1.640382{col 86}{space 1}    0.64{col 95}{space 3}0.526{col 103}{space 4}-2.238144{col 116}{space 3}  4.32902
{txt}{space 57}600  {c |}{col 63}{res}{space 2} .2359999{col 75}{space 2}  .842672{col 86}{space 1}    0.28{col 95}{space 3}0.780{col 103}{space 4}-1.450792{col 116}{space 3} 1.922791
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{txt}{space 57}710  {c |}{col 63}{res}{space 2} .0404669{col 75}{space 2} .4114331{col 86}{space 1}    0.10{col 95}{space 3}0.922{col 103}{space 4} -.783106{col 116}{space 3} .8640398
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{txt}{space 61} {c |}
{space 56}_cons {c |}{col 63}{res}{space 2}-1.888318{col 75}{space 2} 5.548683{col 86}{space 1}   -0.34{col 95}{space 3}0.735{col 103}{space 4}-12.99521{col 116}{space 3} 9.218577
{txt}{hline 62}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab15
{txt}
{com}. 
. reg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit12##c.res_ch2_polit12##c.log_pre_l1_reserves    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend currency_spell  i.cowcode if res_ch2_polit12 <= 2.168937, vce(cluster cowcode)

{txt}Linear regression                                      Number of obs ={res}    1185
                                                       {help j_robustsingular:F( 21,    58) =}       .
                                                       {txt}Prob > F      = {res}      .
                                                       {txt}R-squared     = {res} 0.8686
                                                       {txt}Root MSE      = {res}  .2761

{txt}{ralign 127:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 62}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 63}{c |}{col 75}    Robust
{col 1}                                           log_fi_res_totl_mo{col 63}{c |}      Coef.{col 75}   Std. Err.{col 87}      t{col 95}   P>|t|{col 103}     [95% Con{col 116}f. Interval]
{hline 62}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 43}log_fi_res_totl_mo {c |}
{space 58}L1. {c |}{col 63}{res}{space 2} .7918365{col 75}{space 2} .0377343{col 86}{space 1}   20.98{col 95}{space 3}0.000{col 103}{space 4}  .716303{col 116}{space 3} .8673699
{txt}{space 61} {c |}
{space 42}polity_frac_polit12 {c |}{col 63}{res}{space 2} .0633491{col 75}{space 2} .0644972{col 86}{space 1}    0.98{col 95}{space 3}0.330{col 103}{space 4}-.0657561{col 116}{space 3} .1924543
{txt}{space 46}res_ch2_polit12 {c |}{col 63}{res}{space 2} .1829479{col 75}{space 2} .0746928{col 86}{space 1}    2.45{col 95}{space 3}0.017{col 103}{space 4}  .033434{col 116}{space 3} .3324619
{txt}{space 61} {c |}
{space 22}c.polity_frac_polit12#c.res_ch2_polit12 {c |}{col 63}{res}{space 2}-.2070432{col 75}{space 2}  .105801{col 86}{space 1}   -1.96{col 95}{space 3}0.055{col 103}{space 4}-.4188268{col 116}{space 3} .0047404
{txt}{space 61} {c |}
{space 42}log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.0339329{col 75}{space 2} .0303058{col 86}{space 1}   -1.12{col 95}{space 3}0.267{col 103}{space 4}-.0945965{col 116}{space 3} .0267307
{txt}{space 61} {c |}
{space 18}c.polity_frac_polit12#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2} .0224705{col 75}{space 2} .0480278{col 86}{space 1}    0.47{col 95}{space 3}0.642{col 103}{space 4}-.0736676{col 116}{space 3} .1186087
{txt}{space 61} {c |}
{space 22}c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2}-.0993414{col 75}{space 2} .0533483{col 86}{space 1}   -1.86{col 95}{space 3}0.068{col 103}{space 4}-.2061297{col 116}{space 3} .0074468
{txt}{space 61} {c |}
c.polity_frac_polit12#c.res_ch2_polit12#c.log_pre_l1_reserves {c |}{col 63}{res}{space 2}  .143778{col 75}{space 2} .0882732{col 86}{space 1}    1.63{col 95}{space 3}0.109{col 103}{space 4}-.0329201{col 116}{space 3} .3204761
{txt}{space 61} {c |}
{space 54}polity2 {c |}{col 63}{res}{space 2} .0083584{col 75}{space 2} .0040943{col 86}{space 1}    2.04{col 95}{space 3}0.046{col 103}{space 4} .0001627{col 116}{space 3}  .016554
{txt}{space 48}sum_imftotal5 {c |}{col 63}{res}{space 2}-.0196329{col 75}{space 2} .0329284{col 86}{space 1}   -0.60{col 95}{space 3}0.553{col 103}{space 4}-.0855463{col 116}{space 3} .0462806
{txt}{space 47}ne_imp_gnfs_zs {c |}{col 63}{res}{space 2}-.0019179{col 75}{space 2} .0018707{col 86}{space 1}   -1.03{col 95}{space 3}0.310{col 103}{space 4}-.0056626{col 116}{space 3} .0018268
{txt}{space 48}trade_balance {c |}{col 63}{res}{space 2} .0188902{col 75}{space 2} .0032768{col 86}{space 1}    5.76{col 95}{space 3}0.000{col 103}{space 4} .0123309{col 116}{space 3} .0254495
{txt}{space 52}cbi_irreg {c |}{col 63}{res}{space 2} .0238213{col 75}{space 2}   .01777{col 86}{space 1}    1.34{col 95}{space 3}0.185{col 103}{space 4}-.0117493{col 116}{space 3} .0593919
{txt}{space 49}presidential {c |}{col 63}{res}{space 2} .0907052{col 75}{space 2} .0828768{col 86}{space 1}    1.09{col 95}{space 3}0.278{col 103}{space 4}-.0751908{col 116}{space 3} .2566012
{txt}{space 52}log_gdppc {c |}{col 63}{res}{space 2} -.133787{col 75}{space 2} .0658919{col 86}{space 1}   -2.03{col 95}{space 3}0.047{col 103}{space 4}-.2656839{col 116}{space 3}-.0018901
{txt}{space 51}gdp_growth {c |}{col 63}{res}{space 2}-.0093329{col 75}{space 2} .0040192{col 86}{space 1}   -2.32{col 95}{space 3}0.024{col 103}{space 4}-.0173782{col 116}{space 3}-.0012877
{txt}{space 54}log_pop {c |}{col 63}{res}{space 2} .1055259{col 75}{space 2} .2905134{col 86}{space 1}    0.36{col 95}{space 3}0.718{col 103}{space 4}-.4759999{col 116}{space 3} .6870518
{txt}{space 55}kaopen {c |}{col 63}{res}{space 2} -.014907{col 75}{space 2} .0183232{col 86}{space 1}   -0.81{col 95}{space 3}0.419{col 103}{space 4}-.0515848{col 116}{space 3} .0217708
{txt}{space 49}currency_peg {c |}{col 63}{res}{space 2} .0148632{col 75}{space 2} .0479056{col 86}{space 1}    0.31{col 95}{space 3}0.757{col 103}{space 4}-.0810304{col 116}{space 3} .1107567
{txt}{space 46}currency_binary {c |}{col 63}{res}{space 2}-.1260309{col 75}{space 2} .0344067{col 86}{space 1}   -3.66{col 95}{space 3}0.001{col 103}{space 4}-.1949034{col 116}{space 3}-.0571583
{txt}{space 51}time_trend {c |}{col 63}{res}{space 2} .0062611{col 75}{space 2} .0076006{col 86}{space 1}    0.82{col 95}{space 3}0.413{col 103}{space 4}-.0089531{col 116}{space 3} .0214753
{txt}{space 47}currency_spell {c |}{col 63}{res}{space 2} .0014073{col 75}{space 2} .0038617{col 86}{space 1}    0.36{col 95}{space 3}0.717{col 103}{space 4}-.0063227{col 116}{space 3} .0091374
{txt}{space 61} {c |}
{space 54}cowcode {c |}
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{txt}{space 58}70  {c |}{col 63}{res}{space 2} .0712708{col 75}{space 2} .4018066{col 86}{space 1}    0.18{col 95}{space 3}0.860{col 103}{space 4}-.7330326{col 116}{space 3} .8755741
{txt}{space 58}90  {c |}{col 63}{res}{space 2} .3552546{col 75}{space 2} 1.098449{col 86}{space 1}    0.32{col 95}{space 3}0.748{col 103}{space 4}-1.843531{col 116}{space 3}  2.55404
{txt}{space 58}91  {c |}{col 63}{res}{space 2} .4594515{col 75}{space 2} 1.271011{col 86}{space 1}    0.36{col 95}{space 3}0.719{col 103}{space 4}-2.084754{col 116}{space 3} 3.003657
{txt}{space 58}92  {c |}{col 63}{res}{space 2}  .594732{col 75}{space 2} 1.273353{col 86}{space 1}    0.47{col 95}{space 3}0.642{col 103}{space 4}-1.954161{col 116}{space 3} 3.143625
{txt}{space 58}93  {c |}{col 63}{res}{space 2} .5527808{col 75}{space 2} 1.362627{col 86}{space 1}    0.41{col 95}{space 3}0.686{col 103}{space 4}-2.174814{col 116}{space 3} 3.280375
{txt}{space 58}94  {c |}{col 63}{res}{space 2} .4428966{col 75}{space 2} 1.367612{col 86}{space 1}    0.32{col 95}{space 3}0.747{col 103}{space 4}-2.294676{col 116}{space 3} 3.180469
{txt}{space 57}100  {c |}{col 63}{res}{space 2} .3192393{col 75}{space 2} .7337082{col 86}{space 1}    0.44{col 95}{space 3}0.665{col 103}{space 4}-1.149437{col 116}{space 3} 1.787916
{txt}{space 57}101  {c |}{col 63}{res}{space 2} .3301356{col 75}{space 2} .8446696{col 86}{space 1}    0.39{col 95}{space 3}0.697{col 103}{space 4}-1.360654{col 116}{space 3} 2.020926
{txt}{space 57}130  {c |}{col 63}{res}{space 2} .2527877{col 75}{space 2} 1.048681{col 86}{space 1}    0.24{col 95}{space 3}0.810{col 103}{space 4}-1.846376{col 116}{space 3} 2.351951
{txt}{space 57}135  {c |}{col 63}{res}{space 2} .3495862{col 75}{space 2} .8573789{col 86}{space 1}    0.41{col 95}{space 3}0.685{col 103}{space 4}-1.366644{col 116}{space 3} 2.065816
{txt}{space 57}140  {c |}{col 63}{res}{space 2} .1523338{col 75}{space 2} .3026956{col 86}{space 1}    0.50{col 95}{space 3}0.617{col 103}{space 4}-.4535773{col 116}{space 3}  .758245
{txt}{space 57}145  {c |}{col 63}{res}{space 2} .3381786{col 75}{space 2} 1.206224{col 86}{space 1}    0.28{col 95}{space 3}0.780{col 103}{space 4}-2.076341{col 116}{space 3} 2.752698
{txt}{space 57}150  {c |}{col 63}{res}{space 2} .4337976{col 75}{space 2}  1.31102{col 86}{space 1}    0.33{col 95}{space 3}0.742{col 103}{space 4}-2.190493{col 116}{space 3} 3.058088
{txt}{space 57}155  {c |}{col 63}{res}{space 2} .4171527{col 75}{space 2} .9536302{col 86}{space 1}    0.44{col 95}{space 3}0.663{col 103}{space 4}-1.491745{col 116}{space 3} 2.326051
{txt}{space 57}160  {c |}{col 63}{res}{space 2} .1749891{col 75}{space 2} .7486112{col 86}{space 1}    0.23{col 95}{space 3}0.816{col 103}{space 4}-1.323519{col 116}{space 3} 1.673497
{txt}{space 57}165  {c |}{col 63}{res}{space 2} .6046315{col 75}{space 2} 1.425492{col 86}{space 1}    0.42{col 95}{space 3}0.673{col 103}{space 4}-2.248801{col 116}{space 3} 3.458064
{txt}{space 57}200  {c |}{col 63}{res}{space 2} .2066675{col 75}{space 2}  .436937{col 86}{space 1}    0.47{col 95}{space 3}0.638{col 103}{space 4}-.6679569{col 116}{space 3} 1.081292
{txt}{space 57}205  {c |}{col 63}{res}{space 2} .0221162{col 75}{space 2} 1.235159{col 86}{space 1}    0.02{col 95}{space 3}0.986{col 103}{space 4}-2.450323{col 116}{space 3} 2.494556
{txt}{space 57}211  {c |}{col 63}{res}{space 2} .2992052{col 75}{space 2} .9519009{col 86}{space 1}    0.31{col 95}{space 3}0.754{col 103}{space 4}-1.606231{col 116}{space 3} 2.204642
{txt}{space 57}220  {c |}{col 63}{res}{space 2} .3265778{col 75}{space 2}  .472576{col 86}{space 1}    0.69{col 95}{space 3}0.492{col 103}{space 4}-.6193859{col 116}{space 3} 1.272542
{txt}{space 57}225  {c |}{col 63}{res}{space 2} .6494501{col 75}{space 2} 1.074118{col 86}{space 1}    0.60{col 95}{space 3}0.548{col 103}{space 4}-1.500631{col 116}{space 3} 2.799531
{txt}{space 57}230  {c |}{col 63}{res}{space 2} .3131476{col 75}{space 2} .6090511{col 86}{space 1}    0.51{col 95}{space 3}0.609{col 103}{space 4}-.9060005{col 116}{space 3} 1.532296
{txt}{space 57}235  {c |}{col 63}{res}{space 2} .4691506{col 75}{space 2} 1.044928{col 86}{space 1}    0.45{col 95}{space 3}0.655{col 103}{space 4}  -1.6225{col 116}{space 3} 2.560801
{txt}{space 57}290  {c |}{col 63}{res}{space 2} .3349458{col 75}{space 2} .6871222{col 86}{space 1}    0.49{col 95}{space 3}0.628{col 103}{space 4}-1.040479{col 116}{space 3}  1.71037
{txt}{space 57}305  {c |}{col 63}{res}{space 2} .3436749{col 75}{space 2} 1.048193{col 86}{space 1}    0.33{col 95}{space 3}0.744{col 103}{space 4}-1.754512{col 116}{space 3} 2.441862
{txt}{space 57}310  {c |}{col 63}{res}{space 2} .4436053{col 75}{space 2} 1.048451{col 86}{space 1}    0.42{col 95}{space 3}0.674{col 103}{space 4}-1.655098{col 116}{space 3} 2.542309
{txt}{space 57}325  {c |}{col 63}{res}{space 2} .2333156{col 75}{space 2} .4821299{col 86}{space 1}    0.48{col 95}{space 3}0.630{col 103}{space 4}-.7317723{col 116}{space 3} 1.198403
{txt}{space 57}350  {c |}{col 63}{res}{space 2} .6457765{col 75}{space 2} .9948647{col 86}{space 1}    0.65{col 95}{space 3}0.519{col 103}{space 4}-1.345662{col 116}{space 3} 2.637215
{txt}{space 57}360  {c |}{col 63}{res}{space 2} .5007771{col 75}{space 2} .8633478{col 86}{space 1}    0.58{col 95}{space 3}0.564{col 103}{space 4}-1.227401{col 116}{space 3} 2.228955
{txt}{space 57}365  {c |}{col 63}{res}{space 2} .1206162{col 75}{space 2} .3708245{col 86}{space 1}    0.33{col 95}{space 3}0.746{col 103}{space 4}-.6216697{col 116}{space 3} .8629021
{txt}{space 57}375  {c |}{col 63}{res}{space 2}  .368067{col 75}{space 2} 1.187724{col 86}{space 1}    0.31{col 95}{space 3}0.758{col 103}{space 4} -2.00942{col 116}{space 3} 2.745554
{txt}{space 57}380  {c |}{col 63}{res}{space 2} .4728119{col 75}{space 2} .9818661{col 86}{space 1}    0.48{col 95}{space 3}0.632{col 103}{space 4}-1.492607{col 116}{space 3}  2.43823
{txt}{space 57}385  {c |}{col 63}{res}{space 2} .6586367{col 75}{space 2} 1.204276{col 86}{space 1}    0.55{col 95}{space 3}0.587{col 103}{space 4}-1.751983{col 116}{space 3} 3.069256
{txt}{space 57}452  {c |}{col 63}{res}{space 2} .2268506{col 75}{space 2} 1.013621{col 86}{space 1}    0.22{col 95}{space 3}0.824{col 103}{space 4}-1.802132{col 116}{space 3} 2.255834
{txt}{space 57}475  {c |}{col 63}{res}{space 2}-.2080463{col 75}{space 2} .4952259{col 86}{space 1}   -0.42{col 95}{space 3}0.676{col 103}{space 4}-1.199349{col 116}{space 3} .7832561
{txt}{space 57}501  {c |}{col 63}{res}{space 2} .0573726{col 75}{space 2} .8578292{col 86}{space 1}    0.07{col 95}{space 3}0.947{col 103}{space 4}-1.659759{col 116}{space 3} 1.774504
{txt}{space 57}551  {c |}{col 63}{res}{space 2}-.0306863{col 75}{space 2} 1.143761{col 86}{space 1}   -0.03{col 95}{space 3}0.979{col 103}{space 4}-2.320173{col 116}{space 3} 2.258801
{txt}{space 57}552  {c |}{col 63}{res}{space 2} .2890545{col 75}{space 2} 1.062699{col 86}{space 1}    0.27{col 95}{space 3}0.787{col 103}{space 4}-1.838169{col 116}{space 3} 2.416278
{txt}{space 57}560  {c |}{col 63}{res}{space 2}   .07549{col 75}{space 2}  .645544{col 86}{space 1}    0.12{col 95}{space 3}0.907{col 103}{space 4}-1.216707{col 116}{space 3} 1.367687
{txt}{space 57}590  {c |}{col 63}{res}{space 2}  .844757{col 75}{space 2} 1.679661{col 86}{space 1}    0.50{col 95}{space 3}0.617{col 103}{space 4}-2.517449{col 116}{space 3} 4.206963
{txt}{space 57}600  {c |}{col 63}{res}{space 2}  .047687{col 75}{space 2} .8733101{col 86}{space 1}    0.05{col 95}{space 3}0.957{col 103}{space 4}-1.700433{col 116}{space 3} 1.795807
{txt}{space 57}615  {c |}{col 63}{res}{space 2} .5865068{col 75}{space 2} .7711515{col 86}{space 1}    0.76{col 95}{space 3}0.450{col 103}{space 4}-.9571207{col 116}{space 3} 2.130134
{txt}{space 57}616  {c |}{col 63}{res}{space 2} .2984632{col 75}{space 2} 1.124946{col 86}{space 1}    0.27{col 95}{space 3}0.792{col 103}{space 4}-1.953362{col 116}{space 3} 2.550288
{txt}{space 57}640  {c |}{col 63}{res}{space 2} .2861817{col 75}{space 2} .5513738{col 86}{space 1}    0.52{col 95}{space 3}0.606{col 103}{space 4}-.8175128{col 116}{space 3} 1.389876
{txt}{space 57}651  {c |}{col 63}{res}{space 2} .4704294{col 75}{space 2}  .611745{col 86}{space 1}    0.77{col 95}{space 3}0.445{col 103}{space 4}-.7541112{col 116}{space 3}  1.69497
{txt}{space 57}710  {c |}{col 63}{res}{space 2}-.0814401{col 75}{space 2} .4016963{col 86}{space 1}   -0.20{col 95}{space 3}0.840{col 103}{space 4}-.8855226{col 116}{space 3} .7226423
{txt}{space 57}732  {c |}{col 63}{res}{space 2}  .315512{col 75}{space 2} .5857265{col 86}{space 1}    0.54{col 95}{space 3}0.592{col 103}{space 4} -.856947{col 116}{space 3} 1.487971
{txt}{space 57}740  {c |}{col 63}{res}{space 2} .4768723{col 75}{space 2} .2392762{col 86}{space 1}    1.99{col 95}{space 3}0.051{col 103}{space 4}-.0020911{col 116}{space 3} .9558357
{txt}{space 57}750  {c |}{col 63}{res}{space 2}-.2722007{col 75}{space 2} .3411816{col 86}{space 1}   -0.80{col 95}{space 3}0.428{col 103}{space 4}-.9551498{col 116}{space 3} .4107484
{txt}{space 57}780  {c |}{col 63}{res}{space 2} .1728727{col 75}{space 2} .9658087{col 86}{space 1}    0.18{col 95}{space 3}0.859{col 103}{space 4}-1.760403{col 116}{space 3} 2.106149
{txt}{space 57}800  {c |}{col 63}{res}{space 2}  .280606{col 75}{space 2} .5777053{col 86}{space 1}    0.49{col 95}{space 3}0.629{col 103}{space 4}-.8757968{col 116}{space 3} 1.437009
{txt}{space 57}820  {c |}{col 63}{res}{space 2} .2578098{col 75}{space 2} .8174974{col 86}{space 1}    0.32{col 95}{space 3}0.754{col 103}{space 4}-1.378589{col 116}{space 3} 1.894209
{txt}{space 57}830  {c |}{col 63}{res}{space 2} .7906449{col 75}{space 2} 1.235958{col 86}{space 1}    0.64{col 95}{space 3}0.525{col 103}{space 4}-1.683394{col 116}{space 3} 3.264683
{txt}{space 57}840  {c |}{col 63}{res}{space 2} .0503513{col 75}{space 2} .5625932{col 86}{space 1}    0.09{col 95}{space 3}0.929{col 103}{space 4}-1.075801{col 116}{space 3} 1.176504
{txt}{space 57}850  {c |}{col 63}{res}{space 2} .0070221{col 75}{space 2} .3203837{col 86}{space 1}    0.02{col 95}{space 3}0.983{col 103}{space 4}-.6342955{col 116}{space 3} .6483397
{txt}{space 57}900  {c |}{col 63}{res}{space 2} .4801862{col 75}{space 2} .7964589{col 86}{space 1}    0.60{col 95}{space 3}0.549{col 103}{space 4}  -1.1141{col 116}{space 3} 2.074472
{txt}{space 57}920  {c |}{col 63}{res}{space 2} .5351307{col 75}{space 2} 1.270883{col 86}{space 1}    0.42{col 95}{space 3}0.675{col 103}{space 4}-2.008818{col 116}{space 3}  3.07908
{txt}{space 61} {c |}
{space 56}_cons {c |}{col 63}{res}{space 2}-.9984501{col 75}{space 2} 5.761398{col 86}{space 1}   -0.17{col 95}{space 3}0.863{col 103}{space 4}-12.53114{col 116}{space 3} 10.53424
{txt}{hline 62}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. est store tab16
{txt}
{com}. 
. * Table 61:
. **esttab tab13 tab14 tab15 tab16 using spell_control4.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H5: interest rates
. 
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit11_binary##c.ir_diff     polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend currency_spell  if cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1101
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       55

{txt}R-sq:  within  = {res}0.6246                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5527                                        {txt}avg = {res}     20.0
{txt}       overall = {res}0.5128                                        {txt}max = {res}       31

                                                {txt}F({res}18{txt},{res}54{txt})           = {res}    71.15
{txt}corr(u_i, Xb)  = {res}-0.6481                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 94:(Std. Err. adjusted for {res:55} clusters in cowcode)}
{hline 29}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 30}{c |}{col 42}    Robust
{col 1}          log_fi_res_totl_mo{col 30}{c |}      Coef.{col 42}   Std. Err.{col 54}      t{col 62}   P>|t|{col 70}     [95% Con{col 83}f. Interval]
{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}log_fi_res_totl_mo {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .7571164{col 42}{space 2} .0499962{col 53}{space 1}   15.14{col 62}{space 3}0.000{col 70}{space 4} .6568802{col 83}{space 3} .8573527
{txt}{space 28} {c |}
{space 8}1.sum_polit11_binary {c |}{col 30}{res}{space 2}-.0048179{col 42}{space 2} .0388914{col 53}{space 1}   -0.12{col 62}{space 3}0.902{col 70}{space 4}-.0827905{col 83}{space 3} .0731546
{txt}{space 21}ir_diff {c |}{col 30}{res}{space 2}-.1290156{col 42}{space 2} .2564543{col 53}{space 1}   -0.50{col 62}{space 3}0.617{col 70}{space 4}-.6431755{col 83}{space 3} .3851444
{txt}{space 28} {c |}
sum_polit11_binary#c.ir_diff {c |}
{space 26}1  {c |}{col 30}{res}{space 2} .0262892{col 42}{space 2} .2652922{col 53}{space 1}    0.10{col 62}{space 3}0.921{col 70}{space 4}-.5055897{col 83}{space 3} .5581681
{txt}{space 28} {c |}
{space 21}polity2 {c |}{col 30}{res}{space 2} .0075537{col 42}{space 2} .0036667{col 53}{space 1}    2.06{col 62}{space 3}0.044{col 70}{space 4} .0002023{col 83}{space 3} .0149051
{txt}{space 15}sum_imftotal5 {c |}{col 30}{res}{space 2} .0082829{col 42}{space 2} .0356407{col 53}{space 1}    0.23{col 62}{space 3}0.817{col 70}{space 4}-.0631725{col 83}{space 3} .0797382
{txt}{space 14}ne_imp_gnfs_zs {c |}{col 30}{res}{space 2}-.0030116{col 42}{space 2} .0018091{col 53}{space 1}   -1.66{col 62}{space 3}0.102{col 70}{space 4}-.0066386{col 83}{space 3} .0006154
{txt}{space 15}trade_balance {c |}{col 30}{res}{space 2} .0155829{col 42}{space 2} .0040727{col 53}{space 1}    3.83{col 62}{space 3}0.000{col 70}{space 4} .0074176{col 83}{space 3} .0237483
{txt}{space 19}cbi_irreg {c |}{col 30}{res}{space 2}  .012238{col 42}{space 2} .0189374{col 53}{space 1}    0.65{col 62}{space 3}0.521{col 70}{space 4}-.0257292{col 83}{space 3} .0502053
{txt}{space 16}presidential {c |}{col 30}{res}{space 2} .0905512{col 42}{space 2} .0766651{col 53}{space 1}    1.18{col 62}{space 3}0.243{col 70}{space 4} -.063153{col 83}{space 3} .2442554
{txt}{space 19}log_gdppc {c |}{col 30}{res}{space 2} -.061664{col 42}{space 2} .0592865{col 53}{space 1}   -1.04{col 62}{space 3}0.303{col 70}{space 4}-.1805263{col 83}{space 3} .0571983
{txt}{space 18}gdp_growth {c |}{col 30}{res}{space 2} -.008507{col 42}{space 2} .0047801{col 53}{space 1}   -1.78{col 62}{space 3}0.081{col 70}{space 4}-.0180905{col 83}{space 3} .0010766
{txt}{space 21}log_pop {c |}{col 30}{res}{space 2} .3714008{col 42}{space 2} .2873992{col 53}{space 1}    1.29{col 62}{space 3}0.202{col 70}{space 4}-.2047999{col 83}{space 3} .9476016
{txt}{space 22}kaopen {c |}{col 30}{res}{space 2}-.0214746{col 42}{space 2} .0152364{col 53}{space 1}   -1.41{col 62}{space 3}0.164{col 70}{space 4}-.0520217{col 83}{space 3} .0090724
{txt}{space 16}currency_peg {c |}{col 30}{res}{space 2} .0216908{col 42}{space 2}  .046346{col 53}{space 1}    0.47{col 62}{space 3}0.642{col 70}{space 4}-.0712274{col 83}{space 3}  .114609
{txt}{space 13}currency_binary {c |}{col 30}{res}{space 2}-.1150106{col 42}{space 2} .0332854{col 53}{space 1}   -3.46{col 62}{space 3}0.001{col 70}{space 4}-.1817437{col 83}{space 3}-.0482775
{txt}{space 18}time_trend {c |}{col 30}{res}{space 2} -.000587{col 42}{space 2} .0070317{col 53}{space 1}   -0.08{col 62}{space 3}0.934{col 70}{space 4}-.0146846{col 83}{space 3} .0135107
{txt}{space 14}currency_spell {c |}{col 30}{res}{space 2}-.0003127{col 42}{space 2} .0032018{col 53}{space 1}   -0.10{col 62}{space 3}0.923{col 70}{space 4}-.0067319{col 83}{space 3} .0061064
{txt}{space 23}_cons {c |}{col 30}{res}{space 2}-5.464191{col 42}{space 2} 4.894454{col 53}{space 1}   -1.12{col 62}{space 3}0.269{col 70}{space 4}-15.27698{col 83}{space 3} 4.348598
{txt}{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                     sigma_u {c |} {res} .50836607
                     {txt}sigma_e {c |} {res} .28225855
                         {txt}rho {c |} {res} .76436414{txt}   (fraction of variance due to u_i)
{hline 29}{c BT}{hline 64}

{com}. 
. est store tab17
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit11##c.ir_diff     polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend currency_spell  if cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1099
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       55

{txt}R-sq:  within  = {res}0.6237                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5400                                        {txt}avg = {res}     20.0
{txt}       overall = {res}0.4986                                        {txt}max = {res}       31

                                                {txt}F({res}18{txt},{res}54{txt})           = {res}    72.25
{txt}corr(u_i, Xb)  = {res}-0.6664                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 97:(Std. Err. adjusted for {res:55} clusters in cowcode)}
{hline 32}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 33}{c |}{col 45}    Robust
{col 1}             log_fi_res_totl_mo{col 33}{c |}      Coef.{col 45}   Std. Err.{col 57}      t{col 65}   P>|t|{col 73}     [95% Con{col 86}f. Interval]
{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}log_fi_res_totl_mo {c |}
{space 28}L1. {c |}{col 33}{res}{space 2} .7552766{col 45}{space 2} .0497218{col 56}{space 1}   15.19{col 65}{space 3}0.000{col 73}{space 4} .6555904{col 86}{space 3} .8549628
{txt}{space 31} {c |}
{space 12}polity_frac_polit11 {c |}{col 33}{res}{space 2} .0101479{col 45}{space 2} .0222577{col 56}{space 1}    0.46{col 65}{space 3}0.650{col 73}{space 4}-.0344761{col 86}{space 3} .0547719
{txt}{space 24}ir_diff {c |}{col 33}{res}{space 2} .0125891{col 45}{space 2} .0488342{col 56}{space 1}    0.26{col 65}{space 3}0.798{col 73}{space 4}-.0853175{col 86}{space 3} .1104957
{txt}{space 31} {c |}
c.polity_frac_polit11#c.ir_diff {c |}{col 33}{res}{space 2}-.2967611{col 45}{space 2} .1478998{col 56}{space 1}   -2.01{col 65}{space 3}0.050{col 73}{space 4}-.5932824{col 86}{space 3}-.0002398
{txt}{space 31} {c |}
{space 24}polity2 {c |}{col 33}{res}{space 2}   .00765{col 45}{space 2} .0037921{col 56}{space 1}    2.02{col 65}{space 3}0.049{col 73}{space 4} .0000473{col 86}{space 3} .0152527
{txt}{space 18}sum_imftotal5 {c |}{col 33}{res}{space 2}  .013165{col 45}{space 2} .0354706{col 56}{space 1}    0.37{col 65}{space 3}0.712{col 73}{space 4}-.0579492{col 86}{space 3} .0842793
{txt}{space 17}ne_imp_gnfs_zs {c |}{col 33}{res}{space 2}-.0030321{col 45}{space 2} .0018424{col 56}{space 1}   -1.65{col 65}{space 3}0.106{col 73}{space 4}-.0067258{col 86}{space 3} .0006616
{txt}{space 18}trade_balance {c |}{col 33}{res}{space 2} .0144729{col 45}{space 2} .0041384{col 56}{space 1}    3.50{col 65}{space 3}0.001{col 73}{space 4} .0061758{col 86}{space 3} .0227699
{txt}{space 22}cbi_irreg {c |}{col 33}{res}{space 2} .0126753{col 45}{space 2} .0186885{col 56}{space 1}    0.68{col 65}{space 3}0.501{col 73}{space 4}-.0247929{col 86}{space 3} .0501435
{txt}{space 19}presidential {c |}{col 33}{res}{space 2}  .085697{col 45}{space 2} .0784448{col 56}{space 1}    1.09{col 65}{space 3}0.279{col 73}{space 4}-.0715754{col 86}{space 3} .2429693
{txt}{space 22}log_gdppc {c |}{col 33}{res}{space 2}-.0650428{col 45}{space 2} .0606998{col 56}{space 1}   -1.07{col 65}{space 3}0.289{col 73}{space 4}-.1867386{col 86}{space 3}  .056653
{txt}{space 21}gdp_growth {c |}{col 33}{res}{space 2}-.0090671{col 45}{space 2} .0047125{col 56}{space 1}   -1.92{col 65}{space 3}0.060{col 73}{space 4} -.018515{col 86}{space 3} .0003809
{txt}{space 24}log_pop {c |}{col 33}{res}{space 2} .3919813{col 45}{space 2}  .292865{col 56}{space 1}    1.34{col 65}{space 3}0.186{col 73}{space 4}-.1951776{col 86}{space 3} .9791402
{txt}{space 25}kaopen {c |}{col 33}{res}{space 2}-.0183208{col 45}{space 2} .0158263{col 56}{space 1}   -1.16{col 65}{space 3}0.252{col 73}{space 4}-.0500506{col 86}{space 3}  .013409
{txt}{space 19}currency_peg {c |}{col 33}{res}{space 2} .0167819{col 45}{space 2} .0466693{col 56}{space 1}    0.36{col 65}{space 3}0.721{col 73}{space 4}-.0767845{col 86}{space 3} .1103482
{txt}{space 16}currency_binary {c |}{col 33}{res}{space 2}-.1201552{col 45}{space 2} .0324444{col 56}{space 1}   -3.70{col 65}{space 3}0.001{col 73}{space 4}-.1852023{col 86}{space 3} -.055108
{txt}{space 21}time_trend {c |}{col 33}{res}{space 2}-.0007422{col 45}{space 2} .0071696{col 56}{space 1}   -0.10{col 65}{space 3}0.918{col 73}{space 4}-.0151164{col 86}{space 3}  .013632
{txt}{space 17}currency_spell {c |}{col 33}{res}{space 2}-.0008351{col 45}{space 2} .0032357{col 56}{space 1}   -0.26{col 65}{space 3}0.797{col 73}{space 4}-.0073224{col 86}{space 3} .0056521
{txt}{space 26}_cons {c |}{col 33}{res}{space 2}-5.779521{col 45}{space 2} 4.998448{col 56}{space 1}   -1.16{col 65}{space 3}0.253{col 73}{space 4}-15.80081{col 86}{space 3} 4.241764
{txt}{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                        sigma_u {c |} {res} .53171195
                        {txt}sigma_e {c |} {res} .28150995
                            {txt}rho {c |} {res} .78106239{txt}   (fraction of variance due to u_i)
{hline 32}{c BT}{hline 64}

{com}. 
. est store tab18
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit12_binary##c.ir_diff    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend currency_spell  if cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1101
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       55

{txt}R-sq:  within  = {res}0.6252                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5604                                        {txt}avg = {res}     20.0
{txt}       overall = {res}0.5195                                        {txt}max = {res}       31

                                                {txt}F({res}18{txt},{res}54{txt})           = {res}    71.15
{txt}corr(u_i, Xb)  = {res}-0.6392                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 94:(Std. Err. adjusted for {res:55} clusters in cowcode)}
{hline 29}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 30}{c |}{col 42}    Robust
{col 1}          log_fi_res_totl_mo{col 30}{c |}      Coef.{col 42}   Std. Err.{col 54}      t{col 62}   P>|t|{col 70}     [95% Con{col 83}f. Interval]
{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 10}log_fi_res_totl_mo {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .7575973{col 42}{space 2}  .050666{col 53}{space 1}   14.95{col 62}{space 3}0.000{col 70}{space 4} .6560181{col 83}{space 3} .8591765
{txt}{space 28} {c |}
{space 8}1.sum_polit12_binary {c |}{col 30}{res}{space 2} .0409315{col 42}{space 2} .0398051{col 53}{space 1}    1.03{col 62}{space 3}0.308{col 70}{space 4}-.0388729{col 83}{space 3} .1207359
{txt}{space 21}ir_diff {c |}{col 30}{res}{space 2}-.1979803{col 42}{space 2} .2980702{col 53}{space 1}   -0.66{col 62}{space 3}0.509{col 70}{space 4} -.795575{col 83}{space 3} .3996145
{txt}{space 28} {c |}
sum_polit12_binary#c.ir_diff {c |}
{space 26}1  {c |}{col 30}{res}{space 2} .1004678{col 42}{space 2} .3009152{col 53}{space 1}    0.33{col 62}{space 3}0.740{col 70}{space 4}-.5028308{col 83}{space 3} .7037664
{txt}{space 28} {c |}
{space 21}polity2 {c |}{col 30}{res}{space 2} .0079318{col 42}{space 2} .0036669{col 53}{space 1}    2.16{col 62}{space 3}0.035{col 70}{space 4} .0005802{col 83}{space 3} .0152835
{txt}{space 15}sum_imftotal5 {c |}{col 30}{res}{space 2}-.0000411{col 42}{space 2} .0359924{col 53}{space 1}   -0.00{col 62}{space 3}0.999{col 70}{space 4}-.0722015{col 83}{space 3} .0721194
{txt}{space 14}ne_imp_gnfs_zs {c |}{col 30}{res}{space 2}-.0027324{col 42}{space 2} .0017753{col 53}{space 1}   -1.54{col 62}{space 3}0.130{col 70}{space 4}-.0062918{col 83}{space 3} .0008269
{txt}{space 15}trade_balance {c |}{col 30}{res}{space 2}  .015215{col 42}{space 2} .0040704{col 53}{space 1}    3.74{col 62}{space 3}0.000{col 70}{space 4} .0070544{col 83}{space 3} .0233756
{txt}{space 19}cbi_irreg {c |}{col 30}{res}{space 2} .0137103{col 42}{space 2} .0187603{col 53}{space 1}    0.73{col 62}{space 3}0.468{col 70}{space 4}-.0239018{col 83}{space 3} .0513223
{txt}{space 16}presidential {c |}{col 30}{res}{space 2} .0905455{col 42}{space 2} .0759488{col 53}{space 1}    1.19{col 62}{space 3}0.238{col 70}{space 4}-.0617226{col 83}{space 3} .2428136
{txt}{space 19}log_gdppc {c |}{col 30}{res}{space 2}-.0638528{col 42}{space 2} .0599439{col 53}{space 1}   -1.07{col 62}{space 3}0.292{col 70}{space 4}-.1840332{col 83}{space 3} .0563276
{txt}{space 18}gdp_growth {c |}{col 30}{res}{space 2}-.0083503{col 42}{space 2} .0047645{col 53}{space 1}   -1.75{col 62}{space 3}0.085{col 70}{space 4}-.0179026{col 83}{space 3}  .001202
{txt}{space 21}log_pop {c |}{col 30}{res}{space 2} .3650593{col 42}{space 2} .2912067{col 53}{space 1}    1.25{col 62}{space 3}0.215{col 70}{space 4} -.218775{col 83}{space 3} .9488936
{txt}{space 22}kaopen {c |}{col 30}{res}{space 2} -.021075{col 42}{space 2} .0171553{col 53}{space 1}   -1.23{col 62}{space 3}0.225{col 70}{space 4}-.0554693{col 83}{space 3} .0133193
{txt}{space 16}currency_peg {c |}{col 30}{res}{space 2} .0180403{col 42}{space 2} .0456633{col 53}{space 1}    0.40{col 62}{space 3}0.694{col 70}{space 4}-.0735092{col 83}{space 3} .1095898
{txt}{space 13}currency_binary {c |}{col 30}{res}{space 2} -.112842{col 42}{space 2} .0325764{col 53}{space 1}   -3.46{col 62}{space 3}0.001{col 70}{space 4}-.1781537{col 83}{space 3}-.0475302
{txt}{space 18}time_trend {c |}{col 30}{res}{space 2}-.0002804{col 42}{space 2} .0070747{col 53}{space 1}   -0.04{col 62}{space 3}0.969{col 70}{space 4}-.0144643{col 83}{space 3} .0139035
{txt}{space 14}currency_spell {c |}{col 30}{res}{space 2}-.0003975{col 42}{space 2}  .003203{col 53}{space 1}   -0.12{col 62}{space 3}0.902{col 70}{space 4}-.0068192{col 83}{space 3} .0060242
{txt}{space 23}_cons {c |}{col 30}{res}{space 2} -5.38108{col 42}{space 2} 4.965587{col 53}{space 1}   -1.08{col 62}{space 3}0.283{col 70}{space 4}-15.33648{col 83}{space 3} 4.574323
{txt}{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                     sigma_u {c |} {res} .49783692
                     {txt}sigma_e {c |} {res} .28201675
                         {txt}rho {c |} {res} .75705708{txt}   (fraction of variance due to u_i)
{hline 29}{c BT}{hline 64}

{com}. 
. est store tab19
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit12##c.ir_diff    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance cbi_irreg presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend currency_spell  if cowcode != 2, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1099
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       55

{txt}R-sq:  within  = {res}0.6243                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.5632                                        {txt}avg = {res}     20.0
{txt}       overall = {res}0.5180                                        {txt}max = {res}       31

                                                {txt}F({res}18{txt},{res}54{txt})           = {res}    71.76
{txt}corr(u_i, Xb)  = {res}-0.6395                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 97:(Std. Err. adjusted for {res:55} clusters in cowcode)}
{hline 32}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 33}{c |}{col 45}    Robust
{col 1}             log_fi_res_totl_mo{col 33}{c |}      Coef.{col 45}   Std. Err.{col 57}      t{col 65}   P>|t|{col 73}     [95% Con{col 86}f. Interval]
{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 13}log_fi_res_totl_mo {c |}
{space 28}L1. {c |}{col 33}{res}{space 2} .7499916{col 45}{space 2} .0509585{col 56}{space 1}   14.72{col 65}{space 3}0.000{col 73}{space 4}  .647826{col 86}{space 3} .8521571
{txt}{space 31} {c |}
{space 12}polity_frac_polit12 {c |}{col 33}{res}{space 2} .0410822{col 45}{space 2} .0363541{col 56}{space 1}    1.13{col 65}{space 3}0.263{col 73}{space 4}-.0318034{col 86}{space 3} .1139677
{txt}{space 24}ir_diff {c |}{col 33}{res}{space 2}-.0016016{col 45}{space 2} .0650648{col 56}{space 1}   -0.02{col 65}{space 3}0.980{col 73}{space 4}-.1320486{col 86}{space 3} .1288454
{txt}{space 31} {c |}
c.polity_frac_polit12#c.ir_diff {c |}{col 33}{res}{space 2}-.2708165{col 45}{space 2} .1363593{col 56}{space 1}   -1.99{col 65}{space 3}0.052{col 73}{space 4}-.5442004{col 86}{space 3} .0025675
{txt}{space 31} {c |}
{space 24}polity2 {c |}{col 33}{res}{space 2} .0072693{col 45}{space 2} .0036151{col 56}{space 1}    2.01{col 65}{space 3}0.049{col 73}{space 4} .0000215{col 86}{space 3} .0145171
{txt}{space 18}sum_imftotal5 {c |}{col 33}{res}{space 2} .0079737{col 45}{space 2} .0371609{col 56}{space 1}    0.21{col 65}{space 3}0.831{col 73}{space 4}-.0665295{col 86}{space 3} .0824769
{txt}{space 17}ne_imp_gnfs_zs {c |}{col 33}{res}{space 2}-.0025276{col 45}{space 2} .0018096{col 56}{space 1}   -1.40{col 65}{space 3}0.168{col 73}{space 4}-.0061557{col 86}{space 3} .0011005
{txt}{space 18}trade_balance {c |}{col 33}{res}{space 2} .0145983{col 45}{space 2} .0039658{col 56}{space 1}    3.68{col 65}{space 3}0.001{col 73}{space 4} .0066473{col 86}{space 3} .0225493
{txt}{space 22}cbi_irreg {c |}{col 33}{res}{space 2}  .014348{col 45}{space 2} .0187927{col 56}{space 1}    0.76{col 65}{space 3}0.448{col 73}{space 4}-.0233291{col 86}{space 3} .0520251
{txt}{space 19}presidential {c |}{col 33}{res}{space 2} .0999435{col 45}{space 2}  .078616{col 56}{space 1}    1.27{col 65}{space 3}0.209{col 73}{space 4}-.0576722{col 86}{space 3} .2575591
{txt}{space 22}log_gdppc {c |}{col 33}{res}{space 2}-.0601314{col 45}{space 2} .0626814{col 56}{space 1}   -0.96{col 65}{space 3}0.342{col 73}{space 4}   -.1858{col 86}{space 3} .0655372
{txt}{space 21}gdp_growth {c |}{col 33}{res}{space 2}-.0088107{col 45}{space 2} .0046796{col 56}{space 1}   -1.88{col 65}{space 3}0.065{col 73}{space 4}-.0181927{col 86}{space 3} .0005713
{txt}{space 24}log_pop {c |}{col 33}{res}{space 2} .3715624{col 45}{space 2} .2863485{col 56}{space 1}    1.30{col 65}{space 3}0.200{col 73}{space 4}-.2025318{col 86}{space 3} .9456566
{txt}{space 25}kaopen {c |}{col 33}{res}{space 2}-.0208068{col 45}{space 2} .0151625{col 56}{space 1}   -1.37{col 65}{space 3}0.176{col 73}{space 4}-.0512058{col 86}{space 3} .0095923
{txt}{space 19}currency_peg {c |}{col 33}{res}{space 2}  .017738{col 45}{space 2} .0468615{col 56}{space 1}    0.38{col 65}{space 3}0.707{col 73}{space 4}-.0762137{col 86}{space 3} .1116897
{txt}{space 16}currency_binary {c |}{col 33}{res}{space 2}-.1216609{col 45}{space 2} .0321719{col 56}{space 1}   -3.78{col 65}{space 3}0.000{col 73}{space 4}-.1861618{col 86}{space 3}-.0571601
{txt}{space 21}time_trend {c |}{col 33}{res}{space 2}-.0007222{col 45}{space 2}   .00722{col 56}{space 1}   -0.10{col 65}{space 3}0.921{col 73}{space 4}-.0151975{col 86}{space 3}  .013753
{txt}{space 17}currency_spell {c |}{col 33}{res}{space 2} -.001078{col 45}{space 2} .0033159{col 56}{space 1}   -0.33{col 65}{space 3}0.746{col 73}{space 4} -.007726{col 86}{space 3}   .00557
{txt}{space 26}_cons {c |}{col 33}{res}{space 2}-5.484653{col 45}{space 2} 4.913335{col 56}{space 1}   -1.12{col 65}{space 3}0.269{col 73}{space 4} -15.3353{col 86}{space 3} 4.365991
{txt}{hline 32}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                        sigma_u {c |} {res} .49962507
                        {txt}sigma_e {c |} {res} .28126758
                            {txt}rho {c |} {res} .75934703{txt}   (fraction of variance due to u_i)
{hline 32}{c BT}{hline 64}

{com}. 
. est store tab20
{txt}
{com}. 
. * Table 62:
. **esttab tab17 tab18 tab19 tab20 using spell_control5.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. * H6: central bank independence
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit11_binary##c.cbi_irreg    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend currency_spell , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1284
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6558                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6933                                        {txt}avg = {res}     21.8
{txt}       overall = {res}0.6431                                        {txt}max = {res}       32

                                                {txt}F({res}17{txt},{res}58{txt})           = {res}    78.94
{txt}corr(u_i, Xb)  = {res}-0.5350                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 96:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}            log_fi_res_totl_mo{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      t{col 64}   P>|t|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}log_fi_res_totl_mo {c |}
{space 27}L1. {c |}{col 32}{res}{space 2} .7848901{col 44}{space 2} .0428649{col 55}{space 1}   18.31{col 64}{space 3}0.000{col 72}{space 4} .6990866{col 85}{space 3} .8706936
{txt}{space 30} {c |}
{space 10}1.sum_polit11_binary {c |}{col 32}{res}{space 2} .0319844{col 44}{space 2} .0321036{col 55}{space 1}    1.00{col 64}{space 3}0.323{col 72}{space 4}-.0322778{col 85}{space 3} .0962467
{txt}{space 21}cbi_irreg {c |}{col 32}{res}{space 2} .0287311{col 44}{space 2} .0236566{col 55}{space 1}    1.21{col 64}{space 3}0.229{col 72}{space 4}-.0186228{col 85}{space 3}  .076085
{txt}{space 30} {c |}
sum_polit11_binary#c.cbi_irreg {c |}
{space 28}1  {c |}{col 32}{res}{space 2}-.0048599{col 44}{space 2} .0280409{col 55}{space 1}   -0.17{col 64}{space 3}0.863{col 72}{space 4}-.0609899{col 85}{space 3} .0512702
{txt}{space 30} {c |}
{space 23}polity2 {c |}{col 32}{res}{space 2} .0069516{col 44}{space 2} .0029908{col 55}{space 1}    2.32{col 64}{space 3}0.024{col 72}{space 4} .0009648{col 85}{space 3} .0129384
{txt}{space 17}sum_imftotal5 {c |}{col 32}{res}{space 2}  .012929{col 44}{space 2} .0358494{col 55}{space 1}    0.36{col 64}{space 3}0.720{col 72}{space 4}-.0588314{col 85}{space 3} .0846895
{txt}{space 16}ne_imp_gnfs_zs {c |}{col 32}{res}{space 2}-.0018866{col 44}{space 2} .0016533{col 55}{space 1}   -1.14{col 64}{space 3}0.259{col 72}{space 4}-.0051961{col 85}{space 3} .0014229
{txt}{space 17}trade_balance {c |}{col 32}{res}{space 2} .0169075{col 44}{space 2} .0032638{col 55}{space 1}    5.18{col 64}{space 3}0.000{col 72}{space 4} .0103742{col 85}{space 3} .0234408
{txt}{space 18}presidential {c |}{col 32}{res}{space 2} .0688108{col 44}{space 2} .0777553{col 55}{space 1}    0.88{col 64}{space 3}0.380{col 72}{space 4}-.0868334{col 85}{space 3} .2244549
{txt}{space 21}log_gdppc {c |}{col 32}{res}{space 2}-.0855616{col 44}{space 2} .0521935{col 55}{space 1}   -1.64{col 64}{space 3}0.107{col 72}{space 4}-.1900383{col 85}{space 3} .0189151
{txt}{space 20}gdp_growth {c |}{col 32}{res}{space 2}-.0080939{col 44}{space 2} .0043494{col 55}{space 1}   -1.86{col 64}{space 3}0.068{col 72}{space 4}-.0168001{col 85}{space 3} .0006124
{txt}{space 23}log_pop {c |}{col 32}{res}{space 2} .2658518{col 44}{space 2} .2383832{col 55}{space 1}    1.12{col 64}{space 3}0.269{col 72}{space 4}-.2113241{col 85}{space 3} .7430277
{txt}{space 24}kaopen {c |}{col 32}{res}{space 2}-.0187929{col 44}{space 2} .0136047{col 55}{space 1}   -1.38{col 64}{space 3}0.172{col 72}{space 4}-.0460258{col 85}{space 3} .0084399
{txt}{space 18}currency_peg {c |}{col 32}{res}{space 2} .0270759{col 44}{space 2} .0413611{col 55}{space 1}    0.65{col 64}{space 3}0.515{col 72}{space 4}-.0557173{col 85}{space 3}  .109869
{txt}{space 15}currency_binary {c |}{col 32}{res}{space 2}-.1123195{col 44}{space 2} .0312262{col 55}{space 1}   -3.60{col 64}{space 3}0.001{col 72}{space 4}-.1748255{col 85}{space 3}-.0498135
{txt}{space 20}time_trend {c |}{col 32}{res}{space 2} .0005022{col 44}{space 2} .0060401{col 55}{space 1}    0.08{col 64}{space 3}0.934{col 72}{space 4}-.0115884{col 85}{space 3} .0125927
{txt}{space 16}currency_spell {c |}{col 32}{res}{space 2}-.0003256{col 44}{space 2} .0033501{col 55}{space 1}   -0.10{col 64}{space 3}0.923{col 72}{space 4}-.0070316{col 85}{space 3} .0063804
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-3.603535{col 44}{space 2} 4.082289{col 55}{space 1}   -0.88{col 64}{space 3}0.381{col 72}{space 4}-11.77512{col 85}{space 3} 4.568054
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                       sigma_u {c |} {res} .40309018
                       {txt}sigma_e {c |} {res}  .2890523
                           {txt}rho {c |} {res} .66040629{txt}   (fraction of variance due to u_i)
{hline 31}{c BT}{hline 64}

{com}. 
. est store tab21
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit11##c.cbi_irreg     polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend currency_spell , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1282
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6547                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6463                                        {txt}avg = {res}     21.7
{txt}       overall = {res}0.6042                                        {txt}max = {res}       32

                                                {txt}F({res}17{txt},{res}58{txt})           = {res}    71.90
{txt}corr(u_i, Xb)  = {res}-0.5943                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 99:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 34}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 35}{c |}{col 47}    Robust
{col 1}               log_fi_res_totl_mo{col 35}{c |}      Coef.{col 47}   Std. Err.{col 59}      t{col 67}   P>|t|{col 75}     [95% Con{col 88}f. Interval]
{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 15}log_fi_res_totl_mo {c |}
{space 30}L1. {c |}{col 35}{res}{space 2}  .781925{col 47}{space 2} .0432672{col 58}{space 1}   18.07{col 67}{space 3}0.000{col 75}{space 4} .6953162{col 88}{space 3} .8685338
{txt}{space 33} {c |}
{space 14}polity_frac_polit11 {c |}{col 35}{res}{space 2} .0394921{col 47}{space 2} .0353892{col 58}{space 1}    1.12{col 67}{space 3}0.269{col 75}{space 4} -.031347{col 88}{space 3} .1103313
{txt}{space 24}cbi_irreg {c |}{col 35}{res}{space 2} .0326145{col 47}{space 2} .0208748{col 58}{space 1}    1.56{col 67}{space 3}0.124{col 75}{space 4} -.009171{col 88}{space 3}    .0744
{txt}{space 33} {c |}
c.polity_frac_polit11#c.cbi_irreg {c |}{col 35}{res}{space 2}-.0190539{col 47}{space 2} .0325978{col 58}{space 1}   -0.58{col 67}{space 3}0.561{col 75}{space 4}-.0843054{col 88}{space 3} .0461977
{txt}{space 33} {c |}
{space 26}polity2 {c |}{col 35}{res}{space 2} .0068203{col 47}{space 2} .0031085{col 58}{space 1}    2.19{col 67}{space 3}0.032{col 75}{space 4} .0005981{col 88}{space 3} .0130426
{txt}{space 20}sum_imftotal5 {c |}{col 35}{res}{space 2} .0158968{col 47}{space 2} .0361552{col 58}{space 1}    0.44{col 67}{space 3}0.662{col 75}{space 4}-.0564758{col 88}{space 3} .0882694
{txt}{space 19}ne_imp_gnfs_zs {c |}{col 35}{res}{space 2}-.0018912{col 47}{space 2} .0016468{col 58}{space 1}   -1.15{col 67}{space 3}0.256{col 75}{space 4}-.0051876{col 88}{space 3} .0014052
{txt}{space 20}trade_balance {c |}{col 35}{res}{space 2} .0166729{col 47}{space 2} .0032314{col 58}{space 1}    5.16{col 67}{space 3}0.000{col 75}{space 4} .0102046{col 88}{space 3} .0231412
{txt}{space 21}presidential {c |}{col 35}{res}{space 2} .0807512{col 47}{space 2} .0768881{col 58}{space 1}    1.05{col 67}{space 3}0.298{col 75}{space 4}-.0731571{col 88}{space 3} .2346596
{txt}{space 24}log_gdppc {c |}{col 35}{res}{space 2}-.0764221{col 47}{space 2} .0535909{col 58}{space 1}   -1.43{col 67}{space 3}0.159{col 75}{space 4} -.183696{col 88}{space 3} .0308517
{txt}{space 23}gdp_growth {c |}{col 35}{res}{space 2}-.0082989{col 47}{space 2} .0042998{col 58}{space 1}   -1.93{col 67}{space 3}0.058{col 75}{space 4}-.0169059{col 88}{space 3} .0003081
{txt}{space 26}log_pop {c |}{col 35}{res}{space 2} .3132076{col 47}{space 2} .2378214{col 58}{space 1}    1.32{col 67}{space 3}0.193{col 75}{space 4}-.1628436{col 88}{space 3} .7892587
{txt}{space 27}kaopen {c |}{col 35}{res}{space 2}-.0175195{col 47}{space 2} .0136803{col 58}{space 1}   -1.28{col 67}{space 3}0.205{col 75}{space 4}-.0449035{col 88}{space 3} .0098646
{txt}{space 21}currency_peg {c |}{col 35}{res}{space 2} .0237992{col 47}{space 2} .0417791{col 58}{space 1}    0.57{col 67}{space 3}0.571{col 75}{space 4}-.0598307{col 88}{space 3} .1074292
{txt}{space 18}currency_binary {c |}{col 35}{res}{space 2}-.1161915{col 47}{space 2}  .030055{col 58}{space 1}   -3.87{col 67}{space 3}0.000{col 75}{space 4}-.1763532{col 88}{space 3}-.0560299
{txt}{space 23}time_trend {c |}{col 35}{res}{space 2}-.0006566{col 47}{space 2} .0061363{col 58}{space 1}   -0.11{col 67}{space 3}0.915{col 75}{space 4}-.0129397{col 88}{space 3} .0116266
{txt}{space 19}currency_spell {c |}{col 35}{res}{space 2}-.0004597{col 47}{space 2} .0032783{col 58}{space 1}   -0.14{col 67}{space 3}0.889{col 75}{space 4}-.0070219{col 88}{space 3} .0061024
{txt}{space 28}_cons {c |}{col 35}{res}{space 2}-4.433838{col 47}{space 2}  4.08557{col 58}{space 1}   -1.09{col 67}{space 3}0.282{col 75}{space 4}-12.61199{col 88}{space 3} 3.744318
{txt}{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                          sigma_u {c |} {res} .46143377
                          {txt}sigma_e {c |} {res} .28869593
                              {txt}rho {c |} {res} .71868114{txt}   (fraction of variance due to u_i)
{hline 34}{c BT}{hline 64}

{com}. 
. est store tab22
{txt}
{com}. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo sum_polit12_binary##c.cbi_irreg    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend currency_spell , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1284
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6565                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.7062                                        {txt}avg = {res}     21.8
{txt}       overall = {res}0.6522                                        {txt}max = {res}       32

                                                {txt}F({res}17{txt},{res}58{txt})           = {res}    64.79
{txt}corr(u_i, Xb)  = {res}-0.5193                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 96:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}            log_fi_res_totl_mo{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      t{col 64}   P>|t|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}log_fi_res_totl_mo {c |}
{space 27}L1. {c |}{col 32}{res}{space 2} .7846283{col 44}{space 2} .0429475{col 55}{space 1}   18.27{col 64}{space 3}0.000{col 72}{space 4} .6986596{col 85}{space 3} .8705971
{txt}{space 30} {c |}
{space 10}1.sum_polit12_binary {c |}{col 32}{res}{space 2} .0567847{col 44}{space 2}  .036867{col 55}{space 1}    1.54{col 64}{space 3}0.129{col 72}{space 4}-.0170127{col 85}{space 3}  .130582
{txt}{space 21}cbi_irreg {c |}{col 32}{res}{space 2} .0253401{col 44}{space 2} .0174238{col 55}{space 1}    1.45{col 64}{space 3}0.151{col 72}{space 4}-.0095374{col 85}{space 3} .0602175
{txt}{space 30} {c |}
sum_polit12_binary#c.cbi_irreg {c |}
{space 28}1  {c |}{col 32}{res}{space 2} .0031877{col 44}{space 2} .0291297{col 55}{space 1}    0.11{col 64}{space 3}0.913{col 72}{space 4}-.0551217{col 85}{space 3} .0614971
{txt}{space 30} {c |}
{space 23}polity2 {c |}{col 32}{res}{space 2} .0069591{col 44}{space 2} .0029562{col 55}{space 1}    2.35{col 64}{space 3}0.022{col 72}{space 4} .0010417{col 85}{space 3} .0128765
{txt}{space 17}sum_imftotal5 {c |}{col 32}{res}{space 2} .0065914{col 44}{space 2} .0379059{col 55}{space 1}    0.17{col 64}{space 3}0.863{col 72}{space 4}-.0692855{col 85}{space 3} .0824684
{txt}{space 16}ne_imp_gnfs_zs {c |}{col 32}{res}{space 2}-.0015802{col 44}{space 2} .0016161{col 55}{space 1}   -0.98{col 64}{space 3}0.332{col 72}{space 4}-.0048152{col 85}{space 3} .0016549
{txt}{space 17}trade_balance {c |}{col 32}{res}{space 2} .0170208{col 44}{space 2} .0031673{col 55}{space 1}    5.37{col 64}{space 3}0.000{col 72}{space 4} .0106807{col 85}{space 3} .0233609
{txt}{space 18}presidential {c |}{col 32}{res}{space 2} .0756998{col 44}{space 2} .0793415{col 55}{space 1}    0.95{col 64}{space 3}0.344{col 72}{space 4}-.0831194{col 85}{space 3}  .234519
{txt}{space 21}log_gdppc {c |}{col 32}{res}{space 2} -.083957{col 44}{space 2}  .053142{col 55}{space 1}   -1.58{col 64}{space 3}0.120{col 72}{space 4}-.1903323{col 85}{space 3} .0224183
{txt}{space 20}gdp_growth {c |}{col 32}{res}{space 2}-.0081668{col 44}{space 2} .0043286{col 55}{space 1}   -1.89{col 64}{space 3}0.064{col 72}{space 4}-.0168314{col 85}{space 3} .0004978
{txt}{space 23}log_pop {c |}{col 32}{res}{space 2} .2581735{col 44}{space 2} .2335986{col 55}{space 1}    1.11{col 64}{space 3}0.274{col 72}{space 4} -.209425{col 85}{space 3} .7257719
{txt}{space 24}kaopen {c |}{col 32}{res}{space 2}-.0194817{col 44}{space 2} .0137783{col 55}{space 1}   -1.41{col 64}{space 3}0.163{col 72}{space 4} -.047062{col 85}{space 3} .0080986
{txt}{space 18}currency_peg {c |}{col 32}{res}{space 2}  .025938{col 44}{space 2} .0414463{col 55}{space 1}    0.63{col 64}{space 3}0.534{col 72}{space 4}-.0570258{col 85}{space 3} .1089019
{txt}{space 15}currency_binary {c |}{col 32}{res}{space 2}-.1125192{col 44}{space 2} .0308976{col 55}{space 1}   -3.64{col 64}{space 3}0.001{col 72}{space 4}-.1743673{col 85}{space 3} -.050671
{txt}{space 20}time_trend {c |}{col 32}{res}{space 2} .0005371{col 44}{space 2} .0060616{col 55}{space 1}    0.09{col 64}{space 3}0.930{col 72}{space 4}-.0115964{col 85}{space 3} .0126707
{txt}{space 16}currency_spell {c |}{col 32}{res}{space 2} .0000553{col 44}{space 2} .0033828{col 55}{space 1}    0.02{col 64}{space 3}0.987{col 72}{space 4}-.0067162{col 85}{space 3} .0068267
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-3.495977{col 44}{space 2} 4.008474{col 55}{space 1}   -0.87{col 64}{space 3}0.387{col 72}{space 4}-11.51981{col 85}{space 3} 4.527856
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                       sigma_u {c |} {res} .38915062
                       {txt}sigma_e {c |} {res} .28874299
                           {txt}rho {c |} {res} .64493735{txt}   (fraction of variance due to u_i)
{hline 31}{c BT}{hline 64}

{com}. 
. est store tab23
{txt}
{com}. 
. 
. 
. xtreg log_fi_res_totl_mo l.log_fi_res_totl_mo c.polity_frac_polit12##c.cbi_irreg    polity2 sum_imftotal5 ne_imp_gnfs_zs trade_balance presidential   log_gdppc gdp_growth log_pop kaopen currency_peg  currency_binary time_trend currency_spell , fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1282
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.6553                         {txt}Obs per group: min = {res}        1
{txt}       between = {res}0.6774                                        {txt}avg = {res}     21.7
{txt}       overall = {res}0.6278                                        {txt}max = {res}       32

                                                {txt}F({res}17{txt},{res}58{txt})           = {res}    65.67
{txt}corr(u_i, Xb)  = {res}-0.5563                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 99:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 34}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 35}{c |}{col 47}    Robust
{col 1}               log_fi_res_totl_mo{col 35}{c |}      Coef.{col 47}   Std. Err.{col 59}      t{col 67}   P>|t|{col 75}     [95% Con{col 88}f. Interval]
{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 15}log_fi_res_totl_mo {c |}
{space 30}L1. {c |}{col 35}{res}{space 2} .7797767{col 47}{space 2} .0435292{col 58}{space 1}   17.91{col 67}{space 3}0.000{col 75}{space 4} .6926436{col 88}{space 3} .8669099
{txt}{space 33} {c |}
{space 14}polity_frac_polit12 {c |}{col 35}{res}{space 2} .0717042{col 47}{space 2} .0434157{col 58}{space 1}    1.65{col 67}{space 3}0.104{col 75}{space 4}-.0152017{col 88}{space 3} .1586101
{txt}{space 24}cbi_irreg {c |}{col 35}{res}{space 2} .0249411{col 47}{space 2} .0173274{col 58}{space 1}    1.44{col 67}{space 3}0.155{col 75}{space 4}-.0097435{col 88}{space 3} .0596257
{txt}{space 33} {c |}
c.polity_frac_polit12#c.cbi_irreg {c |}{col 35}{res}{space 2}-.0041725{col 47}{space 2} .0361696{col 58}{space 1}   -0.12{col 67}{space 3}0.909{col 75}{space 4}-.0765739{col 88}{space 3} .0682288
{txt}{space 33} {c |}
{space 26}polity2 {c |}{col 35}{res}{space 2} .0065408{col 47}{space 2} .0029605{col 58}{space 1}    2.21{col 67}{space 3}0.031{col 75}{space 4} .0006148{col 88}{space 3} .0124668
{txt}{space 20}sum_imftotal5 {c |}{col 35}{res}{space 2} .0102407{col 47}{space 2} .0376811{col 58}{space 1}    0.27{col 67}{space 3}0.787{col 75}{space 4}-.0651862{col 88}{space 3} .0856675
{txt}{space 19}ne_imp_gnfs_zs {c |}{col 35}{res}{space 2}-.0015471{col 47}{space 2} .0016638{col 58}{space 1}   -0.93{col 67}{space 3}0.356{col 75}{space 4}-.0048776{col 88}{space 3} .0017834
{txt}{space 20}trade_balance {c |}{col 35}{res}{space 2} .0168108{col 47}{space 2} .0031929{col 58}{space 1}    5.27{col 67}{space 3}0.000{col 75}{space 4} .0104195{col 88}{space 3}  .023202
{txt}{space 21}presidential {c |}{col 35}{res}{space 2} .0908053{col 47}{space 2} .0785504{col 58}{space 1}    1.16{col 67}{space 3}0.252{col 75}{space 4}-.0664304{col 88}{space 3} .2480409
{txt}{space 24}log_gdppc {c |}{col 35}{res}{space 2}-.0766056{col 47}{space 2} .0546634{col 58}{space 1}   -1.40{col 67}{space 3}0.166{col 75}{space 4}-.1860263{col 88}{space 3} .0328151
{txt}{space 23}gdp_growth {c |}{col 35}{res}{space 2}-.0082738{col 47}{space 2} .0042855{col 58}{space 1}   -1.93{col 67}{space 3}0.058{col 75}{space 4}-.0168521{col 88}{space 3} .0003045
{txt}{space 26}log_pop {c |}{col 35}{res}{space 2} .2886921{col 47}{space 2} .2382608{col 58}{space 1}    1.21{col 67}{space 3}0.231{col 75}{space 4}-.1882388{col 88}{space 3}  .765623
{txt}{space 27}kaopen {c |}{col 35}{res}{space 2}-.0179243{col 47}{space 2} .0139265{col 58}{space 1}   -1.29{col 67}{space 3}0.203{col 75}{space 4}-.0458013{col 88}{space 3} .0099527
{txt}{space 21}currency_peg {c |}{col 35}{res}{space 2} .0279013{col 47}{space 2} .0414176{col 58}{space 1}    0.67{col 67}{space 3}0.503{col 75}{space 4} -.055005{col 88}{space 3} .1108077
{txt}{space 18}currency_binary {c |}{col 35}{res}{space 2}-.1165077{col 47}{space 2} .0304292{col 58}{space 1}   -3.83{col 67}{space 3}0.000{col 75}{space 4}-.1774183{col 88}{space 3} -.055597
{txt}{space 23}time_trend {c |}{col 35}{res}{space 2}-.0002962{col 47}{space 2} .0062282{col 58}{space 1}   -0.05{col 67}{space 3}0.962{col 75}{space 4}-.0127634{col 88}{space 3}  .012171
{txt}{space 19}currency_spell {c |}{col 35}{res}{space 2}-.0003642{col 47}{space 2} .0035054{col 58}{space 1}   -0.10{col 67}{space 3}0.918{col 75}{space 4} -.007381{col 88}{space 3} .0066526
{txt}{space 28}_cons {c |}{col 35}{res}{space 2}-4.038409{col 47}{space 2} 4.096044{col 58}{space 1}   -0.99{col 67}{space 3}0.328{col 75}{space 4}-12.23753{col 88}{space 3} 4.160713
{txt}{hline 34}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                          sigma_u {c |} {res} .42411793
                          {txt}sigma_e {c |} {res}  .2884502
                              {txt}rho {c |} {res} .68373246{txt}   (fraction of variance due to u_i)
{hline 34}{c BT}{hline 64}

{com}. 
. est store tab24
{txt}
{com}. 
. * Table 63:
. **esttab tab21 tab22 tab23 tab24 using spell_control6.tex, b(%8.3f) se(%8.3f)  title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. * Table 64: Error Correction Model
. 
. * H1: purely political change (ADL/ECM Version)
. 
. xtreg d.log_fi_res_totl_mo l.log_fi_res_totl_mo d.sum_polit11_binary l.sum_polit11_binary d.polity2 l.polity2 d.sum_imftotal5 l.sum_imftotal5 d.ne_imp_gnfs_zs l.ne_imp_gnfs_zs d.trade_balance l.trade_balance d.cbi_irreg l.cbi_irreg d.presidential l.presidential d.log_gdppc l.log_gdppc d.gdp_growth l.gdp_growth d.log_pop l.log_pop d.kaopen l.kaopen d.currency_peg l.currency_peg d.currency_binary l.currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1432
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.2318                         {txt}Obs per group: min = {res}        2
{txt}       between = {res}0.0648                                        {txt}avg = {res}     24.3
{txt}       overall = {res}0.0335                                        {txt}max = {res}       32

                                                {txt}F({res}28{txt},{res}58{txt})           = {res}    34.75
{txt}corr(u_i, Xb)  = {res}-0.9434                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 84:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}D.                {col 20}{c |}{col 32}    Robust
{col 1}log_fi_res_totl_mo{col 20}{c |}      Coef.{col 32}   Std. Err.{col 44}      t{col 52}   P>|t|{col 60}     [95% Con{col 73}f. Interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
log_fi_res_totl_mo {c |}
{space 15}L1. {c |}{col 20}{res}{space 2}-.1828071{col 32}{space 2} .0355606{col 43}{space 1}   -5.14{col 52}{space 3}0.000{col 60}{space 4}-.2539893{col 73}{space 3}-.1116249
{txt}{space 18} {c |}
sum_polit11_binary {c |}
{space 15}D1. {c |}{col 20}{res}{space 2} .1116136{col 32}{space 2} .0405747{col 43}{space 1}    2.75{col 52}{space 3}0.008{col 60}{space 4} .0303945{col 73}{space 3} .1928326
{txt}{space 15}L1. {c |}{col 20}{res}{space 2} .0280074{col 32}{space 2}  .025982{col 43}{space 1}    1.08{col 52}{space 3}0.286{col 60}{space 4}-.0240013{col 73}{space 3} .0800161
{txt}{space 18} {c |}
{space 11}polity2 {c |}
{space 15}D1. {c |}{col 20}{res}{space 2}  .000906{col 32}{space 2} .0053604{col 43}{space 1}    0.17{col 52}{space 3}0.866{col 60}{space 4} -.009824{col 73}{space 3}  .011636
{txt}{space 15}L1. {c |}{col 20}{res}{space 2} .0038599{col 32}{space 2}  .003007{col 43}{space 1}    1.28{col 52}{space 3}0.204{col 60}{space 4}-.0021593{col 73}{space 3} .0098792
{txt}{space 18} {c |}
{space 5}sum_imftotal5 {c |}
{space 15}D1. {c |}{col 20}{res}{space 2} .0865445{col 32}{space 2} .0539843{col 43}{space 1}    1.60{col 52}{space 3}0.114{col 60}{space 4}-.0215169{col 73}{space 3} .1946058
{txt}{space 15}L1. {c |}{col 20}{res}{space 2}-.0276302{col 32}{space 2} .0307119{col 43}{space 1}   -0.90{col 52}{space 3}0.372{col 60}{space 4}-.0891068{col 73}{space 3} .0338465
{txt}{space 18} {c |}
{space 4}ne_imp_gnfs_zs {c |}
{space 15}D1. {c |}{col 20}{res}{space 2}-.0027457{col 32}{space 2} .0041194{col 43}{space 1}   -0.67{col 52}{space 3}0.508{col 60}{space 4}-.0109917{col 73}{space 3} .0055002
{txt}{space 15}L1. {c |}{col 20}{res}{space 2}-.0025314{col 32}{space 2} .0016445{col 43}{space 1}   -1.54{col 52}{space 3}0.129{col 60}{space 4}-.0058232{col 73}{space 3} .0007604
{txt}{space 18} {c |}
{space 5}trade_balance {c |}
{space 15}D1. {c |}{col 20}{res}{space 2}  .024677{col 32}{space 2} .0031385{col 43}{space 1}    7.86{col 52}{space 3}0.000{col 60}{space 4} .0183945{col 73}{space 3} .0309594
{txt}{space 15}L1. {c |}{col 20}{res}{space 2}  .007138{col 32}{space 2}  .003324{col 43}{space 1}    2.15{col 52}{space 3}0.036{col 60}{space 4} .0004843{col 73}{space 3} .0137918
{txt}{space 18} {c |}
{space 9}cbi_irreg {c |}
{space 15}D1. {c |}{col 20}{res}{space 2}-.0021225{col 32}{space 2} .0189085{col 43}{space 1}   -0.11{col 52}{space 3}0.911{col 60}{space 4} -.039972{col 73}{space 3}  .035727
{txt}{space 15}L1. {c |}{col 20}{res}{space 2} .0105111{col 32}{space 2} .0154411{col 43}{space 1}    0.68{col 52}{space 3}0.499{col 60}{space 4}-.0203976{col 73}{space 3} .0414198
{txt}{space 18} {c |}
{space 6}presidential {c |}
{space 15}D1. {c |}{col 20}{res}{space 2} .0251697{col 32}{space 2} .1165883{col 43}{space 1}    0.22{col 52}{space 3}0.830{col 60}{space 4}-.2082071{col 73}{space 3} .2585465
{txt}{space 15}L1. {c |}{col 20}{res}{space 2} .1059977{col 32}{space 2} .0597339{col 43}{space 1}    1.77{col 52}{space 3}0.081{col 60}{space 4}-.0135726{col 73}{space 3}  .225568
{txt}{space 18} {c |}
{space 9}log_gdppc {c |}
{space 15}D1. {c |}{col 20}{res}{space 2} .0642073{col 32}{space 2} .0943064{col 43}{space 1}    0.68{col 52}{space 3}0.499{col 60}{space 4}-.1245676{col 73}{space 3} .2529821
{txt}{space 15}L1. {c |}{col 20}{res}{space 2}-.0667072{col 32}{space 2} .0482516{col 43}{space 1}   -1.38{col 52}{space 3}0.172{col 60}{space 4}-.1632933{col 73}{space 3} .0298788
{txt}{space 18} {c |}
{space 8}gdp_growth {c |}
{space 15}D1. {c |}{col 20}{res}{space 2}-.0057524{col 32}{space 2}    .0038{col 43}{space 1}   -1.51{col 52}{space 3}0.136{col 60}{space 4} -.013359{col 73}{space 3} .0018542
{txt}{space 15}L1. {c |}{col 20}{res}{space 2}-.0054135{col 32}{space 2} .0044089{col 43}{space 1}   -1.23{col 52}{space 3}0.224{col 60}{space 4}-.0142388{col 73}{space 3} .0034118
{txt}{space 18} {c |}
{space 11}log_pop {c |}
{space 15}D1. {c |}{col 20}{res}{space 2}-6.843374{col 32}{space 2} 4.114955{col 43}{space 1}   -1.66{col 52}{space 3}0.102{col 60}{space 4}-15.08035{col 73}{space 3} 1.393603
{txt}{space 15}L1. {c |}{col 20}{res}{space 2} .3039075{col 32}{space 2} .2165124{col 43}{space 1}    1.40{col 52}{space 3}0.166{col 60}{space 4}-.1294892{col 73}{space 3} .7373042
{txt}{space 18} {c |}
{space 12}kaopen {c |}
{space 15}D1. {c |}{col 20}{res}{space 2} .0266393{col 32}{space 2}  .022722{col 43}{space 1}    1.17{col 52}{space 3}0.246{col 60}{space 4}-.0188437{col 73}{space 3} .0721222
{txt}{space 15}L1. {c |}{col 20}{res}{space 2}-.0234452{col 32}{space 2} .0131504{col 43}{space 1}   -1.78{col 52}{space 3}0.080{col 60}{space 4}-.0497686{col 73}{space 3} .0028781
{txt}{space 18} {c |}
{space 6}currency_peg {c |}
{space 15}D1. {c |}{col 20}{res}{space 2}  .047804{col 32}{space 2} .0486942{col 43}{space 1}    0.98{col 52}{space 3}0.330{col 60}{space 4} -.049668{col 73}{space 3} .1452759
{txt}{space 15}L1. {c |}{col 20}{res}{space 2} .0106023{col 32}{space 2} .0357941{col 43}{space 1}    0.30{col 52}{space 3}0.768{col 60}{space 4}-.0610474{col 73}{space 3}  .082252
{txt}{space 18} {c |}
{space 3}currency_binary {c |}
{space 15}D1. {c |}{col 20}{res}{space 2} -.128791{col 32}{space 2} .0329744{col 43}{space 1}   -3.91{col 52}{space 3}0.000{col 60}{space 4}-.1947963{col 73}{space 3}-.0627856
{txt}{space 15}L1. {c |}{col 20}{res}{space 2}-.0741539{col 32}{space 2} .0320939{col 43}{space 1}   -2.31{col 52}{space 3}0.024{col 60}{space 4}-.1383968{col 73}{space 3}-.0099111
{txt}{space 18} {c |}
{space 8}time_trend {c |}{col 20}{res}{space 2}-.0014165{col 32}{space 2}  .005264{col 43}{space 1}   -0.27{col 52}{space 3}0.789{col 60}{space 4}-.0119536{col 73}{space 3} .0091206
{txt}{space 13}_cons {c |}{col 20}{res}{space 2}-4.243609{col 32}{space 2} 3.770648{col 43}{space 1}   -1.13{col 52}{space 3}0.265{col 60}{space 4}-11.79138{col 73}{space 3} 3.304163
{txt}{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
           sigma_u {c |} {res} .45311106
           {txt}sigma_e {c |} {res} .27684376
               {txt}rho {c |} {res} .72817203{txt}   (fraction of variance due to u_i)
{hline 19}{c BT}{hline 64}

{com}. 
. est store tab1
{txt}
{com}. 
. xtreg d.log_fi_res_totl_mo l.log_fi_res_totl_mo d.polity_frac_polit11 l.polity_frac_polit11 d.polity2 l.polity2 d.sum_imftotal5 l.sum_imftotal5 d.ne_imp_gnfs_zs l.ne_imp_gnfs_zs d.trade_balance l.trade_balance d.cbi_irreg l.cbi_irreg d.presidential l.presidential d.log_gdppc l.log_gdppc d.gdp_growth l.gdp_growth d.log_pop l.log_pop d.kaopen l.kaopen d.currency_peg l.currency_peg d.currency_binary l.currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1430
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.2316                         {txt}Obs per group: min = {res}        2
{txt}       between = {res}0.0635                                        {txt}avg = {res}     24.2
{txt}       overall = {res}0.0279                                        {txt}max = {res}       32

                                                {txt}F({res}28{txt},{res}58{txt})           = {res}    31.34
{txt}corr(u_i, Xb)  = {res}-0.9536                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 85:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 20}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}D.                 {col 21}{c |}{col 33}    Robust
{col 1} log_fi_res_totl_mo{col 21}{c |}      Coef.{col 33}   Std. Err.{col 45}      t{col 53}   P>|t|{col 61}     [95% Con{col 74}f. Interval]
{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}log_fi_res_totl_mo {c |}
{space 16}L1. {c |}{col 21}{res}{space 2}-.1862677{col 33}{space 2} .0363683{col 44}{space 1}   -5.12{col 53}{space 3}0.000{col 61}{space 4}-.2590667{col 74}{space 3}-.1134687
{txt}{space 19} {c |}
polity_frac_polit11 {c |}
{space 16}D1. {c |}{col 21}{res}{space 2} .0669959{col 33}{space 2} .0302766{col 44}{space 1}    2.21{col 53}{space 3}0.031{col 61}{space 4} .0063907{col 74}{space 3}  .127601
{txt}{space 16}L1. {c |}{col 21}{res}{space 2} .0475207{col 33}{space 2} .0235823{col 44}{space 1}    2.02{col 53}{space 3}0.049{col 61}{space 4} .0003157{col 74}{space 3} .0947257
{txt}{space 19} {c |}
{space 12}polity2 {c |}
{space 16}D1. {c |}{col 21}{res}{space 2} .0015601{col 33}{space 2}  .005324{col 44}{space 1}    0.29{col 53}{space 3}0.771{col 61}{space 4}-.0090969{col 74}{space 3} .0122172
{txt}{space 16}L1. {c |}{col 21}{res}{space 2} .0036308{col 33}{space 2} .0030274{col 44}{space 1}    1.20{col 53}{space 3}0.235{col 61}{space 4}-.0024292{col 74}{space 3} .0096907
{txt}{space 19} {c |}
{space 6}sum_imftotal5 {c |}
{space 16}D1. {c |}{col 21}{res}{space 2}  .089725{col 33}{space 2} .0537115{col 44}{space 1}    1.67{col 53}{space 3}0.100{col 61}{space 4}-.0177903{col 74}{space 3} .1972402
{txt}{space 16}L1. {c |}{col 21}{res}{space 2}-.0275491{col 33}{space 2} .0301086{col 44}{space 1}   -0.91{col 53}{space 3}0.364{col 61}{space 4}-.0878179{col 74}{space 3} .0327197
{txt}{space 19} {c |}
{space 5}ne_imp_gnfs_zs {c |}
{space 16}D1. {c |}{col 21}{res}{space 2} -.002929{col 33}{space 2} .0041582{col 44}{space 1}   -0.70{col 53}{space 3}0.484{col 61}{space 4}-.0112526{col 74}{space 3} .0053947
{txt}{space 16}L1. {c |}{col 21}{res}{space 2}-.0024948{col 33}{space 2} .0016415{col 44}{space 1}   -1.52{col 53}{space 3}0.134{col 61}{space 4}-.0057806{col 74}{space 3} .0007911
{txt}{space 19} {c |}
{space 6}trade_balance {c |}
{space 16}D1. {c |}{col 21}{res}{space 2} .0244224{col 33}{space 2} .0031556{col 44}{space 1}    7.74{col 53}{space 3}0.000{col 61}{space 4} .0181058{col 74}{space 3} .0307389
{txt}{space 16}L1. {c |}{col 21}{res}{space 2} .0069564{col 33}{space 2} .0033014{col 44}{space 1}    2.11{col 53}{space 3}0.039{col 61}{space 4} .0003479{col 74}{space 3} .0135649
{txt}{space 19} {c |}
{space 10}cbi_irreg {c |}
{space 16}D1. {c |}{col 21}{res}{space 2}-.0045188{col 33}{space 2} .0190088{col 44}{space 1}   -0.24{col 53}{space 3}0.813{col 61}{space 4}-.0425691{col 74}{space 3} .0335314
{txt}{space 16}L1. {c |}{col 21}{res}{space 2} .0095474{col 33}{space 2} .0153617{col 44}{space 1}    0.62{col 53}{space 3}0.537{col 61}{space 4}-.0212024{col 74}{space 3} .0402972
{txt}{space 19} {c |}
{space 7}presidential {c |}
{space 16}D1. {c |}{col 21}{res}{space 2} .0328736{col 33}{space 2} .1164691{col 44}{space 1}    0.28{col 53}{space 3}0.779{col 61}{space 4}-.2002645{col 74}{space 3} .2660118
{txt}{space 16}L1. {c |}{col 21}{res}{space 2} .1079072{col 33}{space 2}  .059168{col 44}{space 1}    1.82{col 53}{space 3}0.073{col 61}{space 4}-.0105304{col 74}{space 3} .2263449
{txt}{space 19} {c |}
{space 10}log_gdppc {c |}
{space 16}D1. {c |}{col 21}{res}{space 2} .0632452{col 33}{space 2} .0946401{col 44}{space 1}    0.67{col 53}{space 3}0.507{col 61}{space 4}-.1261975{col 74}{space 3}  .252688
{txt}{space 16}L1. {c |}{col 21}{res}{space 2}-.0590988{col 33}{space 2} .0487222{col 44}{space 1}   -1.21{col 53}{space 3}0.230{col 61}{space 4} -.156627{col 74}{space 3} .0384293
{txt}{space 19} {c |}
{space 9}gdp_growth {c |}
{space 16}D1. {c |}{col 21}{res}{space 2}-.0060727{col 33}{space 2} .0038598{col 44}{space 1}   -1.57{col 53}{space 3}0.121{col 61}{space 4} -.013799{col 74}{space 3} .0016536
{txt}{space 16}L1. {c |}{col 21}{res}{space 2}-.0056252{col 33}{space 2} .0044891{col 44}{space 1}   -1.25{col 53}{space 3}0.215{col 61}{space 4}-.0146111{col 74}{space 3} .0033607
{txt}{space 19} {c |}
{space 12}log_pop {c |}
{space 16}D1. {c |}{col 21}{res}{space 2}-7.154121{col 33}{space 2}  4.10121{col 44}{space 1}   -1.74{col 53}{space 3}0.086{col 61}{space 4}-15.36358{col 74}{space 3} 1.055342
{txt}{space 16}L1. {c |}{col 21}{res}{space 2}  .343425{col 33}{space 2}  .220279{col 44}{space 1}    1.56{col 53}{space 3}0.124{col 61}{space 4}-.0975114{col 74}{space 3} .7843614
{txt}{space 19} {c |}
{space 13}kaopen {c |}
{space 16}D1. {c |}{col 21}{res}{space 2} .0268797{col 33}{space 2} .0228728{col 44}{space 1}    1.18{col 53}{space 3}0.245{col 61}{space 4}-.0189053{col 74}{space 3} .0726646
{txt}{space 16}L1. {c |}{col 21}{res}{space 2}-.0219253{col 33}{space 2} .0131138{col 44}{space 1}   -1.67{col 53}{space 3}0.100{col 61}{space 4}-.0481754{col 74}{space 3} .0043248
{txt}{space 19} {c |}
{space 7}currency_peg {c |}
{space 16}D1. {c |}{col 21}{res}{space 2} .0499392{col 33}{space 2} .0483377{col 44}{space 1}    1.03{col 53}{space 3}0.306{col 61}{space 4}-.0468193{col 74}{space 3} .1466976
{txt}{space 16}L1. {c |}{col 21}{res}{space 2}  .005344{col 33}{space 2}  .035951{col 44}{space 1}    0.15{col 53}{space 3}0.882{col 61}{space 4}-.0666197{col 74}{space 3} .0773077
{txt}{space 19} {c |}
{space 4}currency_binary {c |}
{space 16}D1. {c |}{col 21}{res}{space 2}-.1370317{col 33}{space 2} .0327994{col 44}{space 1}   -4.18{col 53}{space 3}0.000{col 61}{space 4}-.2026867{col 74}{space 3}-.0713766
{txt}{space 16}L1. {c |}{col 21}{res}{space 2}-.0773192{col 33}{space 2} .0310445{col 44}{space 1}   -2.49{col 53}{space 3}0.016{col 61}{space 4}-.1394616{col 74}{space 3}-.0151767
{txt}{space 19} {c |}
{space 9}time_trend {c |}{col 21}{res}{space 2}-.0024971{col 33}{space 2} .0053522{col 44}{space 1}   -0.47{col 53}{space 3}0.643{col 61}{space 4}-.0132107{col 74}{space 3} .0082166
{txt}{space 14}_cons {c |}{col 21}{res}{space 2}-4.925271{col 33}{space 2} 3.837655{col 44}{space 1}   -1.28{col 53}{space 3}0.204{col 61}{space 4}-12.60717{col 74}{space 3} 2.756631
{txt}{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
            sigma_u {c |} {res} .50246348
            {txt}sigma_e {c |} {res} .27683847
                {txt}rho {c |} {res} .76713029{txt}   (fraction of variance due to u_i)
{hline 20}{c BT}{hline 64}

{com}. 
. est store tab2
{txt}
{com}. 
. xtreg d.log_fi_res_totl_mo l.log_fi_res_totl_mo d.sum_polit12_binary l.sum_polit12_binary d.polity2 l.polity2 d.sum_imftotal5 l.sum_imftotal5 d.ne_imp_gnfs_zs l.ne_imp_gnfs_zs d.trade_balance l.trade_balance d.cbi_irreg l.cbi_irreg d.presidential l.presidential d.log_gdppc l.log_gdppc d.gdp_growth l.gdp_growth d.log_pop l.log_pop d.kaopen l.kaopen d.currency_peg l.currency_peg d.currency_binary l.currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1432
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.2368                         {txt}Obs per group: min = {res}        2
{txt}       between = {res}0.0670                                        {txt}avg = {res}     24.3
{txt}       overall = {res}0.0366                                        {txt}max = {res}       32

                                                {txt}F({res}28{txt},{res}58{txt})           = {res}    27.41
{txt}corr(u_i, Xb)  = {res}-0.9383                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 84:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 19}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}D.                {col 20}{c |}{col 32}    Robust
{col 1}log_fi_res_totl_mo{col 20}{c |}      Coef.{col 32}   Std. Err.{col 44}      t{col 52}   P>|t|{col 60}     [95% Con{col 73}f. Interval]
{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
log_fi_res_totl_mo {c |}
{space 15}L1. {c |}{col 20}{res}{space 2}-.1800734{col 32}{space 2}  .035353{col 43}{space 1}   -5.09{col 52}{space 3}0.000{col 60}{space 4}-.2508401{col 73}{space 3}-.1093066
{txt}{space 18} {c |}
sum_polit12_binary {c |}
{space 15}D1. {c |}{col 20}{res}{space 2} .1589983{col 32}{space 2} .0457455{col 43}{space 1}    3.48{col 52}{space 3}0.001{col 60}{space 4} .0674288{col 73}{space 3} .2505679
{txt}{space 15}L1. {c |}{col 20}{res}{space 2} .0261127{col 32}{space 2} .0268912{col 43}{space 1}    0.97{col 52}{space 3}0.336{col 60}{space 4} -.027716{col 73}{space 3} .0799414
{txt}{space 18} {c |}
{space 11}polity2 {c |}
{space 15}D1. {c |}{col 20}{res}{space 2} .0004186{col 32}{space 2} .0052738{col 43}{space 1}    0.08{col 52}{space 3}0.937{col 60}{space 4}-.0101381{col 73}{space 3} .0109752
{txt}{space 15}L1. {c |}{col 20}{res}{space 2} .0040399{col 32}{space 2} .0029709{col 43}{space 1}    1.36{col 52}{space 3}0.179{col 60}{space 4} -.001907{col 73}{space 3} .0099867
{txt}{space 18} {c |}
{space 5}sum_imftotal5 {c |}
{space 15}D1. {c |}{col 20}{res}{space 2} .0619919{col 32}{space 2} .0523041{col 43}{space 1}    1.19{col 52}{space 3}0.241{col 60}{space 4}-.0427062{col 73}{space 3} .1666901
{txt}{space 15}L1. {c |}{col 20}{res}{space 2}-.0277013{col 32}{space 2}   .03203{col 43}{space 1}   -0.86{col 52}{space 3}0.391{col 60}{space 4}-.0918162{col 73}{space 3} .0364137
{txt}{space 18} {c |}
{space 4}ne_imp_gnfs_zs {c |}
{space 15}D1. {c |}{col 20}{res}{space 2}-.0031045{col 32}{space 2} .0039986{col 43}{space 1}   -0.78{col 52}{space 3}0.441{col 60}{space 4}-.0111086{col 73}{space 3} .0048996
{txt}{space 15}L1. {c |}{col 20}{res}{space 2}-.0025671{col 32}{space 2} .0015541{col 43}{space 1}   -1.65{col 52}{space 3}0.104{col 60}{space 4} -.005678{col 73}{space 3} .0005438
{txt}{space 18} {c |}
{space 5}trade_balance {c |}
{space 15}D1. {c |}{col 20}{res}{space 2} .0245082{col 32}{space 2} .0031448{col 43}{space 1}    7.79{col 52}{space 3}0.000{col 60}{space 4} .0182132{col 73}{space 3} .0308031
{txt}{space 15}L1. {c |}{col 20}{res}{space 2} .0072375{col 32}{space 2} .0033148{col 43}{space 1}    2.18{col 52}{space 3}0.033{col 60}{space 4} .0006023{col 73}{space 3} .0138727
{txt}{space 18} {c |}
{space 9}cbi_irreg {c |}
{space 15}D1. {c |}{col 20}{res}{space 2}-.0038802{col 32}{space 2} .0185448{col 43}{space 1}   -0.21{col 52}{space 3}0.835{col 60}{space 4}-.0410017{col 73}{space 3} .0332414
{txt}{space 15}L1. {c |}{col 20}{res}{space 2}  .010035{col 32}{space 2} .0153166{col 43}{space 1}    0.66{col 52}{space 3}0.515{col 60}{space 4}-.0206245{col 73}{space 3} .0406944
{txt}{space 18} {c |}
{space 6}presidential {c |}
{space 15}D1. {c |}{col 20}{res}{space 2} .0229166{col 32}{space 2} .1174327{col 43}{space 1}    0.20{col 52}{space 3}0.846{col 60}{space 4}-.2121506{col 73}{space 3} .2579837
{txt}{space 15}L1. {c |}{col 20}{res}{space 2} .1108991{col 32}{space 2} .0601226{col 43}{space 1}    1.84{col 52}{space 3}0.070{col 60}{space 4}-.0094492{col 73}{space 3} .2312475
{txt}{space 18} {c |}
{space 9}log_gdppc {c |}
{space 15}D1. {c |}{col 20}{res}{space 2} .0574603{col 32}{space 2} .0958042{col 43}{space 1}    0.60{col 52}{space 3}0.551{col 60}{space 4}-.1343126{col 73}{space 3} .2492333
{txt}{space 15}L1. {c |}{col 20}{res}{space 2} -.067575{col 32}{space 2} .0478274{col 43}{space 1}   -1.41{col 52}{space 3}0.163{col 60}{space 4} -.163312{col 73}{space 3}  .028162
{txt}{space 18} {c |}
{space 8}gdp_growth {c |}
{space 15}D1. {c |}{col 20}{res}{space 2}-.0059045{col 32}{space 2} .0037717{col 43}{space 1}   -1.57{col 52}{space 3}0.123{col 60}{space 4}-.0134543{col 73}{space 3} .0016453
{txt}{space 15}L1. {c |}{col 20}{res}{space 2}-.0053679{col 32}{space 2} .0043891{col 43}{space 1}   -1.22{col 52}{space 3}0.226{col 60}{space 4}-.0141538{col 73}{space 3} .0034179
{txt}{space 18} {c |}
{space 11}log_pop {c |}
{space 15}D1. {c |}{col 20}{res}{space 2}-6.967919{col 32}{space 2} 4.080753{col 43}{space 1}   -1.71{col 52}{space 3}0.093{col 60}{space 4}-15.13643{col 73}{space 3} 1.200595
{txt}{space 15}L1. {c |}{col 20}{res}{space 2} .2925609{col 32}{space 2} .2090106{col 43}{space 1}    1.40{col 52}{space 3}0.167{col 60}{space 4}-.1258192{col 73}{space 3}  .710941
{txt}{space 18} {c |}
{space 12}kaopen {c |}
{space 15}D1. {c |}{col 20}{res}{space 2} .0254488{col 32}{space 2} .0227642{col 43}{space 1}    1.12{col 52}{space 3}0.268{col 60}{space 4}-.0201187{col 73}{space 3} .0710163
{txt}{space 15}L1. {c |}{col 20}{res}{space 2}-.0230542{col 32}{space 2}  .013247{col 43}{space 1}   -1.74{col 52}{space 3}0.087{col 60}{space 4} -.049571{col 73}{space 3} .0034626
{txt}{space 18} {c |}
{space 6}currency_peg {c |}
{space 15}D1. {c |}{col 20}{res}{space 2}   .05102{col 32}{space 2} .0479587{col 43}{space 1}    1.06{col 52}{space 3}0.292{col 60}{space 4}-.0449798{col 73}{space 3} .1470198
{txt}{space 15}L1. {c |}{col 20}{res}{space 2}  .009849{col 32}{space 2} .0356993{col 43}{space 1}    0.28{col 52}{space 3}0.784{col 60}{space 4}-.0616108{col 73}{space 3} .0813088
{txt}{space 18} {c |}
{space 3}currency_binary {c |}
{space 15}D1. {c |}{col 20}{res}{space 2}-.1266361{col 32}{space 2} .0330263{col 43}{space 1}   -3.83{col 52}{space 3}0.000{col 60}{space 4}-.1927453{col 73}{space 3}-.0605268
{txt}{space 15}L1. {c |}{col 20}{res}{space 2}-.0733108{col 32}{space 2} .0325028{col 43}{space 1}   -2.26{col 52}{space 3}0.028{col 60}{space 4}-.1383723{col 73}{space 3}-.0082493
{txt}{space 18} {c |}
{space 8}time_trend {c |}{col 20}{res}{space 2}-.0012679{col 32}{space 2} .0051682{col 43}{space 1}   -0.25{col 52}{space 3}0.807{col 60}{space 4}-.0116131{col 73}{space 3} .0090773
{txt}{space 13}_cons {c |}{col 20}{res}{space 2}-4.045209{col 32}{space 2} 3.643246{col 43}{space 1}   -1.11{col 52}{space 3}0.271{col 60}{space 4}-11.33796{col 73}{space 3}  3.24754
{txt}{hline 19}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
           sigma_u {c |} {res} .43733428
           {txt}sigma_e {c |} {res} .27594482
               {txt}rho {c |} {res} .71524456{txt}   (fraction of variance due to u_i)
{hline 19}{c BT}{hline 64}

{com}. 
. est store tab3
{txt}
{com}. 
. 
. 
. xtreg d.log_fi_res_totl_mo l.log_fi_res_totl_mo d.polity_frac_polit12 l.polity_frac_polit12 d.polity2 l.polity2 d.sum_imftotal5 l.sum_imftotal5 d.ne_imp_gnfs_zs l.ne_imp_gnfs_zs d.trade_balance l.trade_balance d.cbi_irreg l.cbi_irreg d.presidential l.presidential d.log_gdppc l.log_gdppc d.gdp_growth l.gdp_growth d.log_pop l.log_pop d.kaopen l.kaopen d.currency_peg l.currency_peg d.currency_binary l.currency_binary time_trend, fe vce(cluster cowcode)

{txt}Fixed-effects (within) regression               Number of obs      = {res}     1430
{txt}Group variable: {res}cowcode                         {txt}Number of groups   = {res}       59

{txt}R-sq:  within  = {res}0.2327                         {txt}Obs per group: min = {res}        2
{txt}       between = {res}0.0663                                        {txt}avg = {res}     24.2
{txt}       overall = {res}0.0301                                        {txt}max = {res}       32

                                                {txt}F({res}28{txt},{res}58{txt})           = {res}    28.53
{txt}corr(u_i, Xb)  = {res}-0.9494                        {txt}Prob > F           =    {res}0.0000

{txt}{ralign 85:(Std. Err. adjusted for {res:59} clusters in cowcode)}
{hline 20}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}D.                 {col 21}{c |}{col 33}    Robust
{col 1} log_fi_res_totl_mo{col 21}{c |}      Coef.{col 33}   Std. Err.{col 45}      t{col 53}   P>|t|{col 61}     [95% Con{col 74}f. Interval]
{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}log_fi_res_totl_mo {c |}
{space 16}L1. {c |}{col 21}{res}{space 2}-.1857229{col 33}{space 2} .0364936{col 44}{space 1}   -5.09{col 53}{space 3}0.000{col 61}{space 4}-.2587727{col 74}{space 3}-.1126731
{txt}{space 19} {c |}
polity_frac_polit12 {c |}
{space 16}D1. {c |}{col 21}{res}{space 2} .1062722{col 33}{space 2} .0428297{col 44}{space 1}    2.48{col 53}{space 3}0.016{col 61}{space 4} .0205392{col 74}{space 3} .1920052
{txt}{space 16}L1. {c |}{col 21}{res}{space 2} .0455643{col 33}{space 2} .0287017{col 44}{space 1}    1.59{col 53}{space 3}0.118{col 61}{space 4}-.0118884{col 74}{space 3} .1030169
{txt}{space 19} {c |}
{space 12}polity2 {c |}
{space 16}D1. {c |}{col 21}{res}{space 2}  .000341{col 33}{space 2} .0052836{col 44}{space 1}    0.06{col 53}{space 3}0.949{col 61}{space 4}-.0102353{col 74}{space 3} .0109172
{txt}{space 16}L1. {c |}{col 21}{res}{space 2} .0034692{col 33}{space 2} .0029709{col 44}{space 1}    1.17{col 53}{space 3}0.248{col 61}{space 4}-.0024777{col 74}{space 3} .0094161
{txt}{space 19} {c |}
{space 6}sum_imftotal5 {c |}
{space 16}D1. {c |}{col 21}{res}{space 2} .0769098{col 33}{space 2} .0539941{col 44}{space 1}    1.42{col 53}{space 3}0.160{col 61}{space 4}-.0311712{col 74}{space 3} .1849908
{txt}{space 16}L1. {c |}{col 21}{res}{space 2}-.0288605{col 33}{space 2} .0320499{col 44}{space 1}   -0.90{col 53}{space 3}0.372{col 61}{space 4}-.0930155{col 74}{space 3} .0352944
{txt}{space 19} {c |}
{space 5}ne_imp_gnfs_zs {c |}
{space 16}D1. {c |}{col 21}{res}{space 2}-.0028706{col 33}{space 2} .0040911{col 44}{space 1}   -0.70{col 53}{space 3}0.486{col 61}{space 4}-.0110598{col 74}{space 3} .0053186
{txt}{space 16}L1. {c |}{col 21}{res}{space 2}-.0024082{col 33}{space 2} .0016143{col 44}{space 1}   -1.49{col 53}{space 3}0.141{col 61}{space 4}-.0056396{col 74}{space 3} .0008231
{txt}{space 19} {c |}
{space 6}trade_balance {c |}
{space 16}D1. {c |}{col 21}{res}{space 2} .0245381{col 33}{space 2} .0031602{col 44}{space 1}    7.76{col 53}{space 3}0.000{col 61}{space 4} .0182123{col 74}{space 3}  .030864
{txt}{space 16}L1. {c |}{col 21}{res}{space 2} .0071532{col 33}{space 2} .0033463{col 44}{space 1}    2.14{col 53}{space 3}0.037{col 61}{space 4} .0004547{col 74}{space 3} .0138516
{txt}{space 19} {c |}
{space 10}cbi_irreg {c |}
{space 16}D1. {c |}{col 21}{res}{space 2}-.0047112{col 33}{space 2} .0189981{col 44}{space 1}   -0.25{col 53}{space 3}0.805{col 61}{space 4}  -.04274{col 74}{space 3} .0333177
{txt}{space 16}L1. {c |}{col 21}{res}{space 2} .0086587{col 33}{space 2} .0153959{col 44}{space 1}    0.56{col 53}{space 3}0.576{col 61}{space 4}-.0221596{col 74}{space 3} .0394771
{txt}{space 19} {c |}
{space 7}presidential {c |}
{space 16}D1. {c |}{col 21}{res}{space 2}  .038048{col 33}{space 2} .1166188{col 44}{space 1}    0.33{col 53}{space 3}0.745{col 61}{space 4}-.1953899{col 74}{space 3}  .271486
{txt}{space 16}L1. {c |}{col 21}{res}{space 2} .1131333{col 33}{space 2} .0585743{col 44}{space 1}    1.93{col 53}{space 3}0.058{col 61}{space 4}-.0041159{col 74}{space 3} .2303824
{txt}{space 19} {c |}
{space 10}log_gdppc {c |}
{space 16}D1. {c |}{col 21}{res}{space 2} .0613894{col 33}{space 2} .0962887{col 44}{space 1}    0.64{col 53}{space 3}0.526{col 61}{space 4}-.1313533{col 74}{space 3} .2541321
{txt}{space 16}L1. {c |}{col 21}{res}{space 2}-.0587148{col 33}{space 2} .0491093{col 44}{space 1}   -1.20{col 53}{space 3}0.237{col 61}{space 4}-.1570178{col 74}{space 3} .0395881
{txt}{space 19} {c |}
{space 9}gdp_growth {c |}
{space 16}D1. {c |}{col 21}{res}{space 2}-.0060303{col 33}{space 2} .0038802{col 44}{space 1}   -1.55{col 53}{space 3}0.126{col 61}{space 4}-.0137974{col 74}{space 3} .0017367
{txt}{space 16}L1. {c |}{col 21}{res}{space 2}-.0055448{col 33}{space 2} .0044862{col 44}{space 1}   -1.24{col 53}{space 3}0.221{col 61}{space 4} -.014525{col 74}{space 3} .0034353
{txt}{space 19} {c |}
{space 12}log_pop {c |}
{space 16}D1. {c |}{col 21}{res}{space 2} -7.30517{col 33}{space 2} 4.059662{col 44}{space 1}   -1.80{col 53}{space 3}0.077{col 61}{space 4}-15.43147{col 74}{space 3} .8211275
{txt}{space 16}L1. {c |}{col 21}{res}{space 2} .3298341{col 33}{space 2} .2150665{col 44}{space 1}    1.53{col 53}{space 3}0.131{col 61}{space 4}-.1006682{col 74}{space 3} .7603365
{txt}{space 19} {c |}
{space 13}kaopen {c |}
{space 16}D1. {c |}{col 21}{res}{space 2} .0271177{col 33}{space 2} .0230012{col 44}{space 1}    1.18{col 53}{space 3}0.243{col 61}{space 4}-.0189243{col 74}{space 3} .0731597
{txt}{space 16}L1. {c |}{col 21}{res}{space 2}-.0215799{col 33}{space 2} .0132494{col 44}{space 1}   -1.63{col 53}{space 3}0.109{col 61}{space 4}-.0481014{col 74}{space 3} .0049415
{txt}{space 19} {c |}
{space 7}currency_peg {c |}
{space 16}D1. {c |}{col 21}{res}{space 2} .0562466{col 33}{space 2} .0470686{col 44}{space 1}    1.19{col 53}{space 3}0.237{col 61}{space 4}-.0379715{col 74}{space 3} .1504646
{txt}{space 16}L1. {c |}{col 21}{res}{space 2} .0067641{col 33}{space 2} .0357406{col 44}{space 1}    0.19{col 53}{space 3}0.851{col 61}{space 4}-.0647784{col 74}{space 3} .0783067
{txt}{space 19} {c |}
{space 4}currency_binary {c |}
{space 16}D1. {c |}{col 21}{res}{space 2}-.1359078{col 33}{space 2} .0331474{col 44}{space 1}   -4.10{col 53}{space 3}0.000{col 61}{space 4}-.2022595{col 74}{space 3}-.0695561
{txt}{space 16}L1. {c |}{col 21}{res}{space 2}-.0754763{col 33}{space 2} .0311486{col 44}{space 1}   -2.42{col 53}{space 3}0.019{col 61}{space 4}-.1378269{col 74}{space 3}-.0131256
{txt}{space 19} {c |}
{space 9}time_trend {c |}{col 21}{res}{space 2}-.0024155{col 33}{space 2} .0053159{col 44}{space 1}   -0.45{col 53}{space 3}0.651{col 61}{space 4}-.0130565{col 74}{space 3} .0082254
{txt}{space 14}_cons {c |}{col 21}{res}{space 2}-4.692532{col 33}{space 2} 3.755093{col 44}{space 1}   -1.25{col 53}{space 3}0.216{col 61}{space 4}-12.20917{col 74}{space 3} 2.824102
{txt}{hline 20}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
            sigma_u {c |} {res} .48101134
            {txt}sigma_e {c |} {res} .27663445
                {txt}rho {c |} {res} .75145507{txt}   (fraction of variance due to u_i)
{hline 20}{c BT}{hline 64}

{com}. 
. est store tab4
{txt}
{com}. 
. * Table 64:
. **esttab tab1 tab2 tab3 tab4 using log_main_ecm.tex, b(%8.3f) se(%8.3f) scalars(ll) bic title("Log Reserves in Months of Imports") star(* 0.10 ** 0.05 *** 0.01) tex replace label
. 
. 
. 
. log close
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}/Users/liammcgrath/Documents/Academic/Research/reserves/replication_materials/replication_supplement_log.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res}21 Jan 2016, 18:03:11
{txt}{.-}
{smcl}
{txt}{sf}{ul off}